SIAG Sherborne Inv A

TIDMSIAG

RNS Number : 5904S

Sherborne Investors (Guernsey) A

23 November 2011

Sherborne Investors (Guernsey) A Limited

23 November 2011

Trading Statement

Net Asset Value

At 31 October 2011, the unaudited net asset value attributable to shareholders of Sherborne Investors (Guernsey) A Limited (the "Company") was GBP107,788,036, or 102.66 pence per share based on 105,000,000 shares outstanding. The Company's net asset value was based on the closing price of 73.55p at 31 October 2011 for the shares of F&C Asset Management plc ("F&C").

Selected Consolidated Financial Information at 31 October 2011

   Cash and Cash Equivalents                                                       GBP31,515,413 
   Shareholding in F&C shares                                                      105,620,760 
   Cost Basis of F&C Investment(1)                                                  GBP68,086,335 
   Cost Basis per Share of F&C Investment(1)                                   64.46p 
   Cost Basis per Share of F&C Investment (post-dividends)(2)           60.82p 
   F&C Closing Share Price at 31 October 2011                              73.55p 

Post-Closing Activities

Subsequent to 31 October 2011, the Company acquired 776,370 additional F&C shares and entered into total return swaps ("swaps") relating to 1,022,000 shares in F&C at a total cost of GBP1,275,450, including fees and commissions.(3) The Company's total investment in F&C through 18 November 2011 is 107,419,130 shares and swaps with a total cost basis of GBP69,353,914, or 64.56p per share.(1) The cost basis per share after adjusting for F&C's dividends is 60.98p.(2) F&C's shares closed at 67.45p on 18 November 2011.

On 28 October 2011, F&C paid a dividend of 1.0 pence per share to shareholders on the register at 7 October 2011. The Company received its portion of the dividend, totaling GBP1,052,834, on 4 November 2011 and therefore the dividend proceeds were not included in cash and cash equivalents at 31 October. The Company's Board declared a dividend of 0.9 pence per share to be paid on 19 December 2011 to shareholders of record at 18 November 2011.

Notes

(1) Represents the cost basis excluding fees and commissions and net of gross gains realised on contracts for difference settled in 2010. Figures are prior to adjusting for F&C's cumulative dividends declared through the reporting date.

(2) Represents the cost basis less cumulative dividends declared through the reporting date.

(3) The Company provides counterparties with cash collateral equal to the initial contract value of swaps, which is considered restricted cash until the swap is closed and settled.

Enquiries:

FTI Consulting +44 (0)20 7269 7157

Billy Clegg

   Sherborne Investors (Guernsey) A Limited                              +44 (0)14 8172 1672 

Ian Brindle (Chairman)

   RBS Hoare Govett Limited (Nominated Adviser)                      +44 (0)20 7678 8000 

Gary Gould / Graham Hertrich

This information is provided by RNS

The company news service from the London Stock Exchange

END

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