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Interim Results.

Article Excerpt
GARTMORE DISTRIBUTION TRUST PLC



Announcement of Interim Results for the six months to 31 October 2003 The Directors announce the Group's results for the six months to 31 October 2003 as follows:- Overview * In aggregate, 84.2% of GDT Securities PLC Zero Dividend Preference shares in issue at 30 April 2002 have been redeemed at their accrued pre-determined capital entitlement. * GDT Securities PLC Zero Dividend Preference shares are 34% covered for full repayment on 30 April 2004. Total Assets (at bid prices) need to rise by 290% if these shares are to be paid their full pre-determined capital entitlement on that date. * Holders of Ordinary shares will receive no return unless the Zero Dividend Preference shareholders have been paid in full. Chairman's Statement During the period under review it is encouraging to note that the total assets of the Company rose from [pounds sterling]5.1million to [pounds sterling]7.5 million. This reflects a recovery in the split capital investment trust market and in the underlying value of the Company's remaining income share holdings. After reaching a multi-year low in mid-March 2003, the UK equity market rebounded strongly over the period after an early resolution to the main conflict in Iraq. A revival in merger and acquisition activity combined with encouraging signs that the global economic background is improving have provided a...