Source - LSE Regulatory
RNS Number : 5544H
Montanaro UK Smlr Cos Inv Tst PLC
25 November 2022
 

Montanaro UK Smaller Companies Investment Trust PLC

("MUSCIT'' or the "Company")

LEI: 213800UDDXXTXIF29P85

 

Half-Yearly Report for the six months to 30 September 2022

 

MUSCIT was launched in March 1995 and is a closed-ended investment trust with shares premium listed on the London Stock Exchange ("LSE").

 

Investment Objective

MUSCIT's investment objective is capital appreciation through investing in small quoted companies listed on the LSE or traded on the Alternative Investment Market ("AIM") and to outperform its benchmark, the Numis Smaller Companies Index (excluding investment companies) ("NSCI").

 

No unquoted investments are permitted.

 

Investment Policy

The Company seeks to achieve its objective and to manage risk by investing in a diversified portfolio of quoted UK small companies. At the time of initial investment, a potential investee company must be profitable and no bigger than the largest constituent of the NSCI, which represents the smallest 10% of the UK Stock Market by value. At the start of 2022, this was any company below £1.63 billion in size.

 

In order to manage risk, the Manager limits any one holding to a maximum of 4% of the Company's investments at the time of initial investment. The portfolio weighting of each investment is closely monitored to reflect the underlying liquidity of the particular company. The Company's AIM exposure is also closely monitored by the Board and is limited to 40% of total investments at the time of investment, with Board approval required for exposure above 35%.

 

The Manager is focused on identifying high-quality, niche companies operating in growth markets. This typically leads the Manager to invest in companies that enjoy high barriers to entry, pricing power, a sustainable competitive advantage and strong management teams. The portfolio is constructed on a "bottom-up" basis.

 

The Alternative Investment Fund Manager ("AIFM"), in consultation with the Board, is responsible for determining the gearing levels of the Company and has determined that the Company's borrowings should be limited to a maximum of 25% of shareholders' funds. Gearing is used to enhance returns when the timing is considered appropriate.

 

The Company will not invest more than 10%, in aggregate, of the value of its total assets at the time of investment in other investment trusts or investment companies admitted to the Official List of the UK Listing Authority.

 

All material changes to the policy will require shareholder and FCA approval.

 

Highlights

for the six months to 30 September 2022

 

Results


As at 30 September 2022 (unaudited)

As at 31

March 

2022

(audited)

 

 

 

% Change

Ordinary share price1

94.0p

125.0p

-24.8

Net asset value ("NAV") per Ordinary share2

104.3p

135.5p

-23.0

Discount to NAV2 

9.8%

7.8%


NSCI3

6,891.3

8,522.4

-19.1

 

1 LSE closing price.

2 Including accrued revenue.

3 Capital only.


As at

30 September

2022

(unaudited)  

As at  

31 March

2022

(audited)

 

 

 

% Change

Gross assets1

£194.5m

£246.8m

-21.2

Net assets

£174.5m

£226.8m

-23.0

Market capitalisation

£157.3m

£209.2m

-24.8

Net gearing employed2

4.6%

4.3%


Ongoing charges3

1.1%

0.8%


Portfolio turnover4

17.9%

23.3%


 

1 Net assets, adding back borrowings.

2 Total debt, net of cash and equivalents, as a percentage of shareholders' funds.

3 Company's expenses (excluding interest payable) expressed as a percentage of its average daily net assets, annualised at the half year end date.

4 Calculated using the total purchases plus the sales proceeds divided by two as a percentage of the average total investments at fair value during the period.

 

Performance

as at 30 September 2022

 

Total Return Percentage

6 months

1 year

3 year

5 year

10 year

Since launch

Share Price*

-23.2

-40.1

-1.8

2.1

70.0

721.3

NAV*

-21.8

-37.2

-9.9

-12.0

45.8

704.7

Benchmark**

-17.3

-25.1

-1.2

-3.9

95.3

440.0

 

*Returns have been adjusted for dividends paid.

** The Benchmark is a composite index with the NSCI used since 1 April 2013.

Sources: AIC, Morningstar Direct, Numis, Montanaro Asset Management Limited.

 

Capital Structure

As at 30 September 2022 and the date of this report, the Company had 167,379,790 Ordinary shares of 2p each in issue (none of which were held in treasury). See note 6 for further details. Holders of Ordinary shares have unrestricted voting rights of one vote per share at all general meetings of the Company.

 

Manager's Review

Ever since the Brexit referendum of 2016, politics has had an impact on UK financial markets. The past six months have been no exception. After the resignation of Boris Johnson and a prolonged leadership contest, Liz Truss was appointed Prime Minister in early September 2022. She promised "growth, growth, growth", but the market reaction to "Trussonomics" - a confused cocktail of tax cuts and unfunded borrowing - meant that she entered with a whimper, rather than the "Big Bang 2" that her (ex) Chancellor pledged.  Sterling fell and bond yields increased so dramatically that the Bank of England was forced to intervene by buying Gilts in the market.  "Dear oh dear", as King Charles III lamented when he saw the Prime Minister for her first weekly audience.  All this, as the country still reeled from the death of Queen Elizabeth II.

   

There was no respite for global financial markets either. Hit by higher inflation combined with rising interest rates, all major asset classes - including government bonds and oil - fell in the six months to 30 September 2022. The S&P 500 suffered its second worst September in 30 years and is on track for one of its worst years, in real terms, since 1872. The FTSE All-Share retreated by 10% but this was dwarfed by the 20% loss suffered by investors in long-dated Gilts.

 

Meanwhile, the rotation out of Quality and Growth continued, although at a slower pace as the year progressed. For Quality Growth investors like ourselves, this has resulted in an extremely difficult period.  The threat of higher interest rates has stalked markets, leading to a significant de-rating of growth stocks - businesses for whom the value of future earnings is vulnerable to higher interest rates (or long duration assets as they are known).  Consumers have faced a significant increase to the cost of living, mortgage rates have risen sharply and recessionary fears have heightened.

 

UK equities remain an unloved asset class in general. UK quoted small companies, in particular, have had a torrid six months. MUSCIT's benchmark, the Numis Smaller Companies index (excluding investment companies) fell by 17% and underperformed the FTSE All-Share by 9%. In the year to 30 September 2022, UK smaller companies lagged LargeCap by 24%, the worst such yearly underperformance since 1998.  Meanwhile, according to the Investment Association, UK SmallCap open-ended Funds saw almost £1 billion in redemptions in the first part of 2022, matching the Great Financial Crisis of 2008. Unsurprisingly, as a result, UK SmallCap is now trading on its lowest P/E since 2009.

 

Outlook

As we write these lines, the economic backdrop is deteriorating, and it now seems a matter of "when" not "if" the UK enters a recession. Accordingly, investors are turning their attention to the resilience of company earnings in the face of slowing consumer demand and pressures on margins from rising input costs.  Balance sheets are all important once again.   

 

In contrast to the end of 2021 when stock markets appeared fully valued after a strong year, we are feeling increasingly optimistic about the next 12 months. UK SmallCap provides an attractive hunting ground for those looking to position themselves for an economic and stock market recovery.  At 15.4x 12-month forward earnings, MUSCIT is currently on its lowest P/E since 2014.

 

As monetary policy tightens and the economy slows down, we would expect "Quality Growth" companies to benefit as investors place increasing value on the greater resilience of their business models and their strong balance sheets. When times are tough, it makes sense to rely on the best management teams who have seen such cycles before.

 

We are sorry that shareholders in MUSCIT have suffered in 2022 and that returns have been so disappointing. However, such extreme periods of losses in the past have typically led to periods of sustained positive returns.  MUSCIT's calendar year absolute performance to date has been this weak on only two prior occasions in over 27 years (2002 and 2008). In both instances, it marked a low point before the Bear Markets ended and heralded the start of new Bull Markets.

 

Charles Montanaro, Montanaro Asset Management Limited

24 November 2022

Twenty Largest Holdings

as at 30 September 2022

 

Holding

Sector

Value

£'000

Market cap

£m

% of

portfolio

30 September 2022

% of

portfolio

31 March 2022

4imprint Group

Media

10,185

954

5.6

3.6

Kainos Group

Software and Computer Services

8,176

1,597

4.5

3.4

NCC Group

Software and Computer Services

7,648

680

4.2

2.3

Tracsis

Software and Computer Services

7,280

270

4.0

3.3

Ergomed

Pharmaceuticals and Biotechnology

6,996

582

3.8

3.0

Big Yellow Group

Real Estate Investment Trusts

6,625

1,953

3.6

3.6

Clarkson

Industrial Transportation

6,575

802

3.6

3.5

discoverIE Group

Electronic and Electrical Equipment

6,480

619

3.5

3.3

Diploma

Industrial Support Services

6,391

2,896

3.5

1.4

Games Workshop

Leisure Goods

5,795

1,903

3.2

1.4

Greggs

Personal Care, Drug and Grocery Stores

5,564

1,747

3.0

2.1

Marshalls

Construction and Materials

5,121

740

2.8

3.6

Watches of Switzerland

Personal Goods

5,055

1,615

2.8

2.9

Porvair

Industrial Engineering

5,000

231

2.7

2.7

Judges Scientific

Electronic and Electrical Equipment

4,928

464

2.7

2.6

Cranswick

Food Producers

4,690

1,434

2.6

2.6

Cerillion

Software and Computer Services

4,650

274

2.5

1.8

Dechra Pharmaceuticals

Pharmaceuticals and Biotechnology

4,559

2,983

2.5

0.9

Boku

Industrial Support Services

4,517

328

2.5

1.8

Yougov

Media

4,450

982

2.4

3.0

Twenty Largest Holdings

120,685

 

66.0

 


 

Interim Management Report and Responsibility Statement

Interim Management Report

The important events that have occurred during the period under review and the key factors influencing the financial statements are set out in the Manager's Review above.

Statement of Principal Risks and Uncertainties:

The principal risks facing the Company are unchanged since the date of the Annual Report and Accounts for the year ended 31 March 2022 and continue to be as set out in that report on pages 11 to 14 and pages 55 to 57. These include, but are not limited to, discount management, poor investment performance, risk oversight, gearing, key man risk, operational risk, cyber risk, administrator, Environmental, Social and Governance and breach of regulation, including the impact of pandemics and other unforeseeable events on the Company's business operations. The principal financial risks include, but are not limited to, market risk, market price risk, foreign currency risk, interest rate risk, liquidity risk, credit risk and gearing levels. The Company's principal risks and uncertainties have not changed materially since the date of that report and are not expected to change materially for the remaining six months of the Company's financial year.

Related party transactions:

Related party transactions are disclosed in note 9 below. There have been no material changes in the related party transactions described in the last annual report.

Going concern:

As stated in note 7 to the condensed financial statements, the Directors are satisfied that the Company has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements.

Responsibility Statement

The Directors confirm that to the best of their knowledge:

·    The condensed set of financial statements which has not been reviewed or audited by the external Auditor, has been prepared in accordance with Financial Reporting Standard ("FRS") 104 'Interim Financial Reporting' and gives a true and fair view of the assets, liabilities, financial position and profit of the Company; and

·    This Half-Yearly Report includes a fair review of the information required by:

o DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

o DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Company during that period and any changes in the related party transactions described in the last Annual Report that could do so.

This Half-Yearly Report was approved by the Board and the above Responsibility Statement was signed on its behalf by:

 

 

Arthur Copple

Chairman

24 November 2022


 

Condensed Income Statement (unaudited)

for the six months to 30 September 2022

 


6 months to

30 September 2022

(unaudited)

 

6 months to

30 September 2021

(unaudited)

Year to

31 March 2022

(audited)

 


Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

(Losses)/gains on investments at fair value through profit or loss

 

-

 

(49,841)

 

(49,841)

 

-

 

44,696

 

44,696

 

-

 

(12,089)

 

(12,089)

Dividends and interest

2,909

-

2,909

2,189

-

2,189

3,979

-

3,979

Management fee

(144)

(433)

(577)

(197)

(592)

(789)

(383)

(1,147)

(1,530)

Other expenses

(304)

-

(304)

(292)

-

(292)

(593)

-

(593)

Return/(loss) before finance costs and taxation

(10,233)

Interest payable and similar charges

(67)

(201)

(268)

(76)

(227)

(303)

(160)

(481)

(641)

Return/(loss) before taxation

2,394

(50,475)

(48,081)

1,624

43,877

45,201

2,843

(13,717)

(10,874)

Taxation (note 3)

-

-

-

-

-

-

-

-

-

Net return/(loss) after taxation

2,394

(50,475)

(48,081)

1,624

43,877

45,501

2,843

(13,717)

(10,874)


Return/(loss) per Ordinary share:

Basic and diluted

 

1.43p

 

(30.16p)

 

(28.73p)

 

0.97p

 

26.21p

 

27.18p

 

1.70p

 

(8.20p)

 

(6.50p)

 

 

The total column of this statement is the Statement of Total Comprehensive Income of the Company prepared in accordance with Financial Reporting Standards ("FRS 102"). The supplementary revenue return and capital return columns are prepared in accordance with the Statement of Recommended Practice ("AIC SORP").

 

All revenue and capital items in the above statement derive from continuing operations.

 

There are no items of other comprehensive income and therefore the net return after taxation is also the total comprehensive income for the period.

 

No operations were acquired or discontinued in the period.

 



Condensed Statement of Changes in Equity

for the six months to 30 September 2022

 

 

 

 

6 months to 30 September 2022 (unaudited)

Called-up

share

capital

£'000

Share

premium

account

£'000

Capital

redemption

reserve

£'000

 

 Special 

 Reserve*

 £'000 

 

Capital 

reserve**

    £'000 

Distributable   revenue 

reserve**

 £'000 

Total equity shareholders'  funds 

£'000 

As at 31 March 2022

3,348

19,307

1,362

4,642

197,758

378

226,795

Total comprehensive income:

 

 

 

 

 

 

 

Fair value movement of investments

-

-

-

-

(49,841)

-

(49,841)

Costs allocated to capital

-

-

-

-

(634)

-

(634)

Net revenue for the period

-

-

-

-

-

2,394

2,394


-

-

-

-

(50,475)

2,394

(48,081)

Dividends paid in the period (note 4)

-

-

-

-

(2,408)

(1,793)

(4,201)

As at 30 September 2022

3,348

19,307

1,362

4,642

144,875

979

174,513

 

6 months to 30 September 2021 (unaudited)








As at 31 March 2021

3,348

19,307

1,362

4,642

219,814

193

248,666

Total comprehensive income:








Fair value movement of investments

-

-

-

-

44,696

-

44,696

Costs allocated to capital

-

-

-

-

(819)

-

(819)

Net revenue for the period

-

-

-

-

-

1,624

1,624


-

-

-

-

43,877

1,624

45,501

Dividends paid in the period

-

-

-

-

(4,301)

(955)

(5,256)

As at 30 September 2021

3,348

19,307

1,362

4,642

259,390

862

288,911

 

Year to 31 March 2022 (audited)








As at 31 March 2021

3,348

19,307

1,362

4,642

219,814

193

248,666

Total comprehensive income:








Fair value movement of investments

-

-

-

-

(12,089)

-

(12,089)

Costs allocated to capital

-

-

-

-

(1,628)

-

(1,628)

Net revenue for the year

-

-

-

-

-

2,843

2,843


-

-

-

-

(13,717)

2,843

(10,874)

 

Dividends paid in the year (note 4)

-

-

-

-

(8,339)

(2,658)

(10,997)

As at 31 March 2022

3,348

19,307

1,362

4,642

197,758

378

226,795

 

 

* The special reserve is used for the repurchase of the Company's own shares.

**These reserves are distributable, excluding any unrealised capital reserve.


 

Condensed Balance Sheet (unaudited)

as at 30 September 2022


As at
30 September
2022
£'000

(unaudited)

As at  

30 September  

2021  

£'000

(unaudited)  

As at

31 March

2022

£'000

(audited)

Fixed assets

 



Investments at fair value (note 5)

182,557

299,340

236,487

Current assets

 



Debtors

348

3,905

359

Cash at bank

11,906

16,063

10,282


12,254

19,968

10,641


 



Creditors: amounts falling due within one year

 



Fixed rate term loan

-

(20,000)

-

Floating rate revolving term loan

-

(10,000)

-

Other creditors

(298)

(397) 

(333)

 

(298)

(30,397)

(333)

Net current assets / (liabilities)

11,956

(10,429)

10,308

Total assets less current liabilities

194,513

288,911

246,795

 

 



Creditors: amounts falling due after more than one year

 



Fixed rate term loan

(20,000)

-

(20,000)

Net assets

174,513

288,911

226,795


 



Share capital and reserves

 



Called-up share capital

3,348

3,348

3,348

Share premium account

19,307

19,307

19,307

Capital redemption reserve

1,362

1,362

1,362

Special reserve

4,642

4,642

4,642

Capital reserve

144,875

259,390

197,758

Distributable revenue reserve

979

862

378

Total equity shareholders' funds

174,513

288,911

226,795


 



Net asset value per Ordinary share: Basic and Diluted

104.26p

172.61p

135.50p

 

 



Number of Ordinary shares in issue

167,379,790

167,379,790

167,379,790

 

 


 


Notes to the Financial Statements

As at 30 September 2022

 

1 Financial Information

The condensed financial statements for the six months ended 30 September 2022 comprise the statements together with the related notes. The Company applies FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' in its annual financial statements and the AIC SORP issued in November 2014 and updated in October 2019. The condensed financial statements for the six months to 30 September 2022 have been prepared in accordance with FRS 104 Interim Financial Reporting. The financial statements have been prepared on the basis of the same accounting policies as set out in the Company's Annual Report and Accounts for the year ended 31 March 2022.

 

Following the adoption of FRS 102, the Company elected not to present the statement of cash flows per section 7.1.A.

 

The financial information contained in this Half-Yearly Report does not constitute full statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the six months to 30 September 2022 and 30 September 2021 has not been audited or reviewed by the Company's Auditor pursuant to the Auditing Practices Board guidance on such reviews.

 

The information for the year ended 31 March 2022 has been extracted from the latest published Annual Report and Accounts, which have been filed with the Registrar of Companies. The Report of the Auditors on those financial statements was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.

 

2 Management Expenses and Finance Costs

Management fees and finance costs are allocated 75% to the capital reserve and 25% to the revenue account. Costs arising on early settlement of debt are allocated 100% to capital, in accordance with the requirements of the AIC SORP. All other expenses are allocated in full to the revenue account on an accruals basis.

 

3 Tax Credit/Charge on Ordinary Activities

The tax charge for the six months to 30 September 2022 comprises irrecoverable withholding tax suffered of £nil (six months to 30 September 2021: £nil; year to 31 March 2022: £nil).

 

The corporation tax charge is based on an estimated effective tax rate of 0% as investment gains are exempt from tax owing to the Company's status as an investment trust and there is expected to be an excess of management expenses over taxable income.

 

4 Dividends

 


6 months to

30 September

2022

£'000

(unaudited)

Year to

31 March

2022

£'000

(audited)

In respect of the previous period:

Paid



2021 fourth quarter dividend of 1.49p per Ordinary share

-

2,494

2022 fourth quarter dividend of 1.36p per Ordinary share

2,276

-

In respect of the period under review:

Paid



2022 first quarter dividend of 1.65p per Ordinary share

-

2,762

2022 second quarter dividend of 1.73p per Ordinary share

-

2,896

2022 third quarter dividend of 1.70p per Ordinary share

-

2,845

2023 first quarter dividend of 1.15p per Ordinary share

1,925

-


4,201

10,997

Declared

2022 fourth quarter dividend of 1.36p per Ordinary share

-

 

2,276

2023 second quarter dividend of 1.04p per Ordinary share

1,741

-

 

The quarters referred to in the table above relate to the Company's financial year, which ends on 31 March.

 

 

5 Fair Value Hierarchy

 

For investments actively traded in organised financial markets, fair value is generally determined by reference to quoted market bid prices or closing prices for SETS (LSE's electronic trading service) stocks sourced from the LSE on the balance sheet date, without adjustment for transaction costs necessary to realise the asset.

 

In accordance with FRS 102, the Company must disclose the fair value hierarchy of financial instruments.

 

The fair value hierarchy consists of the following three levels:

 

·     

level 1

-

The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date;

·     

level 2

-

Inputs other than quoted prices included within level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

·     

level 3

-

Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

                

The table below sets out fair value measurements of financial assets in accordance with the FRS 102 fair value hierarchy system:

 


30 September 2022

(unaudited)

31 March 2022

(audited)


Level 1

£'000

Level 2

£'000

Total

£'000

Level 1

£'000

Level 2

£'000

Total

£'000

Equity investments

182,557

-

182,557

236,487

-

236,487

 

182,557

-

182,557

236,487

-

236,487

 

There were no level 2 or 3 investments during the period.

 

6 Share Capital

 


30 September 2022

(unaudited)

31 March 2022

(audited)


Number of shares

 

£'000

Number

of shares

 

£'000

Allotted, called-up and fully paid:

Ordinary shares of 2p each (31 March 2022: 2p each)





Balance at beginning of period

167,379,790

3,348

167,379,790

3,348

Balance at end of period

167,379,790

3,348

167,379,790

3,348

 

7 Going Concern

The Company has adequate financial resources to meet its investment commitments and as a consequence, the Directors believe that the Company is well placed to manage its business risks. After making appropriate enquiries and due consideration of the Company's cash balances, the liquidity of the Company's investment portfolio and the cost base of the Company, the Directors have a reasonable expectation that the Company has adequate available financial resources to continue in operational existence for the foreseeable future and accordingly have concluded that it is appropriate to continue to adopt the going concern basis in preparing the Half-Yearly Report, consistent with previous years.

 

8 Segmental Reporting

The Company has one reportable segment, being investing primarily in a portfolio of quoted UK small companies.

 

9 Related Party Transactions

Under the Listing Rules, the Manager is regarded as a related party and deemed to be Key Management Personnel of the Company. The relationship between the Company, its Directors and the Manager is disclosed in the Directors' Report in the Annual Report and Accounts for the year ended 31 March 2022.

 

The amount charged by the Manager during the period was £577,000 (six months to 30 September 2021: £790,000; year to 31 March 2022: £1,530,000). At 30 September 2022, the amount due to the Manager, included in creditors, was £89,000. The management fee is 0.50% per annum of the gross assets of the Company, plus £50,000 per annum in respect of acting as the AIFM.

 

Directors' Emoluments

At 30 September 2022, the Board consisted of four Non-Executive Directors. All Directors are considered to be independent of the Manager. None of the Directors has a service contract with the Company. The Chairman receives an annual fee of £38,500, the Chairman of the Audit and Management Engagement Committee receives an annual fee of £31,000 and all other Non-Executive Directors receive £26,500 per annum. The Senior Independent Director is entitled to an additional payment of £1,100, and as disclosed in the Company's Annual Report and Accounts, Mr Robinson has waived his entitlement to this additional fee.

 

At 30 September 2022, the amount outstanding in respect of Directors' fees was £nil (31 March 2022: £nil).

 

At 30 September 2022, the interests of the Directors in the ordinary shares of the Company were as follows:

 


As at

24 November 2022

No. of shares

 

As at

30 September 2022

No. of shares

As at

31 March 2022 

No. of shares

Arthur Copple1

125,000

125,000

125,000

James Robinson2

40,000

40,000

40,000

Catriona Hoare

9,039

9,039

9,039

Barbara Powley

12,328

12,217

11,960

 

1   Includes 25,000 shares held by Mrs Copple.

2   Held jointly by Mr and Mrs Robinson.

 



Montanaro UK Smaller Companies Investment Trust PLC

Registered in England and Wales No. 3004101

An investment company as defined under section 833 of the Companies Act 2006

 

Directors                                                                         

Arthur Copple (Chairman)                                  

James Robinson

Catriona Hoare

Barbara Powley

 

Principal Advisers

 

AIFM and Investment Manager

MONTANARO ASSET MANAGEMENT LIMITED

53 Threadneedle Street

London EC2R 8AR

www.montanaro.co.uk

enquiries@montanaro.co.uk

 

Depositary

THE BANK OF NEW YORK MELLON (INTERNATIONAL) LIMITED

One Canada Square

London E14 5AL

Administrator

LINK ALTERNATIVE FUND ADMINISTRATORS

LIMITED

Beaufort House

51 New North Road

Exeter EX4 4EP

Tel: 01392 477500

Fax: 01392 498288

 

Custodian

BANK OF NEW YORK MELLON SA/NV

One Canada Square

London E14 5AL

Company Secretary and Registered Office

LINK COMPANY MATTERS LIMITED

6th Floor, 65 Gresham Street

London EC2V 7NQ

Tel: +44 (0) 7709 515694

Email: Muscit_Cosec@linkgroup.co.uk

 

Banker

ING BANK N.V

60 London Wall

London EC2M 5TQ

 

Registrar

LINK GROUP

Shareholder Services Department

The Registry

10th Floor

Central Square

29 Wellington Street

Leeds LS1 4DL

 

Shareholder Helpline

Tel: 0371 664 0300

Email: shareholderenquiries@linkgroup.co.uk

Broker

CENKOS SECURITIES PLC

6-8 Tokenhouse Yard

London EC2R 7AS

 

Auditor

BDO LLP

55 Baker Street

London W1U 7EU

 

Lawyers

GOWLING WLG

4 More London Riverside

London SE1 2AU

 

Sources of Further Information

Information on the Company, including this Half-Yearly Report is available on the Company's website: https://montanaro.co.uk/trust/montanaro-uk-smaller-companies-investment-trust/

 

Key Dates

February, May, August and November

Quarterly dividends payable

31 March

Company year end

June

Annual results

July

Annual General Meeting

November

Half-yearly results

 

Frequency of NAV Publication

The Company's NAV is released to the LSE on a daily basis.

 

ISA Status

The Company's shares are fully eligible for inclusion in ISAs.

 

AIC

The Company is a member of the AIC.

 

NMPI Status

The Company currently conducts its affairs so that the shares it issues can be recommended by financial advisers to retail investors in accordance with the FCA's rules in relation to non-mainstream investment products. It is intended to continue to do so for the foreseeable future. The Company's securities are excluded from the FCA's restrictions which apply to non-mainstream investment products because they are securities in a UK listed investment trust.

 

 

Registrar enquiries

The register for the Ordinary Shares is maintained by Link Group. In the event of queries regarding your holding, please contact the registrar. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate.  We are open between 09:00 - 17:30, Monday to Friday excluding public holidays in England and Wales or alternatively at shareholderenquiries@linkgroup.co.uk.

 

Changes of name must be notified in writing to the registrar, whose address is: Link Group, Shareholder Services Department, The Registry, 10th Floor, Central Square, 29 Wellington Street, Leeds LS1 4DL. A change of address can be updated online via www.signalshares.com.

 

Warning to Shareholders - Beware of Share Fraud

 

Fraudsters use persuasive and high-pressure tactics to lure investors into scams. They may offer to sell shares that turn out to be worthless or non-existent, or to buy shares at an inflated price in return for an upfront payment. Investment scams are often sophisticated and difficult to spot.

 

How to avoid investment scams:

 

Reject unexpected offers: Scammers usually cold call, but contact can also come by email, post, word of mouth or at a seminar. If you've been offered an investment out of the blue, chances are it's a high risk investment or a scam.

 

Check the FCA Warning List: Use the FCA Warning List to check the risks of a potential investment - you can also search to see if the firm is known to be operating without FCA authorisation.

 

Get impartial advice: Get impartial advice before investing - don't use an adviser from the firm that contacted you.

 

 

You can report a firm or scam to the Financial Conduct Authority on 0800 111 6768 or through

www.fca.org.uk/scamsmart

 

If you've lost money in a scam, contact Action Fraud on 0300 123 2040 or www.actionfraud.police.uk

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.

 

For further information, please contact: 

Montanaro Asset Management Limited

Tel: 020 7448 8600

enquiries@montanaro.co.uk

 

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