Interim Management Statement

RNS Number : 4118P

Standard Life Equity Income Tst PLC

18 August 2014

 

Standard Life Equity Income Trust PLC -    

Interim Management Statement ('IMS') - three months to 30 June 2014 (unaudited)

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.

Performance for period(s) ended 30 June 2014 **

	3 months	1 year	2 Years	3 years	4 years	5 years
	%	%	% p.a.	% p.a.	% p.a.	% p.a.
Share Price Total Return	-1.9	19.2	26.2	15.2	17.5	18.2
NAV Total Return	-2.7	17.0	22.4	12.7	17.0	17.5
FTSE All Share Index Total Return	2.2	13.1	15.5	8.9	12.9	14.5
FTSE 350 High Yield Index Total Return	3.2	12.6	14.3	10.5	14.1	14.0

** The percentage growth figures are calculated over periods to 30 June  2014 on a mid to mid basis.

(Source: Standard Life Investments, total returns)

Ten largest equity holdings as at 30 June 2014

	% of Total  Investments
BT	3.9
HSBC	3.9
BP	3.2
Legal & General	2.6
DS Smith	2.6
GKN	2.1
Howden Joinery	2.1
Close Brothers	2.0
International Personal Finance	1.9
Reed Elsevier	1.9
Total	26.2

(Source: Standard Life Investments)

Sector allocation as at 30 June 2014

	% of Net Assets
Financials	37.6
Industrials	24.9
Consumer Services	21.0
Consumer Goods	8.1
Telecommunications	7.8
Oil & Gas	6.6
Basic Materials	3.8
Information Technology	1.2
Utilities	1.1
Net Borrowings	-12.1
Total	100.0

(Source: Standard Life Investments)

General description of Company's financial position and performance as at 30 June 2014

Gross Assets	£192.8 million
Ordinary share price	407.0p
Subscription share price	101.5p
Diluted net asset value^	405.4p
(Discount)/Premium to net asset value	0.4%
Package (Discount)/Premium*	5.4%
Yield (net)	3.2%
Current equity gearing	12.1%

(Source: Standard Life Investments)

^ Diluted NAV including income

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

Note: Past performance is not a guide to future performance. The price of shares and the income from them may go down as well as up and cannot be guaranteed; an investor may receive back less than the original investment.

Material events

The second quarterly dividend of 3.2p per share was paid on 27 June 2014 to those shareholders entered on the share register on 6 June 2014.  The ex-dividend date was 4 June 2014.

In accordance with the requirements of the Alternative Investment Fund Managers Directive ('AIFMD'), the Company appointed Standard Life Investments (Corporate Funds) Limited as its alternative investment fund manager ('AIFM') with effect from 7 July 2014. On that date, the parties entered into a new investment management agreement, which is on the same commercial terms as the previous agreement and is compliant with the new regulatory regime.  As also required by AIFMD, the Company appointed BNP Paribas Securities Services, London Branch as its depositary. This appointment took effect on 7 July 2014 and supersedes the custody agreement previously in place with BNP Paribas Securities Services.

The Board is not aware of any significant events or transactions which have occurred between 30 June 2014 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

Subscription Shares

During the period, notice was given to the holders of the subscription shares stating that they could exercise their subscription rights on 30 June 2014.  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 2014 to 2016.  Following the conversion of 148,506 subscription shares on 30 June 2014 there are 6,817,773 subscription shares in issue at the date of this IMS.

Treasury Shares

During the period, the Company transferred 707,328 new ordinary shares from treasury at a premium to net asset value under its annual non pre-emptive authorities in response to market demand for the Company's shares (see table below):

Transfers from Treasury	Number of Shares
21 May 2014	50,000
17 June 2014	100,000
19 June 2014	50,000
25 June 2014	507,328
Total	707,328

Following these transactions, no ordinary shares remain held in treasury.

Ordinary Shares

Following the transfers from Treasury as detailed above, the Company had 40,357,488 ordinary shares in issue at 30 June 2014.  Following the conversion of the 148,506 subscription shares, (which were allotted at the beginning of July), and as at the date of this IMS, the Company's issued ordinary share capital with voting rights is 40,505,994 ordinary shares. 

Loan Facility

The total amount of the revolving loan facility is £25 million.  The borrowings at the period end were £23 million.   

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 2014 to 30 June 2014 ("the period"), and contains information that covers this period, and up to the date of publication of this IMS, unless otherwise specified.

For Standard Life Equity Income Trust PLC

Maven Capital Partners UK LLP, Secretary

18 August 2014

 

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