TIDMMTU
RNS Number : 8872O
Montanaro UK Smlr Cos Inv Tst PLC
15 June 2022
Montanaro UK Smaller Companies Investment Trust Plc
(Incorporated in England and Wales)
Company Number: 03004101
ISIN: GB00BZ1H9L86
LEI: 213800UDDXXTXIF29P85
('Montanaro UK Smaller Companies Investment Trust', or the
'Company')
15 June 2022
Montanaro Uk Smaller Companies Investment trust PLC
2022 ANNUAL RESULTS ANNOUNCEMENT
and
notice of annual general meeting
Montanaro UK Smaller Companies Investment Trust PLC announces
its annual results for the year ended 31 March 2022 and the
publication of its annual report and accounts for the same period,
which includes the notice of its 2022 annual general meeting.
HIGHLIGHTS
For the year ended 31 March 2022
Performance
Total Returns 1 year 3 year 5 year 10 year Since launch
----------------------- -------- --------- ------- --------- -------------
Ordinary share (10.1%) 48.8%
price * 34.4% * * 139.4% * 969.3%
----------------------- -------- --------- ------- --------- -------------
Net Asset Value (5.0%) 18.1% 27.2%
("NAV") * * * 98.8% * 925.7%
----------------------- -------- --------- ------- --------- -------------
Benchmark (Composite) (1.1%) 21.4% ** 26.1% 151.9% 553.0% ***
** ** ***
----------------------- -------- --------- ------- --------- -------------
Sources:
* AIC
** Numis Smaller Companies Index (excluding investment
companies) ("NSCI")
*** NSCI , Bloomberg
Montanaro Asset Management
All returns are shown with dividends reinvested.
The Benchmark is a composite index with the NSCI used since 1
April 2013.
2022 2021
----------------------------- ------ ------
For the year ended 31
March
Revenue return per Ordinary
share 1.7p 1.2p
----------------------------- ------ ------
Dividend per Ordinary
share 6.4p 5.5p
----------------------------- ------ ------
Ongoing charges(1) 0.8% 0.8%
----------------------------- ------ ------
Portfolio turnover(1) 23.3% 27.8%
----------------------------- ------ ------
As at 31 March
--------------------------- ---------- ----------
Ordinary share price 125.0p 145.0p
--------------------------- ---------- ----------
NAV per Ordinary share(2) 135.5p 148.6p
--------------------------- ---------- ----------
Discount to NAV(1) 7.8% 2.4%
--------------------------- ---------- ----------
Gross assets(1) GBP246.8m GBP268.7m
--------------------------- ---------- ----------
Net assets GBP226.8m GBP248.7m
--------------------------- ---------- ----------
Market capitalisation GBP209.2m GBP242.7m
--------------------------- ---------- ----------
Net gearing employed(1) 4.3% 4.1%
--------------------------- ---------- ----------
1 Details provided in Alternative Performance Measures on pages
61 to 62.
2 Details provided in the glossary on page 63.
ChairMAN's statement
I am pleased to present the twenty-seventh annual report of
MUSCIT for the year ended 31 March 2022.
Results
In the year to 31 March 2022, the Net Asset Value ("NAV") of
MUSCIT declined by 5.0% and the share price declined by 10.1% as a
result of an increase in the discount of MUSCIT's share price to
NAV. In comparison, the Numis Smaller Companies (excluding
investment companies) Index fell by just over 1% (all figures on a
total return basis).
Since inception in 1995, the Company has delivered a cumulative
NAV total return of 969%, significantly outperforming the composite
benchmark which delivered a cumulative return of 553%. Please refer
to the Performance Review section in the Manager's Report on page 6
for further details.
Dividends
The Company's investment objective is to generate capital growth
and this remains unchanged despite the dividend policy introduced
in July 2018. Dividends are now paid each quarter equivalent to 1%
of the Company's NAV on the last business day of the preceding
financial quarter, being the end of March, June, September and
December.
The Board and the Manager have worked hard to make MUSCIT more
attractive to private clients, including a five for one share split
in 2018, the new dividend policy, reducing costs and an increased
focus on marketing. These initiatives continue to bear fruit as
more and more retail investors are on the share register. Hopefully
this will reduce discount volatility in the shares.
The Company holds substantial reserves which are available for
distribution in future.
Discount
Over the last financial year, the discount of MUSCIT's share
price to NAV, as shown in the graph on page 3, widened from 2% to
8% as financial markets experienced a challenging final quarter.
Pleasingly, during the summer of 2021, MUSCIT's shares briefly
traded at a premium to NAV. A more prolonged period of this rating
would enable the Company to issue more shares.
Gearing
The Board, in consultation with the AIFM, regularly reviews the
gearing strategy of the Company and approves the arrangement of any
gearing facility. This is a key feature of investment trusts that
we believe offers a strong competitive advantage over open-ended
investment funds. The ability to gear can significantly enhance
investment returns to shareholders and as such the Board strongly
encourages active use of the gearing facility by the Manager.
On 17 December 2021, the borrowing facilities with ING Bank were
renewed for a period of three years. The interest rate on the GBP20
million Fixed Rate Term Loan was reduced by approximately 0.2%
p.a., which represents a welcome saving for shareholders.
Similarly, the GBP10 million Revolving Credit Facility was renewed
with a lower commitment fee.
At 31 March 2022, net gearing was 4.3%, a level that the Board
and the Manager considered to be appropriate in light of the
considerable macroeconomic uncertainty and volatility in financial
markets.
Share Buy Backs
The Board is responsible for the implementation of share
buy-backs which are undertaken at arms' length from Montanaro. No
shares were bought back during the period.
Board
The Board consists solely of independent Non-Executive Directors
with a good balance of skills, experience, diversity and knowledge
of the Company and its business.
There were no changes to the Board during the Financial
Year.
ESG
The Board and Montanaro believe there is a strong correlation
between how well a business fares on Environmental, Social and
Corporate Governance grounds and the value it creates for its
shareholders. This is why ESG considerations form an integral part
of the Manager's assessment of a company's "Quality" and have been
fully integrated into the investment process for many years.
The depth of Montanaro's commitment is perhaps best exemplified
by the fact that it is one of the few UK asset managers to be a
certified B Corporation - a certification Montanaro has held since
2019. Certified B Corporations are businesses that meet the highest
standards of verified social and environmental performance, public
transparency and legal accountability to balance profit and
purpose. An expanded report on ESG is provided in the Manager's
Report on page 5.
AGM
The Annual General Meeting will be held on 27 July 2022 at 12pm
at the office of Montanaro Asset Management, 53 Threadneedle
Street, London EC2R 8AR. Shareholders are encouraged to attend the
Meeting where there will be an opportunity to meet and ask
questions of the Board and the Manager over a coffee.
Continuation Vote
We are pleased to report that, at the AGM held on 12 August
2021, over 99% of shareholders voted in favour of the continuation
of MUSCIT for a further five years. The next Continuation Vote is
scheduled to be held in 2027 .
Outlook
As the world appears to be finally emerging from two exhausting
years of a pandemic and lockdowns, we find ourselves wrestling with
extraordinary macroeconomic and geopolitical uncertainty once
again.
Fears of significant price and wage increases have resurfaced
globally, including in the UK where inflation has recently climbed
to a 40-year high. The tragic war in Ukraine is further amplifying
the pressure on food, commodity and energy prices. Consumers are
faced with the prospect of a significant increase in the cost of
living, while businesses are doing their best to manage the
pressure on margins from rising input costs and supply chain
challenges. For the first time in over a decade, significant
monetary tightening by the world's most important Central Banks
looks likely. In equity markets, this has translated into a major
rotation away from Quality and Growth companies in the first
quarter of 2022 which had a negative impact on our relative
performance during the past financial year.
As our shareholders know, the Montanaro team avoids trying to
forecast macroeconomic developments, preferring instead to focus on
the fundamentals of our investee companies most of which are
Quality Growth. For example, high quality companies with pricing
power are best placed to offset inflationary pressures in the
coming months.
Previous periods of significant underperformance from Quality
Growth companies have presented good buying opportunities for those
with a long-term investment horizon. The Board is confident that
Montanaro will continue to deliver the strong performance that we
have enjoyed over the last 27 years.
ARTHUR COPPLE
Chairman
14 June 2022
Manager's Report
The Attractions of Quoted UK Smaller Companies ('SmallCap')
The key attraction of investing in quoted smaller companies is
their long-term record of delivering higher returns to investors
than large companies. In the UK, over the last 67 years, this has
amounted to an average of 3.6% per annum ("the SmallCap Effect").
GBP1 invested in UK large companies in 1954 would now be worth
GBP1,210 whereas the same GBP1 invested in UK smaller companies
would now be worth GBP10,139 - almost nine times more.
The market for UK smaller companies is inefficient. While some
large companies are analysed by more than 50 brokers, many smaller
companies have little or no such coverage. Some have none at all.
We believe that this makes it easier for those with a high level of
internal resources to identify attractive, undervalued and
overlooked investment opportunities. This in turn makes it possible
to deliver long-term performance over and above that of the
benchmark.
Montanaro
Montanaro was established in 1991 and we celebrated our 30th
Anniversary last year. We have one of the largest and most
experienced specialist teams in the UK dedicated exclusively to
researching and investing in quoted smaller companies. Our team of
thirty six includes ten nationalities, which gives us the breadth
of resources and scope to conduct thorough in-house research.
At 31 March 2022, we were looking after more than GBP4 billion
of assets.
Investment Philosophy and Approach
We specialise in researching and investing in quoted small
companies.
We have a disciplined, two-stage investment process. Firstly, we
identify "good businesses" within our investable universe. In the
second stage, we determine the intrinsic value of each company to
ensure they will make a "good investment" (the two are not always
the same). When we consider that we have identified a good company,
it must pass our stringent Quality and ESG Checklists and be
approved by our Investment Committee before it can be added to the
"Approved List". ESG has been integrated in our disciplined
investment process for almost two decades. Only the most attractive
companies make it on to the Approved List and it is from these that
we construct your Portfolio.
We have an in-house team of twelve Analysts who are sector
specialists. This is one of the largest such specialist teams in
the country. Utilising their industry knowledge and a range of
proprietary screens, they are continually searching for new ideas.
With around 1,800 companies to choose from, we are spoiled for
choice.
We look for high quality companies in markets that are growing.
They must be profitable; have good and experienced management;
deliver sustainably high returns on capital employed; enjoy high
and ideally growing profit margins reflecting pricing power and a
strong market position; and provide goods and services that are in
demand and likely to remain so. We prefer focused companies that
can deliver self-funded organic growth and remain focused on their
core areas of expertise, rather than businesses that spend a lot of
time on acquisitions.
Conversely, we avoid those with stretched balance sheets; poor
free cash flow generation; incomprehensible or heavily adjusted
accounts; unproven or unreliable management; or that face
structurally challenged business models with stiff competition.
We believe that a deep understanding of a company's business
model and the way it is managed are essential. In normal
circumstances, we visit our investee companies on a regular basis,
although this has not been possible during the pandemic. We are
looking forward to these visits resuming as they have started to
do. Nonetheless, company access during the pandemic has been
excellent: you get a different perspective talking to a CEO while
they sit at home rather than in the more formal setting of a board
room.
Management's past track record is examined in detail as we seek
to understand their goals and aspirations. In small companies, the
decisions of the entrepreneurial management can make or break a
company (which is why meeting them is so important). We look
closely at the Board structure; the level of insider ownership; and
carefully examine remuneration and corporate governance
policies.
Once a company has been added to the Portfolio, our Analysts
conduct ongoing reviews. We will sell a holding if we believe that
the company's underlying quality is deteriorating or if there has
been a fundamental change to the investment case or management. We
will get things wrong and make mistakes, but we try to learn from
them.
In summary, we invest in well managed, focused, high quality,
growing companies bought at sensible valuations. We keep turnover
and transaction costs low and follow our companies closely over
many years. We would rather pay more for a higher quality, more
predictable company that can be valued with greater certainty.
Finally, we align ourselves with our investors by investing
meaningful amounts of our own money alongside yours. We are
significant shareholders in MUSCIT.
Environmental, Social and Governance ("ESG")
In March 2022, Montanaro won the Best Small & Mid-Cap
Sustainable Investment Boutique award from Ethical Finance. This
recognised Montanaro's continuing commitment to sustainable
investing within its own business, across the investment industry
and in our investment process.
Montanaro became a certified B Corporation in 2019, placing
sustainability at its core. This was achieved by meeting verified
standards of social and environmental performance, transparency and
accountability. It is regarded as one of the toughest
sustainability standards to achieve globally. Montanaro will
recertify for "B Corp" status once again in 2022 and we expect to
improve our score.
Montanaro continued to achieve industry leading standards over
the last year, notably becoming a first-wave signatory to the
revised UK Stewardship Code. The standards for the new code were
significantly higher than for the previous iteration and one-third
of asset managers failed to have their reports approved by the
Financial Reporting Council.
In addition, during the year Montanaro played an active role in
the development of sustainable investing in the wider investment
industry. Having become a signatory to the Net Zero Asset Managers
initiative, Montanaro was the only UK investment boutique to be
invited to join the Glasgow Financial Alliance for Net Zero
("GFANZ") taskforce, chaired by former Bank of England Governor,
Mark Carney. Our Head of Sustainable Investment sits on the Real
Economy Transition Workstream, which is working to improve the
guidance given to corporations on how the financial sector expects
companies to report on the transition to net zero.
We were also invited to co-chair the B Corporation Investment
& Working Group, a group of certified B Corporations in our
industry working together on best practice initiatives. As part of
this, we led a group of investment boutiques to the UN Climate
Change Summit COP26, in Glasgow, to discuss the benefits of being a
B Corporation in the financial sector.
These industry standards and our participation in collaborative
initiatives allows us to stay abreast of an area of the investment
world that is rapidly changing and ensure that our investment
process evolves accordingly.
Montanaro has a long track record of sustainable investing,
which has always been represented in the way the Portfolio has been
managed. Ethical restrictions mean that we do not invest in
companies that generate a significant proportion of sales from
products with negative societal impact such as tobacco, gambling,
armaments, alcohol, high-interest-rate lending and fossil fuels.
Similarly, we do not invest in companies that conduct animal
testing, unless it is required by law for healthcare or regulatory
purposes.
The analysis of Environmental, Social and Governance (ESG)
factors has long formed part of our definition of a company's
"Quality". Over the last year, our Investment Team continued to
develop our approach to ESG analysis by redeveloping our bespoke
ESG Checklist, incorporating further data points that are provided
to us by MSCI. The analysis of such information allows us to better
understand the risks - and opportunities - that our companies may
be exposed to, from factors such as climate change, supply chain
risks and the structure of company boards. Where weaknesses are
identified, we will always seek to use our influence to improve a
company through active and long-term engagement.
During the year our Analysts were able to conduct a site visit
to a Cranswick facility in Suffolk to discuss progress of the
company's 'Second Nature' sustainability programme initiated in
2018. Pleasingly, Cranswick have announced targets for Net Zero,
carbon neutrality, food waste, regenerative farming and waste.
Other engagements included Bloomsbury, who approached us to
participate in an ESG materiality analysis; Ideagen, with whom we
discussed carbon reduction plans and the composition of their Audit
Committee; and Treatt, in relation to the company's ESG footprint
and their research into natural sugar substitutes.
We also engaged extensively with Marshalls about their carbon
emission reduction plan during the year. The company has made
impressive progress on that front: they are now using carbon
dioxide from carbon capture projects to cure concrete bricks and
have also issued a Solar Reflectivity Index (SRI) score for all
their materials. This is intended to help combat urban heating
which is exacerbated by the building materials used. In addition,
Marshalls have implemented a new goal to achieve Net Zero by 2030
in line with a 1.5 degree scenario. This has been developed in line
with the new guidance from the Science Based Targets
initiative.
We are pleased that MUSCIT was awarded a 'AA' rating - the
second best rating out of a possible seven - for its ESG
credentials by MSCI.
With almost every asset manager dedicating more time and
resource to ESG and sustainability, we believe that we remain ahead
of the curve. This is due to our experience, the high level of
in-house resource that we have at our disposal and our belief that
embedding ESG factors into an investment process leads to better
investment outcomes. We look forward to sharing further
developments with you in the coming years.
How to invest
We have invested a great deal of time to make MUSCIT readily
available to all investors. We have continued to grow our presence
across the UK's investment platforms and are delighted to see a
steady increase, year after year, in MUSCIT's retail following.
Together with the Board, we have appointed Marten & Co to
provide sponsored research. The latest report published in April
2021 is available here: https://montanaro.co.uk/news-and-views/
which will be updated this year. For further details about how to
invest, please refer to the website: https://
montanaro.co.uk/trust/montanaro-uk-smaller-companies-investment-trust/
The Portfolio
At 31 March 2022, the Portfolio consisted of 50 companies of
which the top ten holdings represented 34%. MUSCIT held 21
companies traded on AIM, representing 35% of the Portfolio by
value.
Sector distribution within the Portfolio is driven by stock
selection. Although weightings relative to the market are
monitored, overweight and underweight positions are held based on
where the greatest value and upside are perceived to be.
Gearing
The Alternative Investment Fund Manager ("AIFM"), in
consultation with the Board, is responsible for determining the net
gearing level of the Company. At 31 March 2022 net gearing stood at
4.3%.
Performance Review
The NAV fell by 5% over the period, almost 4% more than the
benchmark. The discount widened to 8% resulting in a share price
decline of 10%.
It was a year of two halves: 31 March - 30 September 2021 saw
strong outperformance of 9%. This was fully reversed due to the
rotation away from Quality Growth companies in the first calendar
quarter of 2022 and the appalling war in Ukraine (see chart
below):
It has been the most volatile two-year period that I can recall
in a career in investing spanning more than four decades. In 2020,
we saw the shortest Bear Market in recent history caused by the
Covid-19 pandemic that ended in March 2020 to be followed by one of
the quickest recoveries. The largest ever rotation away from
Quality Growth companies into Value started in November 2020
following the launch of the Pfizer vaccine. This financial year
followed a similar pattern with a challenging start to 2022 when we
suffered the worst quarter of relative performance for Quality
Growth investors since the Brexit referendum in the second quarter
of 2016.
Since its launch in March 1995, MUSCIT has delivered share price
returns of over 9% p.a. and outperformed the benchmark by 2%
p.a..
Performance Attribution
The largest positive contributors relative to the Benchmark over
the period were:
Big Yellow , the market leader in the UK self-storage sector,
enjoyed a 35% share price increase reflecting significant occupancy
growth since the first lockdown in May 2020 and increased rental
growth;
YouGov , the international on-line market research and data
analytics company, confirmed strong growth well ahead of
expectations, leading to a 37% gain in the share price;
Tracsis , which provides business critical software solutions
primarily to Railways and the Event Traffic management sectors,
enjoyed a strong recovery in events and announced an attractive
acquisition in America of RailComm. The shares rose by more than
50% over the period.
There will always be some investments that do not go as
expected. The largest negative contributors over the
period were:
Frontier Developments , the developer of software games such as
Elite, Planet Coaster, Zurassic World and Planet Zoo, suffered from
delays and disappointing reviews of new releases. The shares more
than halved. We continue to have confidence in the legendary David
Braben (who has a 32% stake) and his belief in the potential for
future games such as Warhammer and Formula 1;
Avon Protection , one of the world's largest producers of
military grade helmets, had a torrid year after a failure in bullet
proof body armour led to the closure of the business and
additionally delays in orders and supply chain issues. The holding
has been sold;
Tristel , a supplier of disinfectant products based on chlorine
dioxide to healthcare providers such as hospitals, announced the
write down of discontinued parts of the business and delays in FDA
approval of their products in the United States. The share price
halved over the period. Following a site visit in November 2021 -
the first for our healthcare Analyst since the pandemic - we
continue to have high hopes for the company.
Review & Outlook
We have been through several such challenging periods before -
after all, Montanaro celebrated its 30th anniversary last year. The
macro-economic uncertainties have rarely been greater and some of
the consequences of the tragic war in Ukraine are already
evident.
However, over the past 40 years I have learned that forecasting
the economic outlook is fraught with difficulty and we make no
attempt to do so. Instead, we listen to the companies in which we
invest and have known for many years. Broadly the message currently
is a confident one and most earnings announcements are positive. At
a time of rising inflation and supply chain challenges, high
quality well-managed small companies with strong market positions
and pricing power have been able to pass on additional costs.
We have also learned that markets always mean revert. Investors
tend to get carried away and markets have a habit of proving as
many people wrong as possible. Most have thrown in the towel on
Quality Growth small companies in favour of Value, commodities and
LargeCap. As a result, SmallCap valuations are now the most
attractive in many years and the asset class is unloved. For the
long-term investor such as us, this gives us considerable
confidence and optimism for the future.
I would like to take this opportunity to welcome Guido
Dacie-Lombardo as Back-up Manager to MUSCIT, with immediate effect.
Some of you will be familiar with Guido already, as Co-Manager of
the Montanaro UK Income Fund, one of the best-performing income
funds in the market. Guido and I have been working closely together
for the past 3 years and I look forward to extending our
collaboration to MUSCIT. As announced by the Board in last year's
Annual Report, I will remain the named Fund Manager until at least
2026.
Finally, I would like to thank you for your overwhelming support
at the AGM last year at which over 99% of investors voted for
MUSCIT to continue for at least another five years. I, supported by
Guido and our team, will be working hard to justify your faith and
support.
CHARLES MONTANARO
14 June 2022
Top 20 Holdings
Twenty Largest Holdings as at 31 March 2022
1. Treatt
a leading manufacturer of fragrances and flavourings.
2. Marshalls
the UK's leading provider of hard landscaping products.
3. Big Yellow Group
a real estate investment trust focused on t he self-storage
market.
4. 4imprint Group
a supplier of promotional merchandise.
5. Clarkson
a leading shipping brokerage business.
6. Kainos Group
a software developer headquartered in Belfast that specialises
in digital transformation.
7. discoverIE
a designer and manufacturer of components for electronic
applications.
8. Tracsis
a provider of software and consulting services to UK rail and
transportation markets.
9. Hilton Food Group
a leading food packing business.
10. Yougov
an Internet-based market research and data analytics
company.
11. Ergomed
a global full-service contract research organisation (CRO) with
a core focus on the US and EU.
12. Ideagen
a supplier of Governance, Risk and Compliance software for
highly regulated industries.
13. Watches of Switzerland
a British retailer of Swiss watches, with 16 stores in the
United Kingdom.
14. Biffa
a UK waste management company.
15. Porvair
a specialist in industrial filtration and environmental
technology.
16. Cranswick
the leading UK supplier of fresh pork meat products.
17. Judges Scientific
a specialist in the acquisition and development of a portfolio
of scientific instrument businesses.
18. XP Power
a provider of power solutions.
19. MP Evans
a producer of sustainable Indonesian palm oil.
20. Liontrust Asset Management
a specialist asset manager launched in 1995.
% of portfolio % of portfolio
31 March 31 March
Value Market 2022 2021
Holding Sector GBP'000 cap
GBPm
---------------------------- ---------------------------- ---------- --------- --------------- ---------------
Treatt Chemicals 9,080 680 3.8 3.6
Marshalls Construction and Materials 8,513 1,362 3.6 3.5
Real Estate Investment
Big Yellow Group Trusts 8,448 2,826 3.6 3.0
4imprint Group Media 8,430 789 3.6 3.3
Clarkson Industrial Transportation 8,325 1,128 3.5 2.1
Software and Computer
Kainos Group Services 7,938 1,640 3.4 3.7
Electronic and Electrical
discoverIE Group Equipment 7,880 752 3.3 3.8
Software and Computer
Tracsis Services 7,840 289 3.3 1.8
Hilton Food Group Food Producers 7,440 1,103 3.1 2.5
Yougov Media 7,193 1,523 3.0 2.8
Pharmaceuticals and
Ergomed Biotechnology 7,114 668 3.0 -
Software and Computer
Ideagen Services 6,923 626 2.9 3.1
Watches Of Switzerland
Group Personal Goods 6,840 2,731 2.9 -
Waste and Disposal
Biffa Services 6,400 979 2.7 1.5
Porvair Industrial Engineering 6,300 291 2.7 2.1
Cranswick Food Producers 6,167 1,869 2.6 1.0
Electronic and Electrical
Judges Scientific Equipment 6,120 430 2.6 2.2
Electronic and Electrical
XP Power Equipment 6,064 681 2.6 3.6
M. P. Evans Group Food Producers 5,775 574 2.4 1.6
Liontrust Asset Management Financial Services 5,733 827 2.4 3.2
---------------------------- ---------------------------- ---------- --------- --------------- ---------------
Twenty Largest Holdings 144,523 61.0
---------------------------------------------------------- ---------- --------- --------------- ---------------
FURTHER INFORMATION
Montanaro UK Smaller Companies Investment Trust PLC's annual
report and accounts for the year ended 31 March 2022 (which
includes the notice of meeting for the Company's AGM) is available
at
http://www.rns-pdf.londonstockexchange.com/rns/8872O_1-2022-6-14.pdf
and will be available today on
https://montanaro.co.uk/trust/montanaro-uk-smaller-companies-investment-trust/
It has also been submitted in full unedited text to the
Financial Conduct Authority's National Storage Mechanism and is
available for inspection at
data.fca.org.uk/#/nsm/nationalstoragemechanism in accordance with
DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.
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