Performance and Fund Manager Update

RNS Number : 7865B

F&C UK High Income Trust PLC

06 April 2017

 

To:           RNS

From:       F&C UK High Income Trust plc

Date:        6 April 2017

F&C UK High Income Trust plc

Performance update

·    F&C UK High Income Trust plc (the "Company") outperforms its benchmark index over the five year performance hurdle period from 1 April 2012 to 31 March 2017.

Over the five year period from 1 April 2012 to 31 March 2017, the Company has outperformed its benchmark index. The net asset value per share total return* performance of the Company has been +62.1 per cent which compares favourably with the +60.2 per cent total return from the benchmark FTSE All-Share Capped 5% Index.

Under the Company's constitution, this outperformance means that there will not be a vote at the 2017 annual general meeting on whether the Company should continue.

As the Company is intended as a long-term investment vehicle, it does not have a fixed life. However, in the event that the performance of the Company had been behind that of the benchmark index over the relevant five year period then the Company's constitution provides that shareholders would have had the opportunity to vote on whether the Company continues.

The next such five year period will run from 1 April 2017 to 31 March 2022.

Fund Manager update

Since launch in 2007, Rodger McNair has been the Company's Fund Manager at F&C Investment Business Limited ("F&C"). Having successfully achieved the performance hurdle, Rodger has indicated his intention to step down from this role and he will leave F&C later this year.  The Board is pleased to announce that Philip Webster will become Fund Manager of the Company with immediate effect.  Philip has worked closely with Rodger since joining F&C from Aberdeen Asset Management in 2016. He is a senior member of the F&C investment team with 11 years' experience in managing investment companies. The Board believes that he is very well suited to the role and therefore to continue the delivery of strong investment performance for the Company.

* unaudited

For further information contact:

Ian Ridge, 

F&C Investment Business Limited

Company Secretary             

Tel: [phone]

 

END

 

 

MSCLIFEDSFIRIID