Interim Management Statement

 
TIDMAMD 
 
The AIM Distribution Trust plc 
Interim Management Statement 
for the three months ended 31 December 2009 
 
In  accordance with Rule 4.3 of the Disclosure  and Transparency Rules of the UK 
Listing Authority, The AIM Distribution Trust plc presents an Interim Management 
Statement for the three month period ended 31 December 2009.  The statement also 
includes  relevant financial information  between the end  of the period and the 
date of this statement. 
 
Dividends paid or declared in the period 
On  30 November 2009, the Board declared an  interim dividend of 1.75p per share 
which was paid to Shareholders on 18 December 2009. 
 
Performance 
 
                                          31 Dec    30 Sept   31 Mar 
                                             2009      2009      2009 
 
                                            Pence     Pence     Pence 
 
  Net Asset Value ("NAV")                   36.50     39.50     33.60 
 
  Cumulative dividends since launch         57.55     55.80     55.80 
 
  Total Return *                            94.05     95.30     89.40 
 
* (NAV plus cumulative dividends paid since launch) 
 
Investment portfolio summary at 31 December 2009 
 
                                                                     Valuation 
 
                                                                      movement 
                                                                          since 
                                                                        30 Sept 
                                                    Cost  Valuation      2009 * 
 
                                                     GBP'000       GBP'000       GBP'000 
 
 Ten largest investments by value 
 
 ANS Group plc                      Listed on Plus    201        483       (28) 
 
 Connaught plc                      Full list          27        390       (53) 
 
 Doubletake Portraits Limited       Unquoted          250        358          - 
 
 Cadbury House Holdings Limited     Unquoted          319        319          - 
 
 Printing.com plc                                     178        254         14 
 
 Spice plc                          Full list         256        219       (77) 
 
 Supporta plc                                         250        211        106 
 
 Atlantic Global plc                                  310        186       (12) 
 
 Hoole Hall Spa and Leisure Limited Unquoted          120        120          - 
 
 Deltex Medical Group plc                             233        107         18 
 
 
 
 Other venture capital investments                  5,557        681        (4) 
 
 Listed fixed income securities                       558        294          7 
 
 Other investments                                    403        467         28 
 
 
 
 Total                                              8,662      4,089        (1) 
 
 
All investments are quoted on AIM unless otherwise stated. 
* After accounting for purchases in period 
 
Investment additions during the 3 months ended 31 December 2009 
 
                                       Cost 
 
                                       GBP'000 
 
 
 
  Cadbury House Holdings Limited **     319 
 
  Tristel plc                            38 
                                    --------- 
                                        357 
 
 
**  During the period,  the Company invested   GBP319,000 in Cadbury House Holdings 
Limited,  which  comprised  reinvestment  of  the  proceeds of the disposal from 
Cadbury House Limited of  GBP319,000. 
 
After the period end, the Company acquired shares in Mears Group plc following a 
share for share takeover of Supporta plc. 
 
Investment disposals during the 3 months ended 31 December 2009 
 
                               Market                            Total 
                             value at            Gains/(loss) realised 
                              1 April  Disposal     in period    gain/ 
                        Cost   2009 *  proceeds against cost    (loss) 
 
                        GBP'000     GBP'000      GBP'000          GBP'000     GBP'000 
 
 Cadbury House Limited   319      319       319             -        - 
 
 Connaught plc             3       31        38            35        7 
 
 The Medical House plc   171       44        90          (81)       46 
 
 Waterline plc           243        5        64         (179)       59 
                      ------------------------------------------------- 
                         736      399       511         (225)      112 
 
 
* Adjusted for purchases since 1 April 2009. 
 
In  addition to the share for share takeover of Supporta, noted above, since the 
period  end the Company has  also disposed of its  holdings in Cellcast plc, The 
Real  Good Food  Company plc,  and a  partial holdings  in the Bluecrest Allblue 
Fund, with proceeds thereon received of  GBP89,000. 
 
Changes to share capital 
 
                                     Ordinary Shares of 
                                          25p each 
 
                                         Shares     GBP'000 
 
  As at 1 October 2009               13,140,436    3,285 
 
  Shares bought back and cancelled            -        - 
                                   ----------------------- 
  As at 31 December 2009             13,140,436    3,285 
 
 
There have been no shares bought back for cancellation since the period end. 
 
Merger discussions 
On 30 November 2009, the Company announced that it is in merger discussions with 
Pennine AIM VCT 5 plc and Pennine AIM VCT 6 plc and that any merger is expected 
to  be  by  way  of  a  "scheme  of reconstruction" pursuant to  S.110 of  the 
Insolvency  Act 1986.  Merger discussions are ongoing. 
 
Material events 
Other than described above, there were no material events during the period from 
1 October  2009 to 31 December 2009 or in the  period from 1 January 2010 to the 
date of this announcement. 
 
 
[HUG#1386403]