Interim Management Statement
15 Agosto 2008 - 10:53AM
UK Regulatory
THE LAXEY INVESTMENT TRUST PLC
Interim Management Statement - 3 months to 30 June 2008
The Laxey Investment Trust PLC (the `Company') presents its interim management
statement for the period 1 April 2008 to 30 June 2008. This constitutes the
Company's second interim management statement for the financial year ending 30
September 2008, as required by the UK Listing Authority's Disclosure and
Transparency Rule 4.3.
Investment Objective
The investment objective of the Company is to provide Shareholders with a
combination of capital growth and regular dividend income by making investments
with the aim of profiting through the reduction of the discount at which these
investments trade to their underlying value, where the Board and the Investment
Manager consider there is scope for value enhancement. Examples of target
entities include asset rich businesses such as closed-end funds, property
companies and cash-rich entities.
Review of the period
Over the period, the company's net asset value decreased by 0.45% however, the
share price increased by 2.82%.
During the period the shares traded between a 11.6% and 23.9% discount, ending
the period on a 13.3% discount
On 4 July 2008, the board of The Laxey Investment Trust ("TLIT") and its
independent directors announced that it had reached agreement on the terms of
proposals for the acquisition by LIT plc - a newly formed, Isle of Man
domiciled company - of the entire issued and to be issued ordinary share
capital of TLIT. Under the terms of the offer, shareholders of TLIT will be
entitled to receive 10 new LIT plc shares for each ordinary share held.
Laxey UK, together with the Board, believes that there are a number of
opportunities which could be available to TLIT at the present time, in
particular opportunities to make strategic private equity type investments.
However, as TLIT is currently an investment trust listed on the Official List
it is subject to certain investment restrictions. For example it is not able to
hold a controlling interest in any company and is not permitted to make any
investments which exceed 15 per cent. of the value of its portfolio at the time
of investment. This makes the current structure unsuitable for the investment
strategy that the Board, having consulted with Laxey UK, wish to follow. The
independent directors believe that the acquisition is in the best interests of
shareholders as a whole when considered against the expected future performance
of TLIT as currently structured. The acquisition of it by LIT plc will provide
an opportunity to participate in strategic private equity type investments with
the further opportunity to realise their holdings in LIT plc within the next 12
months. As such, LIT plc has agreed to grant options to shareholders to sell
the ordinary shares in LIT at 11.3 pence per share (representing 113 pence per
TLIT share originally held by the TLIT shareholders) during the period of ten
weeks commencing on 16 March 2009 and ending on 29 May 2009. The options are
subject to the following conditions: - (a) the directors of LIT confirming that
LIT has the cash resources to enable it to effect such buy back (the directors
of LIT will use their reasonable endeavours to ensure that such is the case)
(b) LIT lawfully being permitted to make such purchase; and (c) all necessary
formalities being followed in accordance with the laws of the IOM
LIT will act as a holding company for investments in quoted and unquoted
companies that its directors believe are undervalued. LIT's investment
objective is to provide its shareholders with a combination of capital growth
and dividend income over time once investments are realised. Its
first acquisition, which will occur simultaneously with the TLIT acquisition is
of TDG plc, one of Europe's major supply chain management and logistics service
providers with over 50 years of experience. TDG has operations in the UK,
Ireland, France, Germany, Spain, the Netherlands and Belgium. Headquartered in
London, England the TDG Group employs approximately 7,300 staff. TDG has a long
history of operating and strong customer relationships in the general logistics
market but also has specialist skills in the areas of paper and packaging,
speciality chemicals, supply chain management and freight forwarding. Under the
terms of the offer, Laxey Partners will subscribe for up to �90 million of LIT
plc shares at 10 pence each.
Accordingly, holders of TLIT shares are asked to vote in favour of the
acquisition of it by LIT plc, as unanimously recommended by TLIT's independent
directors.
Top Ten Holdings
Name % of portfolio % of portfolio
as at 30/06/08 as at 31/03/08
Implenia AG 11.95 9.85
Vampire Holdings Limited* 11.72 11.19
Sambu Construction 9.64 8.78
Finlays Colombo 7.87 7.02
Forbes Plantations Management Services 7.21 6.32
Everest Babcock 6.31 4.10
Ceytea Plantations Management Limited 5.65 4.95
Commercial Group 5.63 5.25
Aitken Spence Plantations Management Limited 5.40 4.74
Metropolitan Resources 4.83 4.31
* Formerly East European Development Fund
Total Return Performance
3 months to 6 months
30/06/08 to 31/03/08
% %
NAV -0.45 +1.54
Share Price (mid) +2.82 +1.72
FTSE All-Share Index -1.45 -10.17
General Information
30/06/08 31/03/08
Share price 91.00p 88.50p
Net asset value per share 104.94p 105.41p
Net asset value per share excluding current period 105.58p 105.99p
revenue
Discount 13.28% 16.04%
Total Net Assets �11.08 m �11.13m
END
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