TIDMAIT

RNS Number : 1025P

Active Capital Trust PLC

19 October 2012

   To:       RNS 
   Date:    19 October 2012 
   From:   Active Capital Trust plc

Interim Management Statement

For the three month period from 1 June 2012 to 31 August 2012

Investment objective

To realise value from the Company's portfolio of investments and progressively return cash to Ordinary Shareholders. A more detailed explanation of the Company's investment objective and policy is available in the 2012 Annual Report.

Performance summary

 
                                   As at            As at 
   Capital return         31 August 2012      31 May 2012             Movement 
 
 Total Assets             GBP8.0 million   GBP8.4 million                -5.5% 
 Net asset value per 
  ordinary share                   15.5p            16.4p                -5.5% 
 Ordinary Share price              12.5p            12.8p                -2.3% 
 FTSE Small Cap (ex 
  IC) Index                      2582.12          2354.60                +9.7% 
 FTSE AIM All-Share 
  Index                           680.85           690.95                -1.5% 
  Discount                         19.4%            21.9% 
 
 Actual Gearing# 
  (100 = nil geared 
  position)                          104              104

# Explanation of gearing as per Annual Report.

 
                                                                  For the three month period 
                                                                        ended 31 August 2012 
   Total return 
 Net asset value per ordinary share                                                    -5.5% 
 Ordinary Share price                                                                  -2.3% 
 FTSE Small Cap (ex IC) Index                                                         +10.4% 
 FTSE AIM All-Share Index                                                              -1.3%

Source: F&C Investment Business Limited, Datastream.

Review

The Manager continued with the exit strategies identified for each remaining holding in the portfolio, although no realisations occurred during the period.

As mentioned in the Chairman's Statement in the Company's 2012 Annual Report, the Directors indicated in the circular issued to shareholders in August 2009 that a general meeting of the Company would be convened to vote on a voluntary winding up or reconstruction of the Company once substantially, of all the Company's portfolio had been realised. The portfolio is now in the final stages of realisation and given the running costs and the reduced size of the Company the Directors believe that a Members' Voluntary Liquidation should be recommended to shareholders. The Directors will liaise with the liquidator in respect of the realisation of the remaining investment portfolio with a view to achieving the best possible outcome for shareholders through a continuation of the realisation strategies already identified for each holding. It is the intention that proposals will be sent to shareholders within the next two weeks seeking their approval to place the Company into Members' Voluntary Liquidation at a General Meeting of the Company to be held on or about the same date as the Annual General Meeting to be held in November.

Investment Portfolio

 
 
                             Percentage of total 
   Company                                assets 
                                  31 August 2012 
 Cambridge Sensors                          27.0 
 Quidell Portfolio                          25.0 
 IS Solutions                               24.3 
 AorTech International                      20.2 
 Transense Technologies                      6.4 
  Infrastrata                                0.4 
 Tissuemed                                   0.2 
 Ranier                                        - 
 Radicle Projects                              - 
 Cash                                      (3.5) 
                                           103.5

Sector breakdown

 
 
                     Percentage of total 
                     assets at 31 August 
                                    2012 
 Health Care                        47.4 
 Financials                         25.0 
 Technology                         24.3 
 Consumer Goods                      6.4 
 Oil & Gas                           0.4 
 Cash                              (3.5) 
 Total                             100.0

The Board is not aware of any significant events or transactions which have occurred between 31 August 2012 and the date of publication of this statement which would have a material impact on the financial position of the Company.

Daily and key information

Further information regarding the Company, including daily net asset values published since the end of the period can be found at the Company's website www.activecapitaltrust.co.uk, or at www.fandc.com.

   Year end:                      31 May 
   Issued share capital:      51,437,364 ordinary shares

This Interim Management Statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

For further information please contact:

   Bill Brown, Investment Manager, Bluehone Investors LLP                           0203 206 7335 
   Derek Osborne, Company Secretary, F&C Asset Management plc             0207 628 8000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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