Portfolio Update
29 Julho 2009 - 10:27AM
UK Regulatory
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
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