Proposed Changes to Investment Policy
21 Agosto 2009 - 8:17AM
UK Regulatory
TIDMFUS
RNS Number : 8414X
F&C UK Select Trust PLC
21 August 2009
21 August 2009
f&c uk select trust PLC
(THE "COMPANY")
PROPOSED CHANGES TO INVESTMENT POLICY
Introduction
The Directors announced, on 29 July 2009, a revaluation of the Company's largest
investment, Caithness Petroleum Limited ("Caithness"), which resulted in a
significant uplift (8.7 per cent.) to the net asset value per ordinary share as
at 28 July 2009. As at 19 August 2009, the Company's investment in Caithness
represented 12.4 per cent. of its total assets.
A key feature of the Company's investment policy is that a strict rebalancing is
normally applied, with positions being trimmed back or sold to lock in profits
or topped up or sold when they are underperforming, so that each of the 25 high
conviction ideas in the portfolio has a weighting of 3-5 per cent.
As mentioned in the Company's interim results for the six months ended 30 June
2009, which were announced earlier today, the Company now has the opportunity to
sell all or part of its investment in Caithness. However, the Board and the
Company's investment manager believe that Caithness continues to represent an
exciting opportunity that could add materially to the Company's net asset value.
Accordingly, the Directors consider that it is in the best interests of
Shareholders as a whole to sell down part of the holding in Caithness to realise
an amount close to the original cost of the investment, leaving an ongoing
investment, currently valued at GBP3.0 million, representing 7.5 per cent. of
the Company's total assets as at 19 August 2009.
Proposed Changes to Investment Policy
The proposal to retain an investment in Caithness representing more than 5 per
cent. of the Company's total assets represents a material change in the
Company's published investment policy. The Listing Rules require any such
material change to be subject to prior shareholder approval. Accordingly, a
general meeting of the Company is being convened for Tuesday, 8 September 2009
commencing at 4.00 p.m. (the "General Meeting") at which an ordinary resolution
approving the restatement of the Company's published investment policy (the
"Restated Investment Policy") will be proposed.
The Restated Investment Policy will permit the Company to retain the level of
investment in Caithness outlined above and prohibit any new unquoted investments
at any time when the Company already has any unquoted investments. Subject
thereto, the Restated Investment Policy will be the same in all material
respects as the Company's published investment policy.
If the resolution approving the Restated Investment Policy is not passed at the
General Meeting referred to above, the Company will attempt to sell down such
further proportion of its investment in Caithness as shall result in the balance
of its holding representing, at the time the sale is agreed, not more than 5 per
cent. of the Company's portfolio.
Circular to Shareholders
A circular to shareholders will be posted today, which contains further details
relating to the proposed changes to the Company's published investment policy
and includes the notice convening the General Meeting. Copies of that circular
have been submitted to the UK Listing Authority and will shortly be available
for inspection at the UK Listing Authority's Document Viewing Facility, which is
situated at:
Financial Services Authority
25 The North Colonnade
Canary
Wharf
London E14 5HS
Tel: 020 7066 1000
Enquiries
+---------+-------------+---------------+
| Martin | F&C | T: |
| Cassels | Investment | 0131 |
| | Business | 718 |
| | Limited, | 1057 |
| | Secretaries | |
+---------+-------------+---------------+
| Sue | Intelli | T: |
| Inglis | Corporate | 0131 222 9414 |
| | Finance | |
| | Limited | |
+---------+-------------+---------------+
Note
This announcement is for information purposes only and does not constitute an
offer or invitation to acquire or dispose of any securities or investment advice
in any jurisdiction.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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