Interim Management Statement (2318P)
29 Setembro 2011 - 12:18PM
UK Regulatory
TIDMCPE
RNS Number : 2318P
Charter European Trust plc
29 September 2011
Charter European Trust PLC
Interim Management Statement
For the quarter ended 31 August 2011
This interim management statement relates to the quarter from 1
June 2011 to 31 August 2011 and contains information for that
period unless otherwise stated. This statement is produced to
provide information in accordance with the UK Listing Authority's
Disclosure and Transparency Rules.
Investment objective
The objective of Charter European Trust plc is to provide growth
in capital and income through investment in a focused portfolio of
European equities.
Financial Performance to 31 August 2011
% change
------------- ---------------------------------------
Year to date
to 31 Aug
2011 3m 3yrs 5yrs
------------- ------------- ------- ------- ------
Share price -8.84 -13.99 -5.56 18.45
------------- ------------- ------- ------- ------
Net Asset
Value -18.00 -19.99 -10.37 14.47
------------- ------------- ------- ------- ------
Benchmark* -9.79 -16.33 -2.79 9.94
------------- ------------- ------- ------- ------
Source: Datastream
Total return with net dividends reinvested and net of fees.
* FTSE World Europe (ex UK) Index (GBP) since 9th January
2007/FTSE World Europe Index (GBP) until 8th January 2007
Portfolio
Top ten holdings at 31 August 2011 and percentage of total gross
assets
GBP %
Sanofi-Aventis 2,195,640 4.26
Total 2,083,107 4.04
Ryanair 2,065,495 4.01
Galp Energia 2,008,304 3.90
Roche Holdings 1,980,937 3.85
ASM International 1,824,898 3.54
Randgold Resources 1,764,634 3.43
Bayer 1,744,233 3.39
Powszechna Kasa Oszczednosci
Bank 1,723,684 3.35
Siemens 1,708,222 3.32
Material events and transactions
During the period 125,400 ordinary shares were purchased for
cancellation. Since the quarter end no further shares have been
purchased for cancellation.
On 22 August 2011, the Board announced that, following the
acquisition by funds managed by Midas Investment Management Limited
of a substantial stake in the Company, it was considering options
available to the Company and its shareholders going forward.
On 23 September 2011, the Company received a requisition from
Manchester & Metropolitan Investment Ltd, a holder of more than
5% of the paid-up capital of the Company, to convene a general
meeting of the Company to consider a special resolution to amend
the voting arrangements under the Company's Alliance Trust Savings
scheme.
On 28 September 2011, the Board announced its intention to put
proposals to shareholders for the implementation of a scheme of
reconstruction of the Company, which would result in its
liquidation (the "Scheme"). The Scheme would provide shareholders
with the choice of realising their investment in whole or in part
for cash at realisable net asset value and/or to roll over some or
all of their investment into the Jupiter European Fund or
Manchester and London Investment Trust plc.
Financial position at 31 August 2011 and at 28 September
2011
31 August 28 September
-------------------- -------------- --------------
Total gross assets GBP51,505,936 GBP47,595,673
-------------------- -------------- --------------
Net assets GBP48,563,451 GBP44,799,366
-------------------- -------------- --------------
Share price 206p 198.5p
-------------------- -------------- --------------
Net asset value(1) 219.8p 202.76p
-------------------- -------------- --------------
Net asset value(2) 219.8p 202.76p
-------------------- -------------- --------------
Discount(3) -6.3% -2.1%
-------------------- -------------- --------------
Gearing (4) 0.2% -3.1%
-------------------- -------------- --------------
Historic Dividend
Yield 1.97% 2.04%
-------------------- -------------- --------------
(1) Debt at book value
(2) Debt at market value
Net asset values are calculated and announced daily.
(3) The discount is the difference between the share price and
the NAV (debt at book value) per share expressed as a percentage of
the NAV per share.
(4) Actual gearing - net of cash.
Company Information
Launch date 2002
EPIC CPE
Year end 30 November
Report and Accounts Final posted late February, half-yearly
posted July
AGM March
Dividends August and April
Price Information Financial Times, The Daily Telegraph,
www.chartereuropean.co.uk
Investor information
Further up to date information, including Net Asset Values and
share prices, and the latest available factsheets and portfolio
information, is provided on the Manager's website, which can be
accessed via www.chartereuropean.co.uk or
www.rcm.com/investmenttrusts . Information can also be obtained
from the Investor Services' helpline on 0800 389 4696.
By order of the Board
Charter European Trust PLC
155 Bishopsgate
London EC2M 3AD
29 September 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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