Interim Management Statement

RNS Number : 4057A

Standard Life Equity Income Tst PLC

31 January 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 October 2010 to 31 December 2010 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 17 December 2010, a final dividend of 8.65p per ordinary share was declared in respect of the year ended 30 September 2010 which was paid on 21 December 2010 to shareholders on the register as at 3 December 2010.  All other resolutions put to the AGM were approved by shareholders.

At the General Meeting held on 17 December 2010, the Resolution set out in the Notice of the General Meeting contained in the Prospectus dated 19 November 2010 (the "Prospectus") in relation to the Bonus Issue of Subscription Shares, the adoption of New Articles of Association and the approval of all necessary authorisations in connection with such issue was duly passed without amendment.

The Board is not aware of any significant events or transactions which have occurred between 31 December 2010 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.com/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 and the aggregate number of Subscription Shares in issue was 7,585,860.  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 £12.75m of the £15m revolving loan facility.  On 14 January 2011, the remaining £2.25m was drawn down on the facility, taking borrowings up to £15m.

Ten largest equity holdings as at 31 December 2010

	% of Total Assets
HSBC Holdings	6.9
BP	6.0
Vodafone	5.8
Royal Dutch Shell	5.7
GlaxoSmithKline	5.3
Rio Tinto	5.0
Xstrata	3.2
Imperial Tobacco	2.9
British American Tobacco	2.8
Fenner	2.7
Total	46.3

(Source: Standard Life Investments)

Sector allocation as at 31 December 2010

	% of Net Assets
Financials	23.6
Industrials	19.2
Oil & Gas	12.7
Basic Materials	12.0
Utilities	9.4
Consumer Goods	9.2
Consumer Services	9.1
Health Care	7.6
Telecommunications	5.8
Technology	1.3
Net Borrowings	(9.9)
Total	100.0

(Source: Standard Life Investments)

General description of Company's financial position and performance as at 31 December 2010

Gross Assets	£133.4m
Ordinary share price	308.5p
Subscription share price	42.0p
Net asset value	318.6p
Discount/(Premium) to net asset value	3.2%
Package Discount*	0.5%
Yield (net)	3.8%
Current equity gearing	9.9%

(Source: Standard Life Investments)

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

Performance for period (s) ended 31 December 2010**

	3 months	1 year	2 Years	3 years	4 years	5 years
	%	%	% p.a.	% p.a.	% p.a.	% p.a.
Share price	7.6	15.4	16.7	0.3	(1.5)	2.9
NAV	8.8	11.4	17.0	(1.8)	(2.0)	1.5
FTSE All-Share Index	6.8	10.9	17.7	(2.3)	(1.3)	1.5
FTSE 350 High Yield Index	4.9	1.6	7.0	(7.4)	(6.4)	(3.2)

** The percentage growth figures are calculated over periods to 31 December 2010 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

31 January 2011

 

END

 

 

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