REG - Montanaro UK SmlrCos - Half-year Financial Report
21/11/2025 07:00
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RNS Number : 4318I Montanaro UK Smlr Cos Inv Tst PLC 21 November 2025
Montanaro UK Smaller Companies Investment Trust PLC ("MUSCIT'' or the
"Company")
LEI: 213800UDDXXTXIF29P85
Half-Yearly Report for the six months to 30 September 2025
· The net asset value rose by 8.4% (with dividends reinvested)
compared to a total return of 17.7% for the benchmark, the NSCI.
· The discount widened to 11.2% from 8.4%, with a share price total
return of 5.4%. The S&P 500 returned 15.0%, the NASDAQ 26.0%, and the FTSE
All-Share 11.6%.
Performance
as at 30 September 2025
Total Return Percentage 6 months 1 year 3 years 5 years 10 years Since launch
Share Price* 5.4% -0.7% 22.4% 14.8% 45.5% 905.1%
Net asset value* 8.4% -3.2% 22.4% 5.8% 35.8% 884.7%
Benchmark** 17.7% 8.9% 46.1% 59.7% 83.3% 689.1%
Benchmark (including AIM) 16.9% 8.3% 27.6% 35.8% 68.2% 575.8%
* Returns have been adjusted for dividends paid.
** The Benchmark is a composite index with the NSCI used since 1 April 2013.
Sources: LSEG, Deutsche Numis, Montanaro Asset Management Limited.
As at As at
30 September 31 March
2025 2025
(unaudited) (audited) % Change
Ordinary share price1 98.8p 97.0p 1.9
Net asset value ("NAV") per Ordinary share2 111.3p 105.9p 5.1
Discount to NAV2 11.2% 8.4%
Gross assets3 £155.3m £163.3m (4.9)
Net assets £140.3m £150.8m (7.0)
Market Capitalisation £124.5m £138.2m (9.9)
Net gearing employed4 6.2% 5.2%
Ongoing charges5 1.0% 0.9%
Portfolio turnover6 20.9% 45.6%
1 LSE closing price.
2 Including accrued revenue.
3 Net assets, adding back borrowings.
4 Total debt, net of cash and equivalents, as a percentage of shareholders'
funds.
5 Company's expenses (excluding interest payable) expressed as a percentage of
its average daily net assets, annualised at the half year end date.
6 Calculated using the total purchases plus the sales proceeds divided by two
as a percentage of the average net assets during the period.
Manager's Review
For the six months to 30 September 2025
The past six months have been another reminder that investing in smaller
companies requires patience. Markets rose over the period, but the leadership
was narrow and often speculative in nature. A handful of highly valued
technology names and more cyclical, lower-quality businesses led the way,
while the type of resilient, cash-generative companies in which we invest were
left out of favour.
Against this backdrop, the Trust delivered a total NAV return of +8.4%,
compared with +17.7% for the benchmark. This underperformance reflects the
continuation of the style headwinds we have discussed before: "Quality Growth"
has been out of fashion for some time now. These phases can feel uncomfortable
but we have seen them many times since we launched the Trust some thirty years
ago. They tend not to last forever.
Despite the market mood, we have been busy. Our universe evolves constantly:
new listings, spin-offs, takeovers and occasionally the return of past
favourites under new leadership. We continue to meet companies week in, week
out. That remains the most enjoyable part of what we do.
During the period, we initiated several new investments. Hill & Smith is
one such example. We first invested almost twenty years ago and knew the
business well. Today it is a portfolio of specialist infrastructure companies
with strong positions in areas such as advanced composite utility poles and
galvanising services, which support long-life infrastructure. With a
decentralised culture and exposure to the structural upgrading of power
networks, particularly in the United States, it is exactly the sort of quiet
compounder we like.
We also added Cohort, which has been steadily building highly specialised
capabilities in electronic warfare and naval communications. At a time when
global defence budgets are rising, particularly in the maritime domain, we
believe it is well placed. FRP Advisory joined the portfolio too - a leading
restructuring adviser that provides useful diversification should economic
conditions become more challenging.
Meanwhile, AG Barr, Mortgage Advice Bureau, Pinewood.AI and Volution were all
introduced during the period. Each is a leader in its field, run by management
teams we rate highly, with the capacity to grow over many years. These are not
speculative ideas. They are the type of dependable businesses that we believe
can compound steadily over time.
We also exited positions in Marshalls, Liontrust Asset Management and SThree
during the period. Having been happy shareholders of Marshalls for more than
two decades, we believe that growth will be more difficult to come by in the
future. We redeployed the capital into Volution, a leading provider of
energy-efficient ventilation solutions that improve indoor air quality and
comfort. Liontrust was sold due to concerns over its external growth
strategy and continued outflows. Finally, we sold out of SThree as the
market for staffers remains challenging, with no recovery in sight.
Takeover activity across the UK market remained strong. During the period,
Alpha Group and JTC both received approaches. While we never invest with a
takeover in mind, it is telling that strategic buyers - particularly overseas
- continue to act while the domestic market hesitates. It reinforces our
belief that many UK smaller companies are fundamentally undervalued.
We do not try to predict the precise moment when sentiment will shift. What we
can say is that the companies we own are, in general, performing well. Balance
sheets are strong, margins are being defended, and management teams remain
focused on long-term growth rather than short-term noise. When the market
begins to look past the latest fashion and returns to fundamentals, we believe
MUSCIT will be well positioned.
Charles Montanaro
Montanaro Asset Management Limited
20 November 2025
Twenty Largest Holdings
as at 30 September 2025
% of net assets % of net assets
30 September 2025 31
Value Market cap March
Holding Sector £'000 £m 2025
JTC Asset Management & Custody Banks 8,554 2,186 6.1 3.6
Porvair Industrial Machinery & Supplies & Components 6,324 348 4.5 3.8
XPS Pensions Financial Services 5,933 703 4.2 5.0
Alpha Group Investment Banking & Brokerage 5,250 1,786 3.7 1.7
Integrafin Financial Exchanges & Data 5,205 1,149 3.7 2.5
4Imprint Advertising 5,168 909 3.7 3.7
discoverIE Electrical Components & Equipment 5,049 567 3.6 5.4
Cranswick Packaged Foods & Meats 5,020 2,709 3.6 3.3
Big Yellow Self Storage REITs 4,860 1,906 3.5 4.9
Baltic Classifieds Interactive Media & Services 4,650 1,513 3.3 4.0
AJ Bell Investment Banking & Brokerage 4,603 2,235 3.3 2.3
Games Workshop Leisure Products 4,359 4,791 3.1 2.8
XP Power Electrical Components & Equipment 4,262 224 3.0 2.0
Genuit Building Products 4,043 916 2.9 2.4
Kainos IT Consulting & Other Services 4,014 1,187 2.9 1.8
Hilton Food Packaged Foods & Meats 4,008 599 2.9 4.6
Boku Transaction & Payment Processing Services 3,958 667 2.8 2.4
Bloomsbury Publishing 3,939 389 2.8 2.9
Cerillion Application Software 3,750 445 2.7 2.5
MP Evans Agricultural Products & Services 3,726 723 2.7 3.3
96,675 69.0 64.9
Investment Objective
MUSCIT's investment objective is to achieve capital appreciation through
investing in smaller quoted companies listed on the LSE or traded on the
Alternative Investment Market ("AIM") and to outperform its benchmark, the
Deutsche 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 smaller 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 2025, this was any company below
£1.85 billion in market capitalisation. The Manager focuses on the smaller
end of this index.
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 Board is responsible for setting the Company's gearing strategy and
approves the arrangement of any gearing facilities. The Alternative Investment
Fund Manager ("AIFM") is responsible for determining the net gearing level
within the parameters set by the Board. The Company's borrowings should be
limited to 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.
Capital Structure
In the six months to 30 September 2025, the Company repurchased 16,440,055 Ordinary shares. The average discount over the period was 10.2%, reflecting the Board's sustained efforts to maintain the discount within its single-digit target, and representing an improvement on the average discount of 11.9% recorded for the year to 31 March 2025. Since the period end a further 8,901,468 Ordinary shares have been repurchased and the discount currently stands at 7.2%.
As at 30 September 2025, the Company had 126,012,587 Ordinary shares of 2p
each in issue, with a further 41,367,203 shares held in treasury. At the
date of this report 117,111,119 Ordinary shares of 2p each were in issue with
a further 50,268,671 shares 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.
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 2025 and continue to be
as set out in that report on pages 17 to 20 and pages 60 to 62. These include,
but are not limited to, discount management, poor investment performance, risk
oversight, gearing, key man risk, operational risk, cyber risk, administrator,
breach of regulation, including the impact of pandemics and other
unforeseeable events on the Company's business operations, financial and ESG.
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 below, 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
20 November 2025
Condensed Income Statement (unaudited)
for the six months to 30 September 2025
Six months to Six months to Year to
30 September 30 September 31 March
2025 2024 2025
£'000 £'000 (audited)
£'000
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments designated at
fair value through profit or loss - 8,086 8,086 - 5,520 5,520 - (18,007) (18,007)
Investment income 3,393 - 3,393 4,263 - 4,263 6,560 - 6,560
Investment management fee (100) (295) (395) (153) (460) (613) (277) (831) (1,108)
Other expenses (331) - (331) (350) - (350) (695) - (695)
Net return before finance costs and taxation 2,962 7,791 10,753 3,760 5,060 8,820 5,588 (18,838) (13,250)
Interest payable and similar charges (74) (223) (297) (80) (241) (321) (169) (508) (677)
Net return before taxation 2,888 7,568 10,456 3,680 4,819 8,499 5,419 (19,346) (13,927)
Taxation (note 3) - - - - - - - - -
Net return after taxation 2,888 7,568 10,456 3,680 4,819 8,499 5,419 (19,346) (13,927)
Return per Ordinary share: 2.20p 5.76p 7.96p 2.20p 2.88p 5.08p 3.28p (11.70p) (8.42p)
The total column of this statement is the Statement of Total Comprehensive
Income of the Company prepared in accordance with FRS 102 "The Financial
Reporting Standard applicable in the UK and Republic of Ireland". The
supplementary revenue return and capital return columns are prepared in
accordance with the Statement of Recommended Practice issued by the
Association of Investment Companies ("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 2025
Called-up Share premium Capital redemption Distributable Total equity shareholders'
share Special Capital revenue
capital account reserve reserve* reserve** reserve** funds
Six months to 30 September 2025 (unaudited) £'000 £'000 £'000 £'000 £'000 £'000 £'000
As at 31 March 2025 3,348 19,307 1,362 - 126,223 557 150,797
Total comprehensive income:
Fair value movement of investments - - - - 8,086 - 8,086
Costs allocated to capital - - - - (518) - (518)
Net revenue for the period - - - - - 2,888 2,888
- - - - 7,568 2,888 10,456
Share Buybacks - - - - (16,543) - (16,543)
Dividends paid in the period (note 4) - - - - (2,241) (2,188) (4,429)
As at 30 September 2025 3,348 19,307 1,362 - 115,007 1,257 140,281
Six months to 30 September 2024 (unaudited)
As at 31 March 2024 3,348 19,307 1,362 4,642 170,230 193 199,082
Total comprehensive income:
Fair value movement of investments - - - - 5,520 - 5,520
Costs allocated to capital - - - - (701) - (701)
Net revenue for the period - - - - - 3,680 3,680
- - - - 4,819 3,680 8,499
Dividends paid in the period (note 4) - - - - (1,992) (2,076) (4,068)
As at 30 September 2024 3,348 19,307 1,362 4,642 173,057 1,797 203,513
Year to 31 March 2025 (audited)
As at 31 March 2024 3,348 19,307 1,362 4,642 170,230 193 199,082
Total comprehensive income:
Fair value movement of investments - - - - (18,007) - (18,007)
Costs allocated to capital - - - - (1,339) - (1,339)
Net revenue for the year - - - - - 5,419 5,419
- - - - (19,346) 5,419 (13,927)
Share Buybacks - - - (4,642) (20,628) - (25,270)
Dividends paid in the year (note 4) - - - - (4,033) (5,055) (9,088)
As at 31 March 2025 3,348 19,307 1,362 - 126,223 557 150,797
* 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 2025 As at 30 September As at 30 September As at 31 March
2025 2024 2025
£'000 £'000 £'000
(unaudited) (unaudited) (audited)
Fixed assets
Investments at fair value (note 5) 149,052 216,442 157,502
Current assets
Debtors 309 466 2,453
Cash at bank 6,358 7,157 4,684
6,667 7,623 7,137
Creditors: amounts falling due within one year
Other creditors (438) (552) (1,342)
Borrowings (15,000) (20,000) (12,500)
(15,438) (20,552) (13,842)
Net current liabilities (8,771) (12,929) (6,705)
Net assets 140,281 203,513 150,797
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 -
Capital reserve 115,007 173,057 126,223
Distributable revenue reserve 1,257 1,797 557
Total equity shareholders' funds 140,281 203,513 150,797
Net asset value per Ordinary share 111.32p 121.59p 105.86p
Notes to the Financial Statements
As at 30 September 2025
1 Financial Information
The condensed financial statements for the six months ended 30 September 2025
comprise the statements together with the related notes. The Company has
adopted 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 June 2022. The condensed financial
statements for the six months to 30 September 2025 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 2025.
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 2025
and 30 September 2024 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 2025 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. 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 2025 comprises irrecoverable
withholding tax suffered of £nil (six months to 30 September 2024: £nil;
year to 31 March 2025: £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
Six months to Year to 31 March
30 September
2025 2025
£'000 £'000
(unaudited) (audited)
In respect of the previous period:
Paid
2024 fourth quarter dividend of 1.19p per Ordinary share - 1,992
2025 fourth quarter dividend of 1.59p per Ordinary share 2,241 -
In respect of the period under review:
Paid
2025 first quarter dividend of 1.24p per Ordinary share - 2,076
2025 second quarter dividend of 1.22p per Ordinary share - 2,042
2025 third quarter dividend of 1.78p per Ordinary share - 2,978
2026 first quarter dividend of 1.74p per Ordinary share 2,188 -
4,429 9,088
Declared
2025 fourth quarter dividend of 1.59p per Ordinary share - 2,241
2026 second quarter dividend of 1.67p per Ordinary share 2,099 -
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 - Valued using quoted prices, unadjusted in active
markets for identical assets and liabilities.
· level 2 - Valued by reference to valuation techniques using
observable inputs for the asset or liability other than quoted prices included
in level 1.
· level 3 - Valued by reference to valuation techniques using
inputs that are not based on observable market data for the asset or
liability. Assessing the significance of a particular input requires
judgement, considering factors specific to 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 2025 31 March 2025
(unaudited) (a
ud
it
ed
)
Level 1 Total Level 1 Total
£'000 £'000 £'000 £'000
Equity investments 149,052 149,052 157,502 157,502
149,052 149,052 157,502 157,502
There were no level 2 or 3 investments held during the period.
6 Share Capital
30 September 2025 31 March 2025
(unaudited) (audited)
Number of shares £'000 Number of shares £'000
Ordinary shares of 2p
Ordinary shares in issue at the beginning of the period 142,452,642 2,849 167,379,790 3,348
Ordinary shares bought back to treasury during the period (16,440,055) (329) (24,927,148) (499)
Ordinary shares in issue at the end of the period 126,012,587 2,520 142,452,642 2,849
Treasury shares (ordinary shares 2p)
Treasury shares in issue at the beginning of the period 24,927,148 499 - -
Ordinary shares bought back to treasury during the period 16,440,055 329 24,927,148 499
Treasury shares in issue at the end of the period 41,367,203 828 24,927,148 499
Total ordinary shares in issue and in treasury at the end of the 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 its day to day working capital requirements, 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 2025.
The amount charged by the Manager during the period was £395,000 (six months
to 30 September 2024:
£613,000; year to 31 March 2025: £1,108,000). At 30 September 2025, the
amount due to the Manager, included in creditors, was £197,000. The
management fee is 0.50% per annum of the net assets of the Company, plus
£50,000 per annum in respect of acting as the AIFM.
Directors' Emoluments
At 30 September 2025, 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 £39,150, the Chair of the Audit and Management Engagement
Committee receives an annual fee of £31,500 and all other Non-Executive
Directors receive £27,000 per annum.
At 30 September 2025, the amount outstanding in respect of Directors' fees was
£nil (31 March 2025:
£nil).
At 30 September 2025, the interests of the Directors in the Ordinary shares of
the Company were as follows:
As at As at As at
20 November 2025 30 September 2025 31 March 2025
No. of shares No. of shares No. of shares
Arthur Copple 300,000 300,000 300,000
Catriona Hoare 30,000 30,000 18,080
Yuuichiro Nakajima 10,000 10,000 10,000
Barbara Powley 47,709 47,709 24,209
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)
Barbara Powley (Chair of the Audit & Management Engagement Committee and
Senior Independent Director)
Catriona Hoare
Yuuichiro Nakajima (Chair of the Nomination & Remuneration Committee)
Principal Advisers
AIFM and Investment Manager Depositary
THE BANK OF NEW YORK MELLON (INTERNATIONAL) LIMITED
MONTANARO ASSET MANAGEMENT LIMITED
160 Queen Victoria Street London EC4V 4LA
53 Threadneedle Street London EC2R 8AR www.montanaro.co.uk
(http://www.montanaro.co.uk/) enquiries@montanaro.co.uk
(mailto:enquiries@montanaro.co.uk)
Company Secretary and Administrator Custodian
JUNIPER PARTNERS LIMITED
BANK OF NEW YORK MELLON SA/NV
28 Walker Street Edinburgh EH3 7HR Tel: 0131 378 0500 160 Queen Victoria Street London EC4V 4LA
Cosec@junipartners.com
Registered Office Banker
53 Threadneedle Street
BANK OF NEW YORK MELLON
London EC2R 8AR (International Limited)
London Branch
160 Queen Victoria Street
London EC4V 4LA
Registrar Broker
MUFG CORPORATE MARKETS
CAVENDISH
Central Square One Bartholomew Close London
29 Wellington Street Leeds LS1 4DL EC1A 7BL
Auditor Lawyers
BDO LLP
GOWLING WLG
55 Baker Street London W1U 7EU 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 Association of Investment Companies ("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 MUFG Corporate Markets.
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@cm.mpms.mufg.com.
(mailto:shareholderenquiries@cm.mpms.mufg.com.)
Changes of name must be notified in writing to the registrar, whose address
is: MUFG Corporate Markets, 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
(http://www.signalshares.com/) . (http://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 (http://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 (http://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 (mailto:enquiries@montanaro.co.uk)
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. END IR BLBDBSUDDGUG
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