Absolute Return Trust Limited Interim Management Statement (9872L)

TIDMABR

RNS Number : 9872L

Absolute Return Trust Limited

19 August 2013

Absolute Return Trust Limited

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 42733)

Interim Management Statement - Three Months to 30(th) June 2013

This unaudited Interim Management Statement has been produced solely to provide additional information to shareholders of Absolute Return Trust Limited ("ARTL" or the "Company") to meet the relevant requirements of the U.K. Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party for any other purpose.

At the Extraordinary General Meeting held on 7(th) September 2012, shareholders approved the special resolutions put forward to amend the Company's investment objective to a managed wind-down strategy. As a result the portfolio is in an advanced stage of liquidation. The first distribution of capital (approximately 73.8%) occurred on 21(st) December 2012 followed by a second on the 24(th) May 2013 of approximately 61.1% of the Company's remaining assets. The result of these two distributions is that approximately 90.2% of the Company's NAV as at 31(st) October 2012 (the reference NAV for the first distribution) has been returned to shareholders.

Subsequent to the end of the period, the Company has announced a further distribution of approximately 35% of the remaining NAV which will be paid on 23 August 2013.

With effect from 8(th) May 2013, the Board agreed to remove the Company's currency hedging programme. As a result, the remaining assets are no longer hedged for movements in the Sterling and euro exchange rates against the US dollar. Any cash holdings accumulated going forward will be held in US dollars and converted into the appropriate currency prior to distribution through future compulsory share redemptions.

Following completion of the acquisition of Fauchier Partners by Permal in March 2013, Permal Investment Management Services Limited ("PIMS") assumed the role of investment adviser to the Company, in place of Jubilee Advisers LLP with effect from 1 July 2013.

Performance Summary

Over the three month period to 30(th) June 2013, the Net Asset Value per share of ARTL increased by 3.7% in Sterling to GBP1.3924 per GBP1 share and 2.4% in euro terms to EUR0.993 per EUR1 share. At the close of business on 30(th) June 2013 the mid-market price of ARTL's Sterling shares on the London Stock Exchange was 107p (euro shares EUR0.85), representing a discount of 23.1% to the Net Asset Value per share at the 30(th) June 2013 (14.4% for euro shares).

As at the 30(th) June 2013, the remaining assets of the Company totalled $34.3m.

Permal Investment Management Services Limited

19(th) August 2013

This information is provided by RNS

The company news service from the London Stock Exchange

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