Interim Management Statement

RNS Number : 8620I

Dunedin Income Growth Inv Tst PLC

25 November 2008

 



Dunedin Income Growth Investment Trust PLC

Interim Management Statement - 3 months to 31 October 2008

To the members of Dunedin Income Growth Investment Trust PLC

This interim management statement 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 interim management statement relates to the period from 1 August 2008 to 31 October 2008, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To achieve growth of income and capital from a portfolio invested predominantly in companies listed or quoted in the United Kingdom.

Benchmark

FTSE All-Share Index.

Material events 

There were no material events during the period under review.

Material transactions 

During the 3 month period to end October 2008 the Company purchased 175,000 ordinary shares of 25p each which are being held in treasury.  There have been no share buybacks during the period 31 October 2008 until 24 November 2008. As at 24 November 2008 the Company's issued ordinary share capital is 150,756,187 (excluding treasury shares) and 153,677,935 (including treasury shares) ordinary shares of 25p each. The number of ordinary shares of 25p held in treasury is 2,921,748.

The borrowings at the period end were £43.6m represented by £15m of the variable rate loan facility and £28.6m of the 7 7/8% debenture stock 2019, when valued at par. The market value of the debenture was £33.9m.

Twenty largest equity holdings at 31 October 2008

		%
BP		5.7
Royal Dutch Shell 'B'		5.5
GlaxoSmithKline		4.8
AstraZeneca		4.4
HSBC		4.3
British American Tobacco		4.1
Vodafone		3.8
Centrica		3.7
National Grid		3.6
BT		2.4
Morrison		2.3
Arriva		2.2
Unilever		2.1
Total		2.0
ENI		2.0
Aviva		2.0
Anglo American		1.8
Cobham		1.8
Amec		1.7
United Utilities		1.6
		________
Total		61.8
		________

  Sector allocation as at 31 October 2008

		%
Financials		20.8
Consumer Goods		18.4
Consumer Services		12.5
Oil & Gas		11.8
Industrials		9.3
Health Care		9.1
Utilities		8.8
Telecommunications		6.3
Basic Materials		3.7
Cash		-0.7
		________
Total		100.0
		________

General description of Company's financial position and performance as at 31 October 2008

	£m
Gross Assets	288.2
Short term borrowings	15.0
7.875% Debenture 2019	28.6
Actual gearing	17.8%

Cumulative Performance %*
	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/10/2008
Share Price	153.0p	-9.5	-18.5	-30.6	-39.4	-12.5	10.7
NAV	162.3p	-15.8	-23.2	-33.8	-42.2	-19.0	1.2
FTSE All-Share		-11.9	-19.7	-28.2	-34.4	-9.3	21.3

Discrete Performance %*
	31/10/2008	31/10/2007	31/10/2006	31/10/2005	31/10/2004
Share Price	-39.4	9.1	32.3	18.3	6.9
NAV	-42.2	10.9	26.2	10.3	13.3
FTSE All-Share	-34.4	13.6	21.7	19.8	11.6
*Total Return, Net Income Reinvested, GBP
Source: Aberdeen Asset Managers Limited, Factset and Fundamental Data
NAV returns based on NAVs excluding income and with debt valued at par
The £40m 11.5% 2016 debenture stock was redeemed in August 2005, at a premium over par value of £22.8m

The Board is not aware of any significant events or transactions which have occurred between 31 October 2008 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, 
www.dunedinincomegrowth.co.uk.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.

For Dunedin Income Growth Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

25 November 2008

 

END

 

 

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