Proposed Changes to Investment Policy


 

TIDMFUS 
 
RNS Number : 8414X 
F&C UK Select Trust PLC 
21 August 2009 
 

21 August 2009 
f&c uk select trust PLC 
(THE "COMPANY") 
PROPOSED CHANGES TO INVESTMENT POLICY 
Introduction 
The Directors announced, on 29 July 2009, a revaluation of the Company's largest 
investment, Caithness Petroleum Limited ("Caithness"), which resulted in a 
significant uplift (8.7 per cent.) to the net asset value per ordinary share as 
at 28 July 2009. As at 19 August 2009, the Company's investment in Caithness 
represented 12.4 per cent. of its total assets. 
A key feature of the Company's investment policy is that a strict rebalancing is 
normally applied, with positions being trimmed back or sold to lock in profits 
or topped up or sold when they are underperforming, so that each of the 25 high 
conviction ideas in the portfolio has a weighting of 3-5 per cent. 
As mentioned in the Company's interim results for the six months ended 30 June 
2009, which were announced earlier today, the Company now has the opportunity to 
sell all or part of its investment in Caithness. However, the Board and the 
Company's investment manager believe that Caithness continues to represent an 
exciting opportunity that could add materially to the Company's net asset value. 
Accordingly, the Directors consider that it is in the best interests of 
Shareholders as a whole to sell down part of the holding in Caithness to realise 
an amount close to the original cost of the investment, leaving an ongoing 
investment, currently valued at GBP3.0 million, representing 7.5 per cent. of 
the Company's total assets as at 19 August 2009. 
Proposed Changes to Investment Policy 
The proposal to retain an investment in Caithness representing more than 5 per 
cent. of the Company's total assets represents a material change in the 
Company's published investment policy. The Listing Rules require any such 
material change to be subject to prior shareholder approval. Accordingly, a 
general meeting of the Company is being convened for Tuesday, 8 September 2009 
commencing at 4.00 p.m. (the "General Meeting") at which an ordinary resolution 
approving the restatement of the Company's published investment policy (the 
"Restated Investment Policy") will be proposed. 
The Restated Investment Policy will permit the Company to retain the level of 
investment in Caithness outlined above and prohibit any new unquoted investments 
at any time when the Company already has any unquoted investments.  Subject 
thereto, the Restated Investment Policy will be the same in all material 
respects as the Company's published investment policy. 
If the resolution approving the Restated Investment Policy is not passed at the 
General Meeting referred to above, the Company will attempt to sell down such 
further proportion of its investment in Caithness as shall result in the balance 
of its holding representing, at the time the sale is agreed, not more than 5 per 
cent. of the Company's portfolio. 
Circular to Shareholders 
A circular to shareholders will be posted today, which contains further details 
relating to the proposed changes to the Company's published investment policy 
and includes the notice convening the General Meeting. Copies of that circular 
have been submitted to the UK Listing Authority and will shortly be available 
for inspection at the UK Listing Authority's Document Viewing Facility, which is 
situated at: 
Financial Services Authority 
 25 The North Colonnade 
 Canary 
Wharf 
 London E14 5HS 
Tel: 020 7066 1000 
Enquiries 
+---------+-------------+---------------+ 
| Martin  | F&C         |            T: | 
| Cassels | Investment  |          0131 | 
|         | Business    |           718 | 
|         | Limited,    |         1057  | 
|         | Secretaries |               | 
+---------+-------------+---------------+ 
| Sue     | Intelli     |            T: | 
| Inglis  | Corporate   | 0131 222 9414 | 
|         | Finance     |               | 
|         | Limited     |               | 
+---------+-------------+---------------+ 
Note 
This announcement is for information purposes only and does not constitute an 
offer or invitation to acquire or dispose of any securities or investment advice 
in any jurisdiction. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 STRBXGDILBDGGCB
F&C Uk (LSE:FUS)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024