Interim Management Statement

RNS Number : 9618G

Standard Life Equity Income Tst PLC

10 February 2010

 

Standard Life Equity Income Trust PLC

Interim Management Statement ('IMS')

To the members of Standard Life Equity Income Trust PLC

This IMS has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This IMS relates to the period from 1 October 2009 to 31 December 2009 and contains information that covers this period, and up to the date of publication of this IMS, unless otherwise specified.

Investment objective

The objective of Standard Life Equity Income Trust PLC is to provide shareholders with an above average income from their equity investment while also providing real growth in capital and income.

Benchmark

FTSE All-Share Index.

Material events

Following shareholder approval at the Annual General Meeting ("AGM") on 16 December 2009, a final dividend of 8.4p per ordinary share was declared in respect of the year ended 30 September 2009 which was paid on 18 December 2009 to shareholders on the register as at 20 November 2009.  All other resolutions put to the AGM were approved by shareholders.

The Board is not aware of any significant events or transactions which have occurred between 31 December 2009 and the date of publication of this IMS which would have a material impact on the financial position of the Company. For the Manager's latest Investment Review & Outlook, please refer to the Quarterly Factsheet which may be found, together with other useful information, on the Manager's Investment Trusts' website (www.standardlifeinvestments.co.uk/its).

Material transactions

As at the date of this IMS, the Company's issued ordinary share capital with voting rights was 37,930,579 ordinary shares (excluding treasury shares) and 39,737,907 (including treasury shares) ordinary shares.  The number of ordinary shares held in treasury was 1,807,328 as at the date of this IMS.

The borrowings at the period end were £10.75m of the £20m revolving loan facility.

Ten largest equity holdings as at 31 December 2009

	% of Total Assets
BP	8.3
HSBC Holdings	8.2
Vodafone	6.7
GlaxoSmithKline	5.7
British American Tobacco	3.9
Royal Dutch Shell "B"	3.9
Rio Tinto	3.7
Xstrata	3.6
Imperial Tobacco	3.1
National Grid	2.8
Total	49.9

(Source: Standard Life Investments)

Sector allocation as at 31 December 2009

	% of Net Assets
Financials	24.8
Industrials	14.8
Oil & Gas	14.5
Basic Industries	11.0
Consumer Goods	10.6
Consumer Services	10.4
Health Care	8.2
Utilities	7.1
Telecommunications	6.8
Technology	0.8
Net Cash/ Borrowings	(9.0)
Total	100.0

(Source: Standard Life Investments)

General description of Company's financial position and performance as at 31 December 2009

Gross Assets	£118.64m
Share price	267.25p
Net asset value	284.44p
Discount /(Premium) to net asset value	6.04%
Yield (net)	4.32%
Current equity gearing/(net cash)	11.00%

(Source: Standard Life Investments)

Performance for year(s) ended 31 December 2009*

	1 year	2 Years	3 years	4 years	5 years
	%	% p.a.	% p.a.	% p.a.	% p.a.
Share price	18.0	(6.5)	(6.6)	0.0	2.7
NAV	22.8	(7.8)	(6.1)	(0.9)	2.4
FTSE All-Share Index	25.0	(8.4)	(5.0)	(0.8)	2.8

* The percentage growth figures are calculated over periods to 31 December 2009 on a mid to mid basis. Standard Life Investments was appointed to manage the Standard Life Equity Income Trust in November 2005.

(Source: Standard Life Investments, capital returns)

Note: Past performance is not a guide to future performance and the value of shares can go down as well as up.

For Standard Life Equity Income Trust PLC

Aberdeen Asset Management PLC, Secretary

10 February 2010

 

END

 

 

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