ADU Advance UK Tst.

 

TIDMADU 
 
RNS Number : 6695F 
Advance UK Trust PLC 
15 January 2010 
 

Advance UK Trust PLC ("The Company") 
 
 
Interim Management Statement 
For the four months ended 31 December 2009 
 
 
This interim statement covers the period from the 1 September 2009 to 31 
December 2009. It is the first interim management statement from the Company in 
the year to 31 August 2010, as required by the UK Listing Authority's Disclosure 
and Transparency Rule 4.3. 
 
 
The Company's investment objective is:- 
 
 
"To achieve returns for shareholders in excess of the FTSE All-Share Index." 
 
 
The Investment approach is:- 
 
 
"To invest, usually at a discount to net asset value, in a portfolio of funds." 
 
 
 
 
As at 31 December 2009: 
NAV per share 172.0p 
Share price 156p 
Total net assets GBP 48.5m 
 
 
Performance 
For the 4 Months ended 31 December 2009: 
 
+-----------------------------------------------+--------------------+ 
| Advance UK Trust PLC Net Asset Value per      | +9.8%              | 
| share                                         |                    | 
+-----------------------------------------------+--------------------+ 
| Advance UK Trust PLC share price              | +13.9%             | 
+-----------------------------------------------+--------------------+ 
| FTSE All-Share Index                          | +9.5%              | 
+-----------------------------------------------+--------------------+ 
 
 
LONG TERM PERFORMANCE TABLES 
 
 
+--------------------+---------+---------+---------+---------+---------+ 
|        Cumulative: | 1 Month |       3 |  1 Year | 3 Years | 5 Years | 
|                    |         |  Months |         |         |         | 
+--------------------+---------+---------+---------+---------+---------+ 
|    Net Asset Value |   +1.4% |   +1.3% |  +45.4% |  -24.9% |   +10.8 | 
+--------------------+---------+---------+---------+---------+---------+ 
|        Share Price |   +3.9% |   +7.2% |  +45.1% |  -28.4% |    +9.7 | 
+--------------------+---------+---------+---------+---------+---------+ 
|     FTSE All-Share |   +4.2% |   +4.8% |  +25.0% |  -14.3% |   +14.5 | 
|              Index |         |         |         |         |         | 
+--------------------+---------+---------+---------+---------+---------+ 
 
 
 
 
+--------------------+----------+----------+----------+----------+----------+ 
| Discrete:          | 2009     | 2008     | 2007     | 2006     | 2005     | 
+--------------------+----------+----------+----------+----------+----------+ 
| Net Asset Value    | +45.4%   | -44.7%   | -6.2%    | 16.4%    | 26.8%    | 
+--------------------+----------+----------+----------+----------+----------+ 
| Share Price        | +45.1%   | -45.7%   | -9.2%    | 18.2%    | 29.7%    | 
+--------------------+----------+----------+----------+----------+----------+ 
| FTSE All-Share     | +25.0%   | -32.8%   | 2.0%     | 13.2%    | 18.1%    | 
| Index              |          |          |          |          |          | 
+--------------------+----------+----------+----------+----------+----------+ 
 
 
Notes: 
1. Net Asset Value has been measured excluding current financial year revenue 
items. 
2. All of the above returns are capital returns. 
3. Source: Progressive European Markets Limited 
 
 
During the period a dividend of 2.4 pence per share was declared. The dividend 
was paid on 23 December 2009. 
 
 
The Company held its Annual General Meeting on 16 December 2009; the resolution 
to continue the company for a further three years was not passed. Failure to 
pass the continuation vote requires the Directors to convene a general meeting 
within three months to liquidate the Company. The Chairman made a statement 
following the Annual General Meeting which said, inter alia, that "The Directors 
may choose to put alternative proposals to shareholders in advance of the 
general meeting. When considering suitable proposals the Directors will be 
mindful that any proposal should treat all shareholders equally." 
 
 
Following the meeting, we took immediate steps to start liquidating the 
portfolio with the result that we were holding substantial cash balances over 
the second half of December while the market was rising. We will be making no 
new investments and will consider sensible bids for our remaining holdings. Cash 
will be held on deposit or invested in short term treasury bills. 
 
 
We requisitioned meetings in Henderson Private Equity - where we are asking the 
Board to come up with proposals to narrow their discount - and Infrastructure 
India - where we plan to change the Board. 
 
 
Top ten holdings at 31 December 2009 
+---------------------------+------------+---------+ 
| Marwyn Value              |      2,900 |    7.5% | 
+---------------------------+------------+---------+ 
| Infrastructure India      |      2,256 |    5.8% | 
+---------------------------+------------+---------+ 
| Witan                     |      2,223 |    5.7% | 
+---------------------------+------------+---------+ 
| Dexion Absolute           |      1,750 |    4.5% | 
+---------------------------+------------+---------+ 
| Eurovestech               |      1,691 |    4.4% | 
+---------------------------+------------+---------+ 
| Framlington Innovative    |      1,606 |    4.1% | 
+---------------------------+------------+---------+ 
| Asset Management          |      1,550 |    4.0% | 
+---------------------------+------------+---------+ 
| BlackRock Absolute GBP    |      1,522 |    3.9% | 
+---------------------------+------------+---------+ 
| Ceres Agriculture         |      1,462 |    3.8% | 
+---------------------------+------------+---------+ 
| Montanaro European        |      1,380 |    3.5% | 
| Smaller                   |            |         | 
+---------------------------+------------+---------+ 
|                           |     18,340 |   47.2% | 
+---------------------------+------------+---------+ 
| Other                     |     20,546 |   52.8% | 
+---------------------------+------------+---------+ 
| Total holdings (ex cash)  |     38,886 |  100.0% | 
+---------------------------+------------+---------+ 
|                           |            |         | 
+---------------------------+------------+---------+ 
| Cash                      |      9,648 |         | 
+---------------------------+------------+---------+ 
 
 
 
 
This Interim Management Statement will be available on www.pro-asset.com. For 
further information contact Carlos Horner, Progressive Group Marketing Director 
on 020 7566 5580 or info@pro-asset.com 
 
 
15 January 2010 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IMSGGUMCGUPUGQA 
 

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