RenUniv Gwth InTrust Interim Management Statement
31 Luglio 2014 - 6:13PM
UK Regulatory
TIDMRUG
RENN UNIVERSAL GROWTH INVESTMENT TRUST PLC
Interim Management Statement
for the three month period from 1 April 2014 to 30 June 2014
The Board of RENN Universal Growth Investment Trust PLC (the "Company") is
pleased to present the Company's Interim Management Statement.
Investment objective
To conduct an orderly realisation of the assets of the Company, to be effected
in a manner that seeks to achieve a balance between returning cash to
shareholders promptly and maximising the value of the Company's portfolio.
Investment policy
The Company's investments will be realised in an orderly manner in accordance
with the investment objective.
The Company may not make any new investments save that (a) subject to Board
approval, further investment may be made into existing investments in order to
preserve the value of such investments; and (b) realised cash may be invested
in liquid cash-equivalent securities, denominated in Sterling, including
short-dated corporate bonds, government bonds, cash funds, or bank cash
deposits pending its return to shareholders in accordance with the Company's
investment objective.
No more than 10% of the Company's total assets may be invested in any single
cash equivalent instrument or placed on deposit with any single institution
except that this limit does not apply to investment in government bonds, which
shall be unconstrained.
The Company may not employ gearing.
The Company will continue to comply with the restrictions imposed by the
Listing Rules in force from time to time.
Financial highlights: Performance
30 June 2014 31 March 2014 % change
Net assets
Sterling 36,644,000 39,936,000 (8.2)
US Dollar 62,656,000 66,579,000 (5.9)
Number of Ordinary shares 13,078,541 13,078,541 0.0
Net asset value
Pence per share 280.18 305.35 (8.2)
US cents per share 479.07 509.06 (5.9)
Mid Market price 266.50p 274.50p (2.9)
Discount to NAV 4.88% 10.10% (51.7)
Russell 2000 Index (Total Return)
US Dollar 5,590.12 5,477.96 2.1
Sterling adjusted 3,268.70 3,283.95 (0.5)
S&P 500 Index (Total Return)
US Dollar 3,552.18 3,375.51 5.2
Sterling adjusted 2,077.06 2,023.57 2.6
Financial highlights: Summary of net assets
30 June 2014 31 March 2014 % change
GBP'000 GBP'000
Listed portfolio holdings 18,454 21,071 (12.4)
Unlisted unquoted portfolio
holdings 16,150 16,563 (2.5)
Other unlisted portfolio holdings 87 101 (13.9)
Time value of warrants 0 0 0.0
Cash at bank 2,146 2,395 (10.4)
Net current assets 356 337 5.6
Total net assets 37,193 40,467 (8.1)
Provision for liabilities and
charges (549) (531) (3.4)
Net assets 36,644 39,936 (8.2)
Review of the period
The Company's annual results for the year ended 31 March 2014 were released on
23 June 2014.
As disclosed in the annual results, due to ill health, Mr Ernest Fenton stepped
down as the Chairman of the Company during the period. In his place, Mr Andrew
Barker was appointed the Chairman with effect from 10 June 2014.
No transactions were made during the period.
NAV performance
The NAV decreased from 305.35p on 31 March 2014 to 280.18p on 30 June 2014
resulting in a three month decrease of 8.2% against the Russell 2000 decrease
(in Sterling terms) of 0.5%.
Largest holdings
As at 30 June 2014, the Company's three largest holdings were AnchorFree, Inc.,
Flamel Technologies Limited and Cover-All Technologies.
AnchorFree's software enables users to access all internet content anonymously
and securely from any location in the world. Flamel Technologies engages in the
development and commercialisation of controlled release therapeutic products.
Cover-All Technologies is a leader in developing sophisticated software
solutions primarily for the property and casualty insurance industry.
Holdings as at 30 June 2014
Company Name Sector Value % of Net
$000 Assets
AnchorFree* Wireless communications 27,613 44.1
Flamel Technologies Pharmaceuticals 12,000 19.2
Cover-All Technologies Information technology 9,238 14.7
Bovie Medical Healthcare services 5,808 9.3
iSatori Personal products 3,590 5.7
Tiger Media Advertising 469 0.7
Charles and Colvard Clothing and accessories 440 0.7
PetroHunter Energy Oil and gas exploration 158 0.3
Total portfolio valuation 59,316 94.7
* unquoted holding - held at valuation as at 31 March 2014.
Subsequent events
Further to the notification by the Company to the London Stock Exchange on
10 June 2014, Mr Fenton retired from the Board at the conclusion of the Annual
General Meeting on 30 July 2014.
The cash at bank with the Company as at 30 July 2014 was GBP2.061m.
The Company has not repurchased any of the Company's own shares for
cancellation or to be held in Treasury. Other than those stated, the Board is
not aware of any other significant events or transactions which have occurred
since 30 June 2014 and the date of publication of this statement which would
have a material effect on the financial position of the Company.
31 July 2014
Neither the content of RENN Universal Growth Investment Trust PLC's website nor
the contents of any website accessible from hyperlinks on the website (or any
website) is incorporated into, or forms part of this announcement.
END
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