Interim Management Statement

RNS Number : 2009X

Standard Life Equity Income Tst PLC

10 February 2012

 



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 2011 to 31 December 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

Following shareholder approval at the Annual General Meeting ("AGM") on 15 December 2011, a final dividend of 8.85p per ordinary share was declared in respect of the year ended 30 September 2011 which was paid on 21 December 2011 to shareholders on the register as at 25 November 2011.  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 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.com/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 December 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 2012 to 2016.  Following the conversion of 2,095 subscription shares on 30 December 2011 there are 7,560,286 subscription shares in issue.

As at the date of this IMS, the Company's issued ordinary share capital with voting rights was 37,956,153 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 31 December 2011

	% of Total Assets
Royal Dutch Shell	8.0
GlaxoSmithKline	6.3
Vodafone	6.3
BP	5.2
HSBC Holdings	5.1
Imperial Tobacco	3.5
Rio Tinto	3.5
British American Tobacco	3.1
AstraZeneca	2.3
BT	2.0
Total	45.3

(Source: Standard Life Investments)

Sector allocation as at 31 December 2011

	% of Net Assets
Industrials	20.0
Financials	20.0
Oil & Gas	17.3
Consumer Services	11.0
Health Care	10.6
Telecommunications	10.3
Consumer Goods	9.4
Utilities	7.9
Basic Materials	6.6
Technology	0.1
Net Borrowings	(13.2)

(Source: Standard Life Investments)

General description of Company's financial position and performance as at 31 December 2011

Gross Assets	£121.4m
Ordinary share price	262.5p
Subscription share price	19.0p
Net asset value	283.2p
(Discount)/Premium to net asset value	(7.3%)
Package Discount*	(6.0%)
Yield (net)	4.7%
Current equity gearing	13.2%

(Source: Standard Life Investments)

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

Performance for period (s) ended 31 December 2011**

	3 months	1 year	2 Years	3 years	4 years	5 years
Total return	%	%	% p.a.	% p.a.	% p.a.	% p.a.
Share price	(1.7)	(10.9)	3.5	9.7	0.7	(0.1)
NAV	11.0	(7.5)	3.5	11.1	(0.1)	0.0
FTSE All-Share Index	8.4	(3.5)	5.1	12.9	0.2	1.2
FTSE 350 High Yield Index	9.2	5.5	5.8	10.0	(0.6)	(0.2)

** The percentage growth figures are calculated over periods to 31 December 2011 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, 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

10 February 2012

 

END

 

 

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