Interim Management Statement

RNS Number : 7373L

Standard Life Equity Income Tst PLC

04 August 2011

 

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 April 2011 to 30 June 2011 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

An interim dividend of 3.55p per share was paid on 24 June 2011 to those shareholders entered in the share register on 3 June 2011.  The ex-dividend date was 1 June 2011.

The Board is not aware of any significant events or transactions which have occurred between 30 June 2011 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

During the period Notice was sent to the holders of the subscription shares stating that they could exercise their subscription rights on 30 June 2011.  If holders of subscription shares chose not to exercise their rights on this occasion, they still have the right to subscribe at 320p on the last business day of June and December in any of the years 2011 to 2016.  Following the conversion of 23,479 subscription shares on 30 June 2011 there are 7,562,381 subscription shares in issue.

As at the date of this IMS, the Company's issued ordinary share capital with voting rights was 37,954,058 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 £15m of the £20m revolving loan facility.

Ten largest equity holdings as at 30 June 2011

	% of Total Investments
HSBC Holdings	5.7
BP	5.4
Royal Dutch Shell	5.3
Vodafone	5.2
GlaxoSmithKline	5.2
Rio Tinto	4.5
Imperial Tobacco	2.7
Xstrata	2.6
British American Tobacco	2.5
AstraZeneca	2.2
Total	41.3

(Source: Standard Life Investments)

Sector allocation as at 30 June 2011

	% of Net Assets
Financials	24.9
Industrials	19.9
Oil & Gas	13.3
Basic Materials	12.4
Consumer Services	9.0
Healthcare	8.8
Consumer Goods	8.5
Utilities	8.2
Telecommunications	5.8
Technology	0.1
Net Borrowings	(10.9)
Total	100.0

(Source: Standard Life Investments)

General description of Company's financial position and performance as at 30 June 2011

Gross Assets	£135.7m
Ordinary share price	303.2p
Subscription share price	32.0p
Net asset value	323.3p
Discount /(Premium) to net asset value	6.2%
Package Discount*	4.2%
Yield (net)	4.0%
Current equity gearing	10.9%

(Source: Standard Life Investments)

* Based on 1 Ordinary Share and 1/5 Subscription Share

Performance for period(s) ended 30 June 2011 **

	3 months	1 year	2 Years	3 years	4 years	5 years
	%	%	% p.a.	% p.a.	% p.a.	% p.a.
Share Price Total Return	1.2	24.8	22.8	9.5	3.2	5.1
NAV Total Return	3.1	30.8	25.1	7.4	1.4	4.6
FTSE All Share Index Total Return	1.9	25.6	23.4	6.6	1.6	4.5
FTSE 350 High Yield Index Total Return	2.8	25.4	19.3	4.8	-1.9	1.5

** The percentage growth figures are calculated over periods to 30 June 2011 and are total returns. Standard Life Investments was appointed to manage the Standard Life Equity Income Trust in November 2005.

(Source: Standard Life Investments, total 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

4 August 2011

 

END

 

 

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