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BLACKROCK SMALLER COMPANIES TRUST PLC - Interim Management Statement

June 23, 2014



BLACKROCK SMALLER COMPANIES TRUST PLC Interim Management Statement - 3 months to 31 May 2014 To the members of BlackRock Smaller Companies Trust plc This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure & Transparency Rules. It should not be relied on by any other party for any other reason. This interim management statement relates to the period from 1 March 2014 to 31 May 2014, and contains information that covers this period, and up to the date of publication of this interim management statement. Please note more detailed performance information is available on the Manager's website - www.blackrock.co.uk/brsc. The Company invests mainly in smaller UK quoted companies, and seeks to achieve long term capital growth for shareholders. The Company is managed by Mike Prentis of BlackRock. Stock Performance Cumulative Performance (%): One Three One Three Five Month Months Year Years Years Net asset value* -1.3% -5.5% 22.4% 48.1% 231.4% Share price* -5.6% -10.2% 23.7% 55.8% 248.3% Numis ex Inv Companies + AIM -0.2% -5.4% 14.8% 25.8% 107.3% All performance figures are in sterling on a capital only basis with debt at par. Ten Largest Equity Holdings (in alphabetical order) at 31 May 2014 Workspace Group 1.8 Senior 1.8 Polar Capital Holdings 1.7 Optimal Payments 1.6 Elementis 1.6 Avon Rubber 1.6 Headlam Group 1.4 Restaurant Group 1.4 Clarkson 1.3 Xaar 1.3 Financial position and performance as at 31 May 2014 Gross Assets (£m)* 483.5 Short term borrowings (£m) nil Long term borrowings - 3 year multi-currency facility (Scotia (Ireland) Limited) (£m) 25.0 7.75% Debenture 2022 at par value (£m) 14.9 7.75% Debenture 2022 at fair value (£m) 18.5 Net asset value - capital only (at par) 921.62p Net asset value - capital only (at fair value) 914.17p Net asset value - cum income (at par)* 926.48p Net asset value - cum income (at fair value)* 919.02p Share Price 815.00p Ordinary Shares in Issue** 47,879,792 Gearing including Income (debt at fair value) 10.7% Discount to Cum Income NAV (debt at par value) 12.0% Discount to Cum Income NAV (debt at fair value) 11.3% Average Discount over the period to Cum Income NAV (debt at par value) 9.7% *Includes current year revenue of 4.86p ** Excluding 2,113,731 shares held in treasury Annual Results The Company announced its annual results for the year ended 28 February 2014 on 25 April 2014. Final Dividend A final dividend in respect of the year ended 28 February 2014 of 7.40p per ordinary share was recommended by the Directors. Shareholders approved the resolution in respect of the dividend at the Annual General Meeting on Tuesday, 10 June 2014, and the dividend was paid on 17 June 2014 to shareholders on the register on 16 May 2014 (ex dividend date 14 May 2014). Annual General Meeting At the Company's AGM held on Wednesday, 10 June 2014, all resolutions were passed. Net Asset Value The Company announces its NAV on a daily basis, which can be accessed via http://www.blackrock.co.uk/brsc, under the "Announcements" tab. The unaudited net asset value for BlackRock Smaller Companies Trust plc at close of business on 19 June 2014 was: Net asset value - capital only (at par): 895.53p Net asset value - capital only (at fair value) 888.08p Net asset value - cum income (at par) 902.35p xd Net asset value - cum income (at fair value) 894.90p xd Material Events & Transactions Other than the purchase and sale of securities undertaken in the normal course of business and that mentioned above, there were no material events or transactions during the three months to 31 May 2014. The Board is not aware of any significant events or transactions, except as disclosed herein, occurring between 31 May 2014 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. Contact details: Sarah Beynsberger Secretary Tel: 020 7743 2639 23 June 2014 ENDS Please note that more detailed information is available on the Investment Manager's website, www.blackrock.co.uk/brsc. Neither the contents of the Manager's website nor the contents of any website accessible from hyperlinks on the Manager's website (or any other website) is incorporated into, or forms part of, this announcement. Latest information is also available by typing, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).




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Source: PR Newswire (UK Disclosure)


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