ECIT Eclectic Inv Co

 

TIDMECIT 
 
RNS Number : 0835B 
Eclectic Investment Trust PLC 
20 October 2009 
 

ECLECTIC INVESTMENT TRUST PLC 
 
 
Interim Management Statement 
for the period 1 June 2009 to 30 September 2009 
 
 
 
 
Investment Objective 
 
 
The investment objective of the Company is to maximise shareholder value by 
investing in a portfolio of securities anywhere in the world. 
 
 
 
 
Interim Management Review 
 
 
Performance 
In the period since the year end date, 31 May 2009 to 30 September, Eclectic's 
NAV rose 22.2% outperforming the FTSE All Share Index which rose 17% in the same 
period. 
 
 
Gross assets less current liabilities (excluding bank debt) increased to 
GBP18.3m (GBP14.1m at 31 May 2009) up 29.8%. 
 
 
The ordinary share price rose by 57.9% over the period, to 75.0p, a discount of 
14.8% to the net asset value of 88.0p. 
 
 
Portfolio 
There were no notable transactions during the period 
 
 
Financing 
At 30 September 2009 the bank debt was GBP2.7m drawn on a GBP3.0m loan facility 
with RBS although net bank debt was significantly less. 
 
 
Material events 
On 18 September 2009 the Company issued a Circular to Shareholders in connection 
with proposals to replace the Articles of Association, cancel the Company's 
listing on the Official List and move to a trading on AIM and, as a consequence 
if the proposals are approved at the forthcoming Annual General Meeting to 
change the name of the Company to Eclectic Investment Company plc. 
 
 
 
 
Ten Largest Holdings 
 
 
+--------------------------------+------------------+ 
|                                | % of gross       | 
|                                | assets           | 
+--------------------------------+------------------+ 
| Trust Company Limited          | 32.3%            | 
+--------------------------------+------------------+ 
| eBet Limited                   | 8.1%             | 
+--------------------------------+------------------+ 
| Resolute Mining                | 7.1%             | 
+--------------------------------+------------------+ 
| South Indian Bank              | 3.8%             | 
+--------------------------------+------------------+ 
| Argus Group                    | 3.8%             | 
+--------------------------------+------------------+ 
| City Union Bank                | 3.3%             | 
+--------------------------------+------------------+ 
| North Atlantic Small Cos Inv   | 3.2%             | 
| Trst                           |                  | 
+--------------------------------+------------------+ 
| Dhanalakshmi Bank              | 2.2%             | 
+--------------------------------+------------------+ 
| Bank of N.T Butterfield        | 2.2%             | 
+--------------------------------+------------------+ 
| F&C Asset Management 6.75%     | 1.8%             | 
+--------------------------------+------------------+ 
| Ten Largest Holdings           | 67.8%            | 
+--------------------------------+------------------+ 
 
 
Outlook 
 
 
Global economies continued to recover led by China. The investment by China in 
infrastructure assets has led to a recovery in the mining and manufacturing 
industries around the world. In the developed economies quantitative easing has 
resulted in increased stability. These factors have underpinned the equity 
markets confidence and a strong share market performance has been seen across 
the world. 
 
 
Eclectic's investment managers are cautiously optimistic. The world's economies 
are recovering. The low interest rate environment should lead to continued 
underpinning of assets, and in particular equity markets. Caution centres around 
the eventual reduction of fiscal stimulus by governments and tightening of 
monetary policy by central banks, and its impact on the real economy and the 
bond markets. Exchange rates remain one of the biggest challenges for investors. 
 
 
 
 
Other information 
 
 
Year End:    31 May 
 
 
Investment Manager:  Ingot Capital Management Pty Limited. 
 
 
Directors:  A F Bushell - Chairman,  P I Burrows,  B C Hervey,  W J McLeland 
 
 
Secretary, Administrator and Registered Office:  Phoenix Administration Services 
Limited, Springfield Lodge, Colchester Road, Chelmsford CM2 5PW 
(Tel: 01245 398950 Fax: 01245 398551) 
 
 
The Company's shares are listed on the London Stock Exchange 
 
 
Further information is available from the Company's website: 
www.eclecticinvest.com. 
 
 
20 October 2009 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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