Interim Management Statement
08 Febbraio 2008 - 12:23PM
UK Regulatory
RNS Number:6134N
Resources Investment Trust PLC
08 February 2008
RESOURCES INVESTMENT TRUST PLC
Interim Management Statement for the three months to 31 December 2007
Resources Investment Trust PLC was launched in early 2002 as a self-managed
investment trust with the objective of generating capital appreciation in the
medium to long term through investing in undervalued companies in the natural
resources sector.
At an extraordinary general meeting of the Company held on 3 October 2006 a
special resolution was passed by shareholders which instructed the Directors to
take action to realise the Company's investments as soon as reasonably
practicable so as to put the Company in a position to return cash to
shareholders by way of share buy-backs and/or the liquidation of the Company as
soon as reasonably practicable and modified the investment policies of the
Company accordingly. The Company's Articles were subsequently amended to require
that a general meeting of the Company be convened for a date not later than 31
March 2008 at which a special resolution should be proposed that the Company be
wound up voluntarily.
In accordance with the direction from shareholders the Company has undertaken
three tender offers since January 2007, the most recent of which (for up to 90%
of the then remaining issued share capital) closed on 29 November 2007. The
tender offers have resulted in the repurchase and cancellation of an aggregate
of 20,033,889 of the Company's Ordinary 5p Shares ("Shares") and the return of
more than �49 million to shareholders. The Company currently has 1,266,871
Shares in issue.
A circular containing details of the proposed voluntary winding up and a notice
convening a general meeting of the Company to approve that proposal will be
posted to shareholders shortly.
Performance
31 December 30 September %
2007 2007 change
Resources Investment Trust plc ('NAV') 356.01p 256.55p 38.77
FTSE All-Share Index 3,286.67 3,316.89 (0.91)
HSBC Global Mining Index (benchmark) 714.90 719.52 (0.64)
Net Asset Value
The net asset value attributable to the Shares on 31 December 2007 was 356.01p
(30 September 2007: 256.55p).
The share price on 31 December 2007 was 311.5p (30 September 2007: 233.0p)
representing a discount to net asset value of 12.5% (30 September 2007: 9.2%).
Ten Largest Investments at 31 December 2007
Valuation % of
� portfolio
Treasury 8.75% 25.08.2017 992,700 24.73
Treasury 8% 07.06.2021 671,000 16.72
Treasury 8% 7.12.2015 612,900 15.27
BDI Mining Corp 8% Convertible Loan Notes 500,000 12.46
Treasury 4.75% 07.03.2020 408,880 10.19
Treasury 4.75% 07.09.2015 406,320 10.12
Goldquest Mining 267,115 6.66
Endeavour International Corporation 141,465 3.52
Luzon Minerals Ltd 13,240 0.33
Matra Petroleum 0 0
Net Asset Value and Share price information
The Company's net asset value is calculated daily and is published via a
Regulatory News Service. It can be viewed on the London Stock Exchange website
at www.londonstockexchange.com.
The mid-market price of the Company's Shares is published daily in the Financial
Times in the Companies & Markets section under the heading "Investment
Companies". The Financial Times also provides on a daily basis an estimate of
the net asset value and of the discount/premium.
Further information
Copies of the Company's annual /half-yearly reports and circulars which have
been issued can be obtained from its registered office:
The Registry
34 Beckenham Road
Beckenham
Kent
BR 3 4TU
8 February 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
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