Interim Management Statement

RNS Number : 2650M
Dunedin Income Growth Inv Tst PLC
20 May 2010
 



Dunedin Income Growth Investment Trust PLC

Interim Management Statement - 3 months to 30 April 2010

 

 

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 February 2010 to 19 May 2010, 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

There were no share transactions during the 3 month period ended April 2010.  As at 19 May 2010 the Company's issued ordinary share capital is 150,706,187 (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 £30.1m represented by £1.5m 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 £32.8m.

 

 

Twenty largest equity holdings at 30 April 2010

 


%

Royal Dutch Shell 'B'

5.3

Vodafone

4.6

BP

4.5

Centrica

4.5

British American Tobacco

4.4

HSBC

4.3

AstraZeneca

3.7

National Grid

3.5

GlaxoSmithKline

3.4

Standard Chartered

3.2

Prudential       

2.9

BHP Billiton

2.9

Provident Financial

2.6

Aviva        

2.5

Unilever

2.4

Arriva

2.2

Close Bros Group

2.0

Rolls Royce      

2.0

Whitbread

1.9

Land Securities Group

1.9

Total

64.7

 



Sector allocation as at 30 April 2010

 

 


%

Financials

21.2

Oil & Gas

16.6

Consumer Services

13.7

Consumer Goods

11.8

Utilities

9.3

Health Care

8.3

Industrials

7.7

Basic Materials

5.9

Telecommunication Services

4.7

Cash

0.8

Total

100.0

 

General description of Company's financial position and performance as at 30 April 2010

 


£m

Gross Assets

342.5

Short term borrowings

1.5

7.875% Debenture 2019

28.6



Actual gearing %

11.0

 

Cumulative Performance %


as at

1 month

3 months

6 months

1 year

3 years

5 years*


30/04/2010







Share Price

190.0

1.0

10.9

13.4

34.8

-18.0

26.7

NAV

207.3

0.9

8.4

12.7

39.9

-19.7

17.3

FTSE All-Share


-1.4

8.8

12.7

36.6

-4.4

42.5

 

Discrete Performance %

 Year ending:

30/04/2010

30/04/2009

30/04/2008

30/04/2007

30/04/2006

Share Price

34.8

-29.5

-13.8

20.8

27.9

NAV

39.9

-33.7

-13.3

18.5

23.3

FTSE All-Share

36.6

-26.9

-4.3

12.7

32.4







Total Return, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

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 Annual AGM of the Company was held on the 19 May 2010. All eleven proposed resolutions were passed by the shareholders.

 

The Board is not aware of any significant events or transactions which have occurred between 30 April 2010 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

20 May 2010


This information is provided by RNS
The company news service from the London Stock Exchange
 
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