Interim Management Statement
16 Agosto 2010 - 5:48PM
UK Regulatory
TIDMIEI
Invesco English and International Trust plc
Interim Management Statement
for the Four Months ended 31 July 2010
Material Events
The Company announced on 11 August 2010 proposals for a scheme of
reconstruction (the "Scheme"), comprising a members' voluntary liquidation of
the Company pursuant to Section 110 of the Insolvency Act 1986, together with
options for eligible shareholders to elect for a managed cash exit by realising
their investment in the Company for cash (the "Cash Option") and/or to elect
for shares in the Invesco Perpetual UK Smaller Companies Growth Fund, a
sub-fund of a UK authorised open-ended investment company with variable capital
which has a substantially similar portfolio to that of the Company. Overseas
shareholders and shareholders holding more than three per cent of the Company's
shares are not eligible shareholders and will be deemed to have elected for the
Cash Option. A circular with notices of meetings to approve the proposals has
been posted to shareholders (the "Circular")
Portfolio Management in Anticipation of the Scheme
The Company's portfolio is predominantly invested in the shares of listed
smaller UK companies, the trading of which is generally less liquid than that
of the shares of larger UK companies. In anticipation of the Scheme becoming
effective and in order to provide for a managed and timely realisation process
and to maximise the first cash distribution to shareholders who elect (or are
deemed to elect) for the Cash Option, the Board has already instructed the
Investment Manager, in the interests of shareholders as a whole, to commence
the realisation of the Company's less liquid investments up to a maximum of 30
per cent. of the Company's portfolio and to hold the proceeds in cash or other
near-cash assets. As at 9 August 2010 (being the latest practicable date prior
to the publication of the Circular), 22.6 per cent. of the Company's net assets
were held in cash or other near-cash assets. The Company holds a number of
unquoted investments which at 9 August 2010 (being the latest practicable date
prior to the publication of the Circular) were valued at GBP926,000, in
accordance with the Directors' estimate of realisable value. The Company is
currently in negotiations to realise investments representing the greater part
of this value at, or close to, their carrying value.
Dividends
During the period, an interim dividend of 1.3p per Ordinary Share was declared
in respect of the period beginning 1 April 2010 payable on 3 September 2010 to
shareholders on the register on 6 August 2010. The Directors will not be
declaring a final dividend for the year ending 31 March 2010.
Performance - Total Return
4 1 Year 3 Years 5 Years
Months
Share Price -0.8% +22.3% -36.2% -6.9%
Net Asset Value -0.8% +15.5% -37.6% -18.2%
HGSC plus AIM (excl. Investment Trusts) -1.8% +27.1% -19.6% +15.9%
Index
Source: Datastream
Share Price and Discount
At For the 4 Months Ended 31 July 2010
31-Jul-10 High Low Average
Ordinary
Shares 220.00 222.25 195.00 210.66
mid-market
price
(pence)
(Discount) -4.7%
/ Premium
Source: Thomson Datastream
Assets and Gearing
31-Jul-10 31-Mar-10 Change
Total Gross 48.9 49.5 -1.2%
Assets (GBPm)
of which cash/ 10.4 -
near cash(GBPm)
Borrowings (GBP -
m) -
Cum income Net 230.8 233.6 -1.2%
Asset Value
(pence)
Actual Gearing
79 100
Effective
Gearing 79 102
'Actual Gearing' reflects loans drawn down, whereas 'Effective Gearing'
reflects the amount of loans invested in the portfolio and not held in cash. A
figure of 100 or less means that the Trust has no gearing.
Sector Breakdown of Portfolio
31-Jul-10 31-Mar-10
Industrials 23.7% 25.1%
Technology 16.1% 14.8%
Financials 15.6% 16.4%
Health Care 14.4% 13.2%
Oil & Gas 10.8% 7.8%
Basic Materials 6.4% 7.4%
Consumer Goods 6.4% 5.3%
Consumer Services 3.9% 7.0%
Utilities 1.9% 2.6%
Telecommunications 0.8% 0.4%
Top Ten Holdings
Ranking Investments % of Bought/(Sold) in Ranking at
now Portfolio Period 31-Mar-2010
1 Biocompatibles 3.3% S 1
2 Advanced Medical 2.9% S 2
Solutions
3 Rockhopper 2.6% B/S 118
Exploration
4 IQE 2.5% 13
5 Chemring 2.2% 6
6 Avocet Mining 2.2% 10
7 SDL 2.1% 12
8 Sterling Energy 2.1% 8
9 New Britain Palm Oil 1.9% S 7
10 Hill & Smith 1.9% S 4
All ordinary shares unless otherwise stated
Changes to Share Capital
Ordinary Shares of 25p
each
Issued Treasury
As at 31-Mar-10 21,169,163 2,100,000
Ordinary Shares bought back and 0 0
cancelled
Ordinary redeemed and cancelled 0 0
Ordinary Shares issued 0 0
Treasury shares cancelled 0 0
As at 31-Jul-10 21,169,163 2,100,000
On 4 August 2010, 2,100,000Ordinary Shares held as Treasury shares were
cancelled following which the total number of Ordinary Shares of 25p each in
issue is 21,169,163.
Price and Performance
The Company's Ordinary Shares are listed on the London Stock Exchange and the
price is published in the Financial Times under 'Investment Companies' and in
the Daily Telegraph under 'Investment Trusts'.
The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com.
Further information can be obtained from Invesco Perpetual as follows:
Free Investor Helpline: 0800 085 8677
Internet address: www.invescoperpetual.co.uk/investmenttrusts
The information provided in this statement should not be considered as a
financial promotion.
For and on behalf of
Invesco Asset Management Limited
16 August 2010
END
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