Smaller Companies Value Trust PLC
Smaller Companies Value Trust plc
Final Report
30 April 2008
Smaller Companies Value Trust plc is registered in England and Wales no.4388908
and is an investment company within the meaning of Part 23 of the Companies Act
2006.
Registered office: 10 Fleet Place, London, EC4M 7RH
Smaller Companies Value Trust plc
Chairman's Statement (unaudited)
Review
This has been a challenging period for UK equities, and particularly for those
investing in smaller companies. While the total return for the FTSE 100 index
fell by just over 2% during the period under review, the comparable figure for
the smaller companies market, as measured by the Hoare Govett Smaller Companies
Index (excluding investment companies) fell by 19.3%. During this time, the
total return of the Smaller Companies Value Trust's capital shares fell 22.9%.
The leverage through the fixed bank loan inevitably had a detrimental effect on
the capital shares.
Volatility has been a key feature of the market. Investors have been
particularly concerned that difficulties associated with US subprime lending
would affect global growth prospects. As a result, risk-adverse investors took
shelter in the perceived safety of large-capitalisation stocks, and smaller
companies were neglected. Deteriorating economic conditions also affected
performance, since smaller companies tend to rely more heavily than their larger
counterparts on a favourable domestic economic environment.
The other major impediment, of course, has been the credit crisis and its impact
on the banking sector. Inevitably, sentiment has been driven by events in the
US, with concerns over the financial health of Bear Stearns precipitating a
share price collapse in March. Though the mood recovered somewhat in the wake of
a large cut in US interest rates and encouraging news elsewhere within the
sector, investors have retained a cautious outlook.
The market's preference for large-capitalisation stocks has left many smaller
companies at their most attractive valuations in years. While the Trust's
performance lagged its benchmark during this difficult period, I remain
confident of the manager's ability to identify these opportunities.
Dividend
A second interim dividend for the year ended 30 April 2008 was paid on 14 May
2008, making a total for the year of 6.75p per income share. As the balance of
undistributed income for the year is small, the Board decided, as intimated in
the announcement made on 24 April 2008, not to pay a final dividend.
Future of the Company
The attention of Shareholders is drawn to the paragraph on page 5 on the options
available to the Board with the approach of 30 April 2009, by which date the
future of the Company must be determined.
Outlook
In spite of the turmoil on the financial markets, the UK economy has held up
remarkably well, but it is now slowing. In the short term, equities are likely
to remain volatile amid the continued uncertainty over the impact of the credit
crunch in financial markets. Investors will also be keen to see if the strength
of the emerging economies is sustained. Rampant growth in the world's developing
nations will continue to affect both the UK economy and the general direction of
equity markets in the months to come.
The performance of smaller companies relative to their larger counterparts
depends to a considerable extent on how much further the credit crisis has to
run. The key for many firms is not only if the Bank of England's monetary policy
committee is prepared to reduce interest rates again, but the extent to which
financial institutions are prepared to pass such cuts on to the corporate sector
and to consumers or even at a later stage should the Bank of England decide to
lift rates.
Anthony Bushell
Chairman
27 June 2008
Investment Manager's Review (unaudited)
Global and market background
The UK equity market traced a downward path over the twelve months. For much of
the review period two concerns dominated investor sentiment: the economic
outlook for the US and the knock-on effects of the credit crisis. Investors in
the UK and elsewhere have been gripped by fears that the slowing American
economy will tip into recession, and that the effects of the fallout from US
subprime lending would begin to affect the wider economy. With this in mind, it
is hardly surprising that the financial stresses affecting US activity have
worked through to other major developed countries.
At the same time, though, the performance of the global economy has remained
relatively robust. Industrial production has been holding up, and the developing
world, headed by China and India, is still performing relatively well. Indeed,
the big winners in the market over the review period proved to be mining stocks,
propelled not only by the sustained growth in demand from emerging markets but
by merger activity as well. The oil & gas sector, boosted by record prices for
crude oil, was another strong performer. In contrast, many sectors of the market
in which smaller companies play a prominent role, such as support services,
struggled.
Other developments, such as the increasingly gloomy outlook for UK consumer
spending and the slowing UK economy, had a detrimental effect on the share price
of many smaller companies. Those with earnings linked to the public sector were
adversely affected by an anticipated downturn in government spending. March's
budget statement, in which the chancellor of the exchequer was forced to admit
that the UK economy was likely to grow more slowly than previously expected,
heralded a reduction in government revenue and an increase in borrowing.
The other source of concern continues to be the credit crisis, which among other
things prompted central banks around the world to arrange fresh injections of
cash in an effort to keep the wheels of the financial system turning. While
markets generally responded favourably to such intervention, banks remain wary
of lending to each other, and it is likely to be some time before their
confidence is fully restored.
Toward the end of 2007, a slowdown in the UK economy became apparent, prompting
a change in the outlook for interest rates. On three occasions (December 2007,
February 2008 and April 2008), the Bank of England's monetary policy committee
lowered the base figure by 0.25 percentage points, largely in response to
slowing growth prospects and tighter credit conditions. At the same time,
though, consumers have been faced with escalating utility bills, mortgage
payments and food prices. The bank has thus been faced with the difficult task
of balancing the risk to growth with that of domestic inflation, which threatens
to rise above its targeted level. On the whole, though, the UK economy has held
up remarkably well, with little downturn in business activity and companies
still spending fairly healthily.
Portfolio activity
In a difficult environment for smaller companies, the Trust's performance was
disappointing. The issues surrounding Carter & Carter and Erinaceous Group, both
now in administration, left their mark on performance and prompted us to dispose
of our holding in each. We also disposed of Mapeley, a commercial property
company, and Paragon, a provider of buy-to-let mortgages, amid the gloomy
outlook for the property sector. Retailers also struggled against waning
consumer confidence, and this was reflected in our holdings in Topps Tiles and
Land of Leather.
The price of oil, which reached record levels during the period, was another
negative factor affecting performance. Investors' enthusiasm for this sector
meant that the Trust's underweight position relative to its benchmark detracted
from performance. There is, however, considerable geopolitical risk associated
with this area of the market, which we felt was not appropriate for the Trust to
take.
The best performing stock during the period was Hilton Food Group, a specialist
meat-packaging operator. Since its flotation, the highly cash-generative company
has performed consistently well and numbers Tesco among its key customers. Other
positive contributions came from Babcock International and VT Group, both of
whom won a substantial number of defence contracts, and seem well-placed to do
so in future. Fenner, an engineering company which purchased Prodesco, a US
competitor, during the period, also performed well.
There were no significant shifts in the focus of the portfolio during the
period. Transactions reflected our favourable view of healthcare and other
defensive areas of the market where profits will be less affected by slowing
economic growth. We participated in the float of CVS Group, a veterinary
services provider, which proved one of the strongest performers in the
portfolio, and established a holding in Southern Cross Healthcare, the UK's
largest provider of care homes. We also favour companies with strong links to
emerging market infrastructure, such as Morgan Crucible, which was another of
the Trust's strongest performers. Disposals, such as Pendragon, the UK's largest
car dealer, and Workspace Group, a commercial property provider, were indicative
of our cautious economic outlook.
Outlook
Growth in the UK now looks likely to slow quite sharply this year as residential
investment falls, consumers turn more cautious and business investment stops
growing. The more competitive level of sterling may give some boost to exports,
but growth in GDP is likely to slow substantially.
From a global perspective, the reluctance of financial institutions to lend both
to each other and to consumers will inevitably lead to slowing growth. In the
short term, financial markets are likely to remain volatile amid concerns over
the economic outlook for the US and the difficulties in the credit markets.
Recent comments from the Bank of England and elsewhere suggesting the worst of
the credit crisis may be over need to be taken with caution. Our outlook for
consumer-related sectors remains guarded, something which is reflected in the
position of the portfolio.
While the short-term economic outlook in the UK is far from favourable, many
small and medium-sized firms are trading at their most attractive valuations in
several years. Their share prices, though, may be susceptible to ongoing
economic concerns.
Gregor Macdonald
Scottish Widows Investment Partnership Limited
27 June 2008
Smaller Companies Value Trust plc
Investment objective and policy
The Company invests in a diversified portfolio of quoted UK smaller companies
with the objective of providing income shareholders with a dividend yield,
together with the potential for dividend growth and capital shareholders with
the benefit of geared capital growth.
The Board seeks to balance the interests of the holders of the income shares and
capital shares at all times and the investment policy is such that the Company
will be a qualifying investment trust under the Income and Corporation Taxes Act
1988 (as amended).
Future of the Company
The Directors are obliged to convene a general meeting of the Company to be held
on 30 April 2009 (the "Planned Winding Up Date") at which an ordinary resolution
will be proposed to wind up the Company voluntarily. The Directors may be
exempted from this obligation by a special resolution of the Company and
separate extraordinary resolutions of the holders of the Income Shares and the
holders of the Capital Shares in each case passed after 30 April 2008. In the
event that such special resolution is to be considered no earlier than 1 April
2009 and it contains proposals that would result in the Income Shareholders
receiving not later than the Planned Winding Up Date 60p in cash (in addition to
any entitlement to any undistributed revenue reserve) for each Income Share held
then the Income Shareholders shall not be entitled to vote upon the special
resolution and a separate extraordinary resolution of the Income Shareholders
shall not be required.
All votes cast on the winding up resolution at the extraordinary general meeting
on the Planned Winding Up Date shall be deemed to be cast in favour of the
resolution to wind up. A winding up will enable Capital Shareholders to realise
the residual capital value of their investment after the payment of the
creditors, liquidation costs and the capital and dividend entitlement of the
Income Shareholders.
Full details of the rights of both the Income and Capital Shares are given in
the Company's memorandum and articles of association.
The Board is reviewing the options available, including the possibility of
recommending to Shareholders that the Directors may be exempted from the
obligation to put an ordinary resolution of the Company to wind up the Company
voluntarily in 30 April 2009. The Directors consider that it would be premature
to make a final decision in relation to the future at this time, but on the
basis that the articles of association provide for a mechanism whereby the
Company may continue in existence beyond 30 April 2009, in certain
circumstances, the Directors consider that it is appropriate to prepare the 2008
report and accounts on a going concern basis.
Financial highlights
30 April 2008 30 April 2007
(unaudited) (audited)
Net asset value per package unit (Articles basis) 189.49p 274.53p
Share price per package unit + 176.50p 248.25p
Net asset value per income share (Articles basis) 57.49p 55.96p
Share price per income share + 61.00p 64.75p
Net asset value per capital share (Articles basis) 132.00p 218.57p
Share price per capital share + 109.50p 183.50p
Hoare Govett Smaller Companies Index (excluding investment companies)* 7,589.10 9,401.67
First interim dividend paid to income shareholders 3.00p 1.95p
Second interim dividend paid to income shareholders 3.75p 0.00p
Final income share dividend 0.00p 3.52p
+ Source: Bloomberg
* Source: Datastream
Smaller Companies Value Trust plc
Income Statement
For the year ended 30 April 2008
2008 2007
(unaudited) (audited)
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
(Losses)/gains on investments
(Losses)/gains on investments - (15,918) (15,918) - 9,186 9,186
Transaction costs - (342) (342) - (330) (330)
---------- ---------- ---------- ----------- --------- ---------
- (16,260) (16,260) - 8,856 8,856
Income and expenses
Income 1,835 - 1,835 1,510 - 1,510
Investment management fee (25) (76) (101) (138) (412) (550)
Other expenses (158) - (158) (135) - (135)
---------- ---------- ---------- ----------- --------- ---------
Net return/(loss) before finance
costs and taxation 1,652 (16,336) (14,684) 1,237 8,444 9,681
Finance costs
Interest payable (127) (380) (507) (126) (378) (504)
Income share dividends and other
appropriations (1,525) - (1,525) (1,111) - (1,111)
---------- ---------- ---------- ----------- --------- ---------
Total finance costs (1,652) (380) (2,032) (1,237) (378) (1,615)
(Loss)/return on ordinary
activities before taxation - (16,716) (16,716) - 8,066 8,066
Taxation on ordinary activities - - - - - -
---------- ---------- ---------- ----------- --------- ---------
(Loss)/return on ordinary
activities after taxation - (16,716) (16,716) - 8,066 8,066
---------- ---------- ---------- ----------- --------- ---------
(Loss)/return per capital share (82.28p) 39.70p
---------- ---------- ---------- ----------- --------- ---------
The total column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the year.
A Statement of Recognized Gains and Losses is not required as all gains and
losses of the Company have been reflected in the above statement.
Smaller Companies Value Trust plc
Balance Sheet
As at 30 April 2008
2008 2007
(unaudited) (audited)
�'000 �'000
Non current assets
Investments at fair value through profit or loss 45,109 63,085
Current assets
Debtors 1,471 1,505
Cash at bank and in hand 3,456 432
------------- --------------
Total current assets 4,927 1,937
------------- --------------
Current liabilities
Creditors: amounts falling due within one year (11,538) (1,119)
Income shares (12,550) -
------------- --------------
Total current liabilities (24,088) (1,119)
------------- --------------
------------- --------------
Net current (liabilities)/assets (19,161) 818
------------- --------------
------------- --------------
Total assets less net current liabilities 25,948 63,903
------------- --------------
Creditors: amounts falling due after more than one year
Bank loan - (8,127)
Income shares - (13,112)
------------- --------------
- (21,239)
------------- --------------
------------- --------------
Total net assets 25,948 42,664
------------- --------------
Capital and reserves: equity interests
Called-up share capital 203 203
Special reserve 19,408 19,408
Capital reserve 6,337 23,053
------------- --------------
Shareholders' funds 25,948 42,664
------------- --------------
Net asset value per share (Accounts basis):
------------- --------------
Income share 61.77p 64.54p
------------- --------------
Capital share 127.72p 209.99p
------------- --------------
Smaller Companies Value Trust plc
Reconciliation of Movements in Shareholders' Funds
For the year ended 30 April 2008
For the year ended 30 April 2007
(audited)
Issued Special Capital
Capital Reserve Reserves Total
�'000 �'000 �'000 �'000
Shareholders' funds at 1 May 2006 203 19,408 14,987 34,598
Return on ordinary activities after
taxation - - 8,066 8,066
--------------- ----------- ----------- ---------
Shareholders' funds at 30 April 2007 203 19,408 23,053 42,664
--------------- ----------- ----------- ---------
For the year ended 30 April 2008
(unaudited)
Issued Special Capital
Capital Reserve Reserves Total
�'000 �'000 �'000 �'000
Shareholders' funds at 1 May 2007 203 19,408 23,053 42,664
Loss on ordinary activities after
taxation - - (16,716) (16,716)
--------------- ----------- ----------- ---------
Shareholders' funds at 30 April 2008 203 19,408 6,337 25,948
--------------- ----------- ----------- ---------
Smaller Companies Value Trust plc
Cash Flow Statement
For the year ended 30 April 2008
2008 2007
(unaudited) (audited)
�'000 �'000
Operating activities
Investment income received 1,587 1,418
Other income received 2 14
Deposit interest received 91 80
Investment management fees paid (509) (535)
Other cash payments (102) (150)
------------ ------------
Net cash inflow from operating activities 1,069 827
------------ ------------
Servicing of finance
Interest paid on bank loan (507) (504)
Dividends paid on income shares (1,325) (965)
------------ ------------
Net cash outflow from servicing of finance (1,832) (1,469)
------------ ------------
Investing activities
Purchases of investments (39,567) (37,445)
Disposals of investments 43,229 38,203
------------ ------------
Net cash inflow from investing activities 3,662 758
------------ ------------
------------ ------------
Increase in cash 2,899 116
------------ ------------
Reconciliation of net cash flow to movement in net debt
Increase in cash in the year 2,899 116
Decrease/(increase) in income share liability 562 (146)
Opening net debt (20,807) (20,777)
------------ ------------
Closing net debt (17,346) (20,807)
------------ ------------
Smaller Companies Value Trust plc
Notes (unaudited)
1. Basis of preparation
The financial statements have been prepared in accordance with UK Generally
Accepted Accounting Practice (GAAP)
on a going concern basis and with the Statement of Recommended Practice ("SORP")
'Financial Statements of Investment Trust Companies' issued in December 2005.
The financial statements have been prepared on a going concern basis, which
assumes that the Company will continue in operational existence for the
foreseeable future and be able to meet its liabilities as they fall due. There
are uncertainties that the directors have had to consider in deciding to prepare
the financial statements on this basis, which are set out below.
Under the Articles of Association the Directors are obliged to convene a general
meeting of the Company on 30 April 2009 at which an Ordinary Resolution will be
proposed to wind up the Company voluntarily. The Directors may be exempted from
this obligation by a special resolution of the Company and separate
extraordinary resolutions of the holders of the Income shares and the holders of
the Capital shares in each case passed prior to 1 April 2009 and additional
details are provided on page 5.
The validity of the going concern basis depends upon the Board developing
proposals for the continuation of the Company and for these proposals to be
approved by shareholders prior to 30 April 2009.
However, any proposals recommended by the Directors would have to be made in
response to market conditions at the time and, accordingly it would not be
appropriate for the Directors to consider the available options until a time
nearer to that date. Whilst the Directors believe that continuation remains a
viable option, the Board cannot be certain that this will be the case in 2009.
Notwithstanding the above, the Directors consider that it is reasonable to
prepare the financial statements on a going concern basis and not to provide for
costs of liquidation until such time as the future of the Company is more
certain.
Were proposals not presented to shareholders, or should such proposals not be
approved, adjustments would be required to reduce the balance sheet values to
their recoverable amounts, reclassify non-current assets as current, and provide
for further liabilities that might arise.
Estimated liquidation costs amount to �231,000.
2. Dividends
An interim dividend of 3.00p (2007 - 1.95p) per income share was paid to income
shareholders on 9 January 2008, and a second interim dividend of 3.75p (2007 -
0.00p) per income share was paid to income shareholders on 14 May 2008, making a
total of 6.75p (2007 - 5.47p) per income share for the year.
3. Shares in issue
There were 20,317,060 (2007: 20,317,060) income shares and 20,317,060 (2007:
20,317,060) capital shares in issue throughout the year.
Smaller Companies Value Trust plc
Notes (unaudited) (continued)
4. Net asset value
The net asset values per share shown on the balance sheet have been calculated
in accordance with Financial Reporting Standard 25. The shareholders' funds
attributable to each class of share have also been calculated in accordance with
the Articles of Association. The difference between these figures relates to the
rights, under the Articles of Association, of the shareholders on a return of
assets, which gives rise to an adjustment in the given finance costs of those
shares. A reconciliation is given below:
Year ended Year ended
30 April 2008 30 April 2007
Net assets Net asset Net assets Net asset value
attributable value per attributable per share (p)
�'000 share (p) �'000
Income Shares
Final capital entitlement of 60p per
share 12,190 60.00 12,190 60.00
Retained revenue reserves 360 1.77 922 4.54
--------------- -------------- --------------- ------------------
Net asset value on an Accounts basis 12,550 61.77 13,112 64.54
Finance cost adjustment (870) (4.28) (1,743) (8.58)
--------------- -------------- --------------- ------------------
Net asset value on an Articles basis 11,680 57.49 11,369 55.96
--------------- -------------- --------------- ------------------
Year ended Year ended
30 April 2008 30 April 2007
Net assets Net asset Net assets Net asset value
attributable value per attributable per share (p)
�'000 share (p) �'000
Capital Shares
Net asset value on an Accounts basis 25,948 127.72 42,664 209.99
Finance cost adjustment 870 4.28 1,743 8.58
--------------- -------------- --------------- ------------------
Net asset value on an Articles basis 26,818 132.00 44,407 218.57
--------------- -------------- --------------- ------------------
The capital shareholders are entitled to all other net assets of the Company
after the rights of the income shareholders have been satisfied.
5. Annual financial statements
The financial information in this preliminary announcement does not constitute
statutory accounts as defined in section 240 of the Companies Act 1985. The
financial information is derived from the draft financial statements for the
year ended 30 April 2008 which are at present unaudited. The auditors expect to
include in their report a reference, by way of emphasis without qualifying the
audit report, drawing attention to the preparation of the financial statements
on a going concern basis, the validity of which depends on the directors
presenting viable proposals for the continuation of the company beyond 30 April
2009 and for these to be approved by shareholders. The audit report is not
expected to contain a statement under section 237(2) or (3) of the Companies Act
1985.
The financial statements for the year ended 30 April 2008 will be sent to
shareholders in July 2008 and delivered to the Registrar of Companies in due
course.
Smaller Companies Value Trust plc
Investment Portfolio at 30 April 2008 (unaudited)
% of total assets % of total
less current assets less
liabilities current
liabilities
2008 2007
Cyclical services 64.38 36.27
Financials 34.45 20.90
General industrials 24.44 14.46
Non-cyclical consumer goods 18.57 4.59
Basic industries 13.95 7.87
Information technology 7.89 7.80
Cyclical consumer goods 6.15 3.37
Resources 4.01 3.46
Net current (liabilities)/assets (73.84) 1.28
----------------- ----------------
Total assets less current liabilities 100.00 100.00
----------------- ----------------
Smaller Companies Value Trust PLC
Fifty Largest Holdings at 30 April 2008 (unaudited)
Percentage of
30 April 30 April total assets less
2008 2007 current
valuation valuation liabilities
Investment �'000 �'000 % Business activity
1 Interserve 1,551 1,741 5.97 Support Services
2 Babcock International Group 1,479 1,435 5.69 Support Services
3 Intermediate Capital 1,398 807 5.39 General Financial
4 Fenner 1,395 1,269 5.38 Industrial Engineering
5 Hilton Food Group 1,377 # 5.31 Food Producers
6 Senior 1,371 # 5.28 Industrial Engineering
7 Dignity 1,350 1,245 5.20 General Retailers
8 Axon Group 1,217 1,742 4.69 Software & Computer Services
9 Atkins WS 1,193 # 4.60 Support Services
10 Cranswick 1,184 1,436 4.56 Food Producers
Top ten investments 13,515 52.07
11 VT Group 1,153 4.44 Aerospace & Defence
12 Morgan Crucible Co 1,108 4.27 Electronic & Electrical Equipment
13 Shaftesbury 1,101 4.24 Real Estate
14 ROK 1,075 4.14 Construction & Building Materials
15 CVS Group 1,073 4.14 General Retailers
16 Kier Group 1,051 4.05 Construction & Building Materials
17 Caretec Holdings 1,034 3.98 Health Care Equipment & Service
18 Beazley Group 1,029 3.97 Non Life Insurance
19 S I G 984 3.79 Support Services
20 Taylor Nelson Sofres 972 3.75 Media & Entertainment
21 Savills 870 3.35 Real Estate
22 Cineworld Group 867 3.34 Travel & Leisure
23 Highway Insurance Holdings 862 3.32 Non Life Insurance
24 Unite Group 858 3.31 Real Estate
25 BSS Group 856 3.30 Support Services
26 Aberdeen Asset Management 851 3.28 General Financial
27 Headlam Group 840 3.24 Household Goods & Textiles
28 Spectris 840 3.24 Electronic & Electrical Equipment
29 Michael Page International 837 3.23 Support Services
30 Mouchel Group 833 3.21 Support Services
31 Elementis 825 3.18 Chemicals
32 Mitie Group 806 3.11 Support Services
33 Bovis Homes Group 756 2.91 Household Goods & Textiles
34 Tullett Prebon 736 2.84 General Financial
35 Ricardo 707 2.72 Support Services
36 Venture Production 700 2.70 Oil & Gas Producers
Southern Cross Heathcare
37 Group 695 2.68 Health Care Equipment & Service
38 Clarkson 682 2.63 Industrial Transportation
39 Croda International 670 2.58 Chemicals
40 Hansard Global 624 2.40 Life Insurance
41 Rathbone Brothers 610 2.35 General Financial
42 Regus Group 521 2.01 Support Services
43 Luminar Group Holdings 513 1.98 Travel & Leisure
44 Fidessa Group 510 1.97 Software & Computer Services
45 Genus 501 1.93 Pharmaceuticals & Biotechnology
46 Melrose 474 1.83 Industrial Engineering
47 Greene King 464 1.79 Travel & Leisure
48 Topps Tiles 432 1.66 General Retailers
49 Halfords Group 351 1.35 General Retailers
50 Imperial Energy Corporation 340 1.31 Oil & Gas Producers
44,526 171.59
Other Equities (3) 583 2.25
Net Current Liabilities (19,161) (73.84)
Total assets less net
current liabilities 25,948 100.00
# Not held at April 2007
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