Interim Management Statement

RNS Number : 1281W

Dunedin Income Growth Inv Tst PLC

12 November 2010

 



Dunedin Income Growth Investment Trust PLC

Interim Management Statement - 3 months ended 31 October 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 August 2010 to 31 October 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

On 11 November 2010, the Company in accordance with the statement made by the Chairman in the half yearly report ended 31 July 2010, announced that it intends to seek shareholder approval at a general meeting convened for 7 December 2010 for an amendment to the Company's investment policy in order that the Company may invest up to 20 per cent. of its gross assets in overseas companies (but in all other respects in accordance with its current stated investment policy).

On 1 October 2010, the Company posted its half yearly report for the six months ended 31 July 2010 to shareholders.  An interim dividend of 3.75p per ordinary share for the year to 31 January 2011 was paid on 8 October 2010 to shareholders on the register at the close of business on 1 October 2010.

Material transactions

There were no share transactions during the 3 month period ended 31 October 2009.  As at 11 November 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 £33.6m represented by £5.0m 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 £32.5m.

Twenty largest equity holdings at 31 October 2010

	%
Royal Dutch Shell	5.0
Vodafone	5.0
British American Tobacco	4.8
Centrica	4.5
GlaxoSmithKline	3.8
HSBC	3.6
AstraZeneca	3.5
National Grid	3.4
BP	3.3
Aviva	3.0
BHP Billiton	3.0
Close Bros Group	2.8
Standard Chartered	2.8
Prudential	2.7
Provident Financial	2.7
Total	2.6
ENI	2.5
Unilever	2.3
AMEC	2.1
Rolls Royce Group	2.1
Total	65.5

Sector allocation as at 31 October 2010

		%
Financials		22.0
Oil & Gas		16.9
Consumer Goods		11.5
Utilities		10.6
Consumer Services		9.6
Health Care		8.7
Industrials		6.7
Basic Materials		5.6
Telecommunication Services		5.3
Cash		3.1
Total		100.0

General description of Company's financial position and performance as at 31 October 2010

	£m
Gross Assets	361.4
Short term borrowings	5.0
7.875% Debenture 2019	28.6
Actual gearing	10.3%

Cumulative Performance %

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/10/2010
Share Price	203.5p	0.7	7.9	9.1	23.7	-9.4	30.7
NAV	217.5p	2.8	12.5	6.8	20.4	-13.5	21.1
FTSE All-Share		2.5	9.0	4.2	17.5	-4.8	31.6

Discrete Performance %

Year ending	31/10/2010	31/10/2009	31/10/2008	31/10/2007	31/10/2006
Share Price	23.7	20.8	-39.4	9.1	32.3
NAV	20.4	24.2	-42.2	10.9	26.2
FTSE All-Share	17.5	23.5	-34.4	13.6	21.7

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

Other than set out above, the Board is not aware of any significant events or transactions which have occurred between 31 October 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 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

12 November 2010

 

END

 

 

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