Trading Statement (5904S)
November 23 2011 - 1:00AM
UK Regulatory
TIDMSIAG
RNS Number : 5904S
Sherborne Investors (Guernsey) A
23 November 2011
Sherborne Investors (Guernsey) A Limited
23 November 2011
Trading Statement
Net Asset Value
At 31 October 2011, the unaudited net asset value attributable
to shareholders of Sherborne Investors (Guernsey) A Limited (the
"Company") was GBP107,788,036, or 102.66 pence per share based on
105,000,000 shares outstanding. The Company's net asset value was
based on the closing price of 73.55p at 31 October 2011 for the
shares of F&C Asset Management plc ("F&C").
Selected Consolidated Financial Information at 31 October
2011
Cash and Cash Equivalents GBP31,515,413
Shareholding in F&C shares 105,620,760
Cost Basis of F&C Investment(1) GBP68,086,335
Cost Basis per Share of F&C Investment(1) 64.46p
Cost Basis per Share of F&C Investment (post-dividends)(2) 60.82p
F&C Closing Share Price at 31 October 2011 73.55p
Post-Closing Activities
Subsequent to 31 October 2011, the Company acquired 776,370
additional F&C shares and entered into total return swaps
("swaps") relating to 1,022,000 shares in F&C at a total cost
of GBP1,275,450, including fees and commissions.(3) The Company's
total investment in F&C through 18 November 2011 is 107,419,130
shares and swaps with a total cost basis of GBP69,353,914, or
64.56p per share.(1) The cost basis per share after adjusting for
F&C's dividends is 60.98p.(2) F&C's shares closed at 67.45p
on 18 November 2011.
On 28 October 2011, F&C paid a dividend of 1.0 pence per
share to shareholders on the register at 7 October 2011. The
Company received its portion of the dividend, totaling
GBP1,052,834, on 4 November 2011 and therefore the dividend
proceeds were not included in cash and cash equivalents at 31
October. The Company's Board declared a dividend of 0.9 pence per
share to be paid on 19 December 2011 to shareholders of record at
18 November 2011.
Notes
(1) Represents the cost basis excluding fees and commissions and
net of gross gains realised on contracts for difference settled in
2010. Figures are prior to adjusting for F&C's cumulative
dividends declared through the reporting date.
(2) Represents the cost basis less cumulative dividends declared
through the reporting date.
(3) The Company provides counterparties with cash collateral
equal to the initial contract value of swaps, which is considered
restricted cash until the swap is closed and settled.
Enquiries:
FTI Consulting +44 (0)20 7269 7157
Billy Clegg
Sherborne Investors (Guernsey) A Limited +44 (0)14 8172 1672
Ian Brindle (Chairman)
RBS Hoare Govett Limited (Nominated Adviser) +44 (0)20 7678 8000
Gary Gould / Graham Hertrich
This information is provided by RNS
The company news service from the London Stock Exchange
END
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