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Cayenne Trust says considering proposals for future of the company

The Cayenne Trust’s results for the year ended 31 January 2015 have been published. The company’s net asset value total return and share price total return were both 12.1% for the period. This compares to an 11.6% return on the FTSE All-Share Equity Investments Index. The dividend has been increased from 1.2p to 3.8p.

The announcement says that since they announced that the fund would wind up in 2016, a number of parties have come forward with proposals for the future of the company. The Board expects that shareholders who do not wish to receive cash for their shares on a liquidation of the Company will be offered an alternative of exchanging their shares in the Company for shares in another investment trust.

They say Pantheon International Participations, NB Private Equity Partners and Electra Private Equity 5% CULS 29/12/2017 produced creditable returns, while F&C Private Equity and Graphite Enterprise Trust were rather lacklustre. That said, all but Graphite produced a total return to shareholders in excess of 10% so, yet again, the Company’s exposure met or exceeded the return provided by the FTSE All Share Index. The healthcare exposure was beneficial – they hold HBM, BB Biotech, Polar Capital Global Healthcare, Worldwide Healthcare. They also own Polar Capital Technology and Herald in the technology sector which also performed well. BlackRock World Mining suffered from the general malaise in the commodity sector and specific problems related to its royalty investments. Within the property sector 9which did well over the period), they have stakes in Schroder Real Estate, Ediston and TR Property.

TCT : Cayenne Trust says considering proposals for future of the company

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