All information is at 31 July 2013 and unaudited. 
Performance at month end is calculated on a capital only basis 
                            One    Three      One      Three       Five 
                          Month   Months     Year      Years      Years
Net asset value                7.7%     8.3%    37.3%      84.3%     103.6%
Share price                    8.8%    11.1%    44.0%      99.9%     122.5%
Numis ex Inv Companies + AIM   6.5%     5.9%    27.8%      41.5%      48.8% 
Sources:  BlackRock and Datastream 
At month end
Net asset value Capital only (debt at par value):     781.90p
Net asset value Capital only (debt at fair value):    776.87p
Net asset value incl. Income (debt at par value)**:   790.37p
Net asset value incl. Income (debt at fair value)**:  785.33p
Share price:                                          695.25p
Discount to Cum Income NAV (debt at par value):         12.0%
Discount to Cum Income NAV (debt at fair value):        11.5%
Net yield^^^:                                            1.4%
Total assets^:                                        £414.3m
Gearing range as a % of total assets:                   0-15%
Net gearing including income (debt at par):              9.5%
2013 Ongoing charges ratio^^:                            0.6%
Ordinary shares in issue#:                         47,879,792 
*performance calculations based on a capital only NAV with debt at par, without
income reinvested. Share price performance calculations exclude income
**includes net revenue of 8.47p
^includes current year revenue
^^As reported in the Annual Financial Statements for the year ended
28 February 2013, the ongoing charges ratio is calculated as a percentage of
net assets and using operating expenses, excluding performance fees, finance
costs and taxation.
^^^Yield calculations are based on dividends announced in the last 12 months as
at the date of release of this announcement, and comprise the final dividend of
6.50 pence per share (announced on 26 April 2013 and going ex-dividend on 29
May 2013) and the interim dividend of 3.50 pence per share, paid on 7 December
#excludes 2,113,731 shares held in treasury 
Sector Weightings                     % of portfolio 
Industrials                                     23.7
Consumer Services                               21.3
Financials                                      18.6
Consumer Goods                                   9.6
Technology                                       8.7
Health Care                                      6.7
Basic Materials                                  5.9
Oil & Gas                                        4.0
Telecommunications Services                      1.5 
Total                                          100.0 
Ten Largest Equity Investments 
Company                                     Total Market Value % 
Bellway                                             2.4
Howden Joinery                                      2.2
Workspace                                           2.1
Booker Group                                        1.9
Dunelm Group                                        1.9
Senior                                              1.8
Ashtead                                             1.8
Restaurant Group                                    1.7
ITE Group                                           1.6
Xaar                                                1.6 
Commenting on the markets, Mike Prentis, representing the Investment Manager
During July the Company's NAV per share rose by 7.7% on a capital only basis.
The benchmark index rose by 6.5% whilst the FTSE 100 Index also rose by 6.5%;
again both on a capital only basis. Markets rebounded from the weaker tone seen
in June as confidence grew that the US Federal Reserve is unlikely to taper
bond purchases until they are satisfied that economic growth is clearly
sustainable. Markets probably also took some comfort that the Chinese
Government appears committed to an economic growth rate of about 7%. 
The relative contribution from stock selection was positive, as was the
contribution from gearing, which remains in the 9 - 10% range. Contribution
from sector allocation was also slightly positive. 
No single stock contributed to, or detracted from, relative performance by more
than 20 basis points during the month. On the positive side the best
contributors were Workspace, LSL Property Services and Blinkx. On the negative
side the largest contributors were ITE Group and Consort Medical, although
newsflow from these companies remained positive during the month.  
Activity during the month was limited. We added small holdings in Speedy Hire
and Grainger, both companies we have owned before, and both largely focused on
the UK economy. 
16 August 2013 
Latest information is available by typing the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement. 
-0- Aug/16/2013 13:10 GMT
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