The Zero Preference Growth Trust PLC
Interim Management Statement for the period ended 30 April 2008.
Investment Objective
The Company seeks to achieve capital growth from a portfolio substantially
invested in zero dividend preference shares (zeros). The Company seeks to
enhance capital returns for shareholders by utilising gearing in the form of a
flexible revolving credit bank facility. The Directors manage the gearing
actively in response to market conditions.
Financial Highlights
30 April 31 July % change
2008 2007
Zero Dividend Preference share NAV 72.59p 66.43p 9.27 %
Mid price 71.75p 68.50p 4.74 %
Growth share NAV 4.03p 6.22p (35.21)%
Mid price 3.28p 4.50p (27.11)%
Ordinary unit NAV 76.62p 72.65p 5.46 %
Mid price 73.25p 73.25p 0.00 %
FD/AIC Zero Dividend Preference 173.30 170.29 1.77 %
Share Index
Material Events and Transactions
Revolving Credit Bank Facility
On 29 November 2007, the Company decreased the total amount drawn down under
the Bank of Scotland facility by £500,000 to £2,220,000.
On 19 December 2007, the Company decreased the total amount drawn down under
the Bank of Scotland facility by £900,000 to £1,320,000.
On 19 May 2008, the Company decreased the total amount drawn down under the
Bank of Scotland facility by £750,000 to £570,000.
On 2 June 2008, the Company decreased the total amount drawn down under the
Bank of Scotland facility by £570,000 to nil.
Up until 15 May 2008 the Company was eligible to draw down a maximum of £
4,000,000 under the loan facility. At 30 April 2008, the total amount of the
loan drawn down was £1,320,000. From 15 May 2008 the maximum draw down was
reduced to £1,500,000.
LargestHoldings(% of Gross Assets)
JZ Equity Partners Zero 11.8%
Royal London UK Equity & Income Trust Zero 10.5%
Reo Securities Zero 8.0%
M&G Income Investment Company Zero 7.5%
M&G Recovery Investment Company Zero 6.5%
Bear Stearns Private Equity (Guernsey) Zero 5.8%
EPIC Securities Zero 4.8%
Investec Capital Accumulator Trust Ordinary 4.7%
Barclays Bank Eurostoxx 50 Ladder Bond 3.7%
US Special Opportunities Trust Zero 3.5%
Jupiter Second Split Trust Zero 3.3%
Close European Accelerated Return Fund Participating 3.1%
Investec High Income Securities Zero 3.0%
Jupiter Second Enhanced Income Trust Zero 2.7%
Accelerated Return Fund Ordinary 2.4%
Société Générale Double Opportunity Autocallable 2.4%
FTSE 100 Warrant
Utilico Finance 2014 Zero 1.9%
Aberdeen Development Capital Zeros Units 1.7%
Symphony Defensive Euro Autocall 1.6%
Alternative Asset Opportunities 1.6%
The Board is not aware of any significant events or transactions which have
occurred between 30 April 2008 and the date of the publication of this
statement which would have a material impact on the financial position of the
Company.
Further Information
Daily prices, Company announcements, Report and Accounts and monthly fact
sheets are available via www.premierassetmanagement.co.uk.
6 June 2008