Interim Management Statement
12 August 2009 - 8:52PM
UK Regulatory
TIDMAMN
RNS Number : 3212X
Asset Management Investment Co.PLC
12 August 2009
Asset Management Investment Company PLC
("the Company")
Interim Management Statement (Unaudited) - Quarter ended 30 June 2009
This Interim Management Statement is for the quarter ended 30 June 2009 and is
provided in accordance with Rule 4.3 of the Disclosure and Transparency Rules of
the UK Listing Authority.
This Statement relates to the financial information from 1 April 2009 to 30 June
2009 and contains information giving an indication of the material events and
transactions that have taken place during the period from 1 April 2009 to the
date of issue of this statement.
This statement has been prepared to provide additional information in pursuance
of the relevant requirements of the UK Listing Authority Disclosure and
Transparency Rules, and should not be relied on by shareholders, or any other
party, for any other purpose.
Financial Information:
Unaudited Net Asset Value per share ("NAV")
The Net Asset Value* ("NAV") of 65.95p (ex-income) per ordinary share as at 30
June 2009 compared to the NAV as at 31 March 2009 of 67.22p (ex-income) per
ordinary share, representing a decrease of 1.9%.
* The NAV is unaudited and calculated in accordance with Association of
Investment Companies ("AIC") guidelines. The net asset value per share includes
debt at fair value (calculated as the sterling equivalent of the USD denominated
loan at the daily closing rate). Unlisted securities are normally revalued on a
monthly basis.
Share Price Performance:
The Company's share price increased from 46.75p per ordinary share on 31 March
2009 to 61.50p per ordinary share on 30 June 2009, representing an increase of
31.50%
Investments and Disposals:
During the quarter ended 30 June 2009, no new investments were made in
accordance with the investment objective of effecting an orderly realisation of
the investment portfolio in order to return capital to shareholders.
During the same period the Company completed the sale of MMCM Holdings on 17
July 2009 to the MMCM management at a nominal sum of US$100 and Columbus
Financial Services has been dissolved. The Company's Board had made a full
provision against the value of these investments a few years ago.
There were no other material transactions during the period.
Portfolio on 30 June 2009:
Name of company and class of share:
City of London Investment Group plc, Ordinary
Integrated Asset Management plc, Ordinary
IFDC S.A. Group, Ordinary
International Foreign Exchange Concepts Holdings, Inc, 10% Loan Note 2011
Lombardia Capital Partners LLC, Ordinary
Lombardia Capital Partners LLC, 8% Convertible Note 2011
The Mayberry Group, Inc, Ordinary
Portfolio Distribution on 30 June 2009:
+------------------+------------------+
| United Kingdom | 24% |
+------------------+------------------+
| North America | 50% |
+------------------+------------------+
| Continental | 20% |
| Europe | |
+------------------+------------------+
| Cash and fixed | 06% |
| interest | |
+------------------+------------------+
Company Statistics on 30 June 2009:
+------------------+------------------+
| Gross Assets | GBP14.5m |
+------------------+------------------+
| Shareholders | GBP12.9m |
| Funds (cum | |
| income) | |
+------------------+------------------+
| Shareholders | GBP12.1m |
| Funds (ex | |
| income) | |
+------------------+------------------+
Material events and transactions:
Interim dividend:
The Company will pay an interim dividend of 2.5 pence net per share on 14 August
2009 to shareholders on the register at 24 July 2009.
Share buy back:
During the period from 1 April 2009 to the date of issue of this statement the
Company bought back 100,000 ordinary shares at a total cost of GBP62,813. The
Company has previously bought back 542,500 ordinary shares at a total cost of
GBP261,239 bringing the total bought back to date in this financial year to
642,500 at a total cost of GBP324,052. At the date of issue of this statement
the Company's issued share capital consisted of 18,365,333 ordinary shares in
issue.
Investec Bank (UK) Limited loan facility:
The fourth tranche of $4 million due from FX Concepts was received on 2 July
2009 by Investec Bank reducing the borrowings on the term facility to NIL. The
loan redemption derivative payable to Investec Bank remains to be settled and is
currently valued by the Company at GBP137,534.
Outlook:
As mentioned in the Chairman's statement in the Interim Report posted to all
shareholders on 21 May 2009, the considerable uncertainties in the financial
markets may take some time to resolve. Operating conditions for asset management
companies in general continue to be challenging, but your Board are confident
that the principal investments in the portfolio should produce a satisfactory
performance.
Other than described above, the Board is not aware of any material events during
the period from 1 April 2009 to 30 June 2009, or in the period from 1 July 2009
to the date of this statement, which would in any way have a material impact on
the financial position of the Company
By order of the Board:
Bharat Bhagani
Company Secretary
Asset Management Investment Company PLC
12 August 2009
Telephone: 0207 618 9040
This information is provided by RNS
The company news service from the London Stock Exchange
END
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