Absolute Return Trust Limited Interim Management Statement (9872L)
19 August 2013 - 8:07PM
UK Regulatory
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
END
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