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

 

END

 

 

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