TIDMET.

RNS Number : 6677O

Establishment Inv. Trust PLC (The)

08 August 2014

THE ESTABLISHMENT INVESTMENT TRUST PLC

Interim Management Statement

For the period 1(st) April 2014 to 31(st) July 2014

Material Events

There are no material events to report in the period under review.

Material Transactions

There has been no significant or strategic alteration to the portfolio or investment strategy in the period under review. The top ten equity holdings, the top bond and fund holdings and the Company's currency, market and sector exposures are detailed in the Company's updating Newsletter for the month of July 2014 which is available on the Company's web pages which can be accessed through the web-site of the Company's Investment Manager, Blackfriars Asset Management Limited, at:

http://www.blackfriarsam.com/funds/establishment-investment-trust

The gross and net assets of the Company stood at GBP42.3m at the end of July 2014 representing an increase of 2.4% from 31(st) March 2014. Gearing stood at 0.0% at the end of July 2014 (0.0% at 31(st) March 2014).

General description of financial performance

The share price increased from 171.0p at 31(st) March 2014 to 171.5p at 31(st) July 2014, an increase of 0.3%. The net asset value per share increased from 206.4p to 211.5p, an increase of 2.4%, over the same period. The share price and the net asset value total returns were 2.0% and 3.8% respectively. The share price discount to net asset value therefore increased from 17.2% to 18.9%. For comparative purposes the FTSE WMA Stock Market Balanced Index Total Return Index was 2.3% over the same period.

Appointment of investment manager

The Company announced on 8 July 2014 that it had approved the appointment of Blackfriars Asset Management Limited as investment manager to Company. The appointment took effect on 15 July 2014. The appointment of BDT Invest LLP has been terminated with an effective date of 15 July 2014 but Mr Henry Thornton continues to have primary responsibility as the Company's portfolio manager, in his new position as a fund manager within Blackfriars Asset Management.

Board changes

Mr Henry Thornton retired as a director of the Company at the Company's Annual General Meeting held on 8 July 2014.

The Company announced on 9 July 2014 that Mrs Susan Thornton had been appointed as a non-executive director of the Company.

Cavendish Administration Limited

Company Secretary

8 August 2014

Enquiries:

   Anthony Lee      020 7490 4355

END

This information is provided by RNS

The company news service from the London Stock Exchange

END

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