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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Stakeholders | LSE:DDIT | London | Ordinary Share | GB0002974375 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 246.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMDDIT The Directors' Dealing Investment Trust Plc Interim Management Statement for the period from 1 January 2009 to 15 May 2009 Performance Summary As at 30 April As at 31 December 2009 2008 `000 `000 Gross assets 26,609 58,655 Net assets 26,609 58,655 Value of 22,605 23,367 investments (not including Gilts/ Treasury Bills) Gilts/ Treasury 0 33,185 Bills Cash 4,376 1,904 Net asset value 302.65p 265.12p per share Share price 225.75p 182.00p Discount (25.41%) (31.35%) Investment Manager's Review Your Company has undergone considerable change since the publication of the last half yearly report in February 2009. At the general meeting of shareholders of the Company held on 11 March 2009 (the "General Meeting" or "GM") pursuant to a circular issued to shareholders on 18 February 2009 (the "Circular"), shareholders approved proposals that included a tender offer for 58% of the outstanding shares in issue, a change in the Company's investment policy and a change in the Company's name. Following the General Meeting, the tender offer was completed on 3 April 2009 with GBP32,886,098.98 being paid to shareholders. In accordance with the terms and conditions of the tender offer, a total of 12,831,877 shares were purchased from shareholders. Shareholders who tendered all of their shares had 68.5% of their shares purchased at the tender price of 256.2844 pence per share. This represented a premium of 25.2% to the average share price over the five days prior to the GM. During the four month period under review, your Company's net asset value per share ("NAV") increased by 14.2%. This was both due to the holding of cash balances by the Company prior to the tender offer and the general rise in the market. Over the twelve months ended 31 March 2009, your Company's NAV outperformed that of its Association of Investment Companies ("AIC") peer group by 20.6%. In addition the Company was ranked second out of 23 trusts in its AIC peer group over one year (Source: AIC). The Company's change of name to The Directors' Dealing Investment Trust Plc ("DDIT") has been effective since 11 March 2009 and the Company has commenced implementation of the new investment policy. This is to achieve returns for shareholders, primarily through capital appreciation by investing in companies listed on regulated exchanges in the United Kingdom. This policy will be achieved through investment in companies identified by the Company's investment manager, Knox D'Arcy Asset Management ("KAM" or the "Manager") as having patterns of directors' trading which suggest that the Company could achieve attractive returns. As a result of the change in policy we are currently realigning the investment portfolio. During the realignment process the Company's investments will be managed as two distinct portfolios. These are the Legacy Portfolio, being those investments made pursuant to the previous investment policy and which are in the process of being realised; and the Directors' Dealing Portfolio being those investments made pursuant to the new investment policy. The market for the smaller/micro capitalisation companies, in which the Legacy Portfolio is predominantly invested remains very illiquid. Even on the assumption that the Company could carry out 50% of the 10 day average volume traded in the market, then over half of the Legacy Portfolio holdings would still require in excess of 240 trading days to sell. In order to achieve disposals in such circumstances at close to NAV, the Company has pursued an activist approach to certain of the portfolio holdings where value could be realised from such an approach. Notwithstanding market conditions, between 1 January 2009 and 30 April 2009 the Company has realised a number of holdings generating proceeds of GBP5.8m at an aggregate premium to NAV of 2.02%. As stated in the Circular, 50% of the cash realised as a result of the disposal of investments in the Legacy Portfolio will be held in cash or near cash pending the tenders referred to in the Circular. Following the completion of the cash tender on 3 April 2009, the Company began investing pursuant to the new investment policy and had invested GBP1.97m in ten Directors' Dealing Portfolio holdings as at 30 April 2009. These investments comprise holdings in five FTSE Small Cap companies and five FTSE 250 companies, each with a market cap in excess of GBP150m at the time of investment. Whilst it is too soon to draw definite conclusions, the early indications for this portfolio are encouraging. Knox D'Arcy Asset Management Limited 15 May 2009 Top Ten Holdings as at 30 April 2009 Company Sector % of Net Assets Abcam Pharmaceuticals & Biotechnology 22.88 Harvey Nash Group Support Services 13.79 Concateno Health Care Equipment & Services 12.89 Nationwide Accident Repair Support Services 4.74 Services Property Recycling Real Estate 3.58 Rapid Realisations Equity Investment Instruments 3.04 Driver Group Support Services 2.58 Fountains Support Services 1.98 Advance AIM Value Realisation Equity Investment Instruments 1.88 Glisten Food Producers 1.87 Sector Breakdown Sector % of Net Assets Support Services 27.45 Pharmaceuticals & Biotechnology 22.88 Health Care Equipment & Services 13.58 Equity Investment Instruments 4.93 Real Estate 4.59 Food Producers 3.09 Software & Computer Services 2.90 Media 1.65 General Retailers 1.18 Industrial Engineering 0.81 General Industrials 0.81 Beverages 0.77 General Financial 0.27 Non Life Insurance 0.05 Total 84.96 This interim management statement and up to date NAV and Share Price will be available at www.directorsdealing.co.uk Contact details: Knox D'Arcy Asset Management Limited Kay Cregeen 01624 623 994 Smithfield PR Reg Hoare 0207 903 0629 Andrew Wilde 0207 903 0661 END
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