FUS F&C Uk

 

TIDMFUS 
 
RNS Number : 4991W 
F&C UK Select Trust PLC 
29 July 2009 
 

 
 
TO:                 RNS 
DATE:           29 July 2009 
FROM:           F&C UK Select Trust plc 
 
 
 
 
Caithness Petroleum 
 
 
The Company's largest investment is Caithness Petroleum ("Caithness"). This is 
an oil and gas production company which was bought in July 2007 in anticipation 
of its listing on the London Stock Exchange; market conditions prevented this 
and Caithness remains unquoted. 
 
 
Recent drilling results from one of the company's Moroccan fields suggest that 
it may have discovered large and exploitable gas reserves. On the back of these 
results, Caithness has announced a substantial capital raising of at least US$50 
million at a price of GBP34.48 per share. This capital raising is subject to 
approval by Caithness's shareholders at an EGM on 12 August 2009. We anticipate 
that approval will be obtained, and accordingly the Board has increased the 
carrying value of Caithness from GBP15.04 to GBP34.48 per share, or from GBP2.2 
million to GBP5.0 million in aggregate. 
 
 
This adds 5.6 pence per share or 8.7 per cent to the Company's net asset value, 
taking it to approximately 69.4 pence as at 28 July 2009. 
 
 
For further information please contact: 
 
Martin Cassels, 
F&C Investment Business Limited, Secretaries 
0131 718 1057 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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