Interim Management Statement

RNS Number : 2877S

Dunedin Income Growth Inv Tst PLC

17 November 2011

 



Dunedin Income Growth Investment Trust PLC

Interim Management Statement - 3 months ended 31 October 2011

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 2011 to 31 October 2011, 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 mainly in companies listed or quoted in the United Kingdom.

Benchmark

FTSE All-Share Index.

Material events

On 29 September 2011, the Company posted its half yearly report for the six months ended 31 July 2011 to shareholders.  An interim dividend of 3.75p per ordinary share for the year to 31 January 2012 was paid on 17 October 2011 to shareholders on the register at the close of business on 30 September 2011.

Material transactions

There were no share transactions during the 3 month period ended 31 October 2011.  As at 16 November 2011 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 2,971,748.

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 £33.3m.

Twenty largest equity holdings at 31 October 2011

	%
Royal Dutch Shell 'B'	5.3
GlaxoSmithKline	5.0
Vodafone	5.0
British American Tobacco	4.8
Centrica	4.4
BP	3.6
National Grid	3.5
Unilever	3.4
AstraZeneca	3.4
Tesco	3.3
HSBC	3.3
BHP Billiton	3.2
ENI	2.9
Total	2.7
Prudential	2.6
Close Brothers	2.6
Standard Chartered	2.5
Provident Financial	2.5
Aviva	2.5
Pearson	2.4
Total	68.9

Sector allocation as at 31 October 2011

	%
Financials	19.8
Oil & Gas	17.3
Consumer Goods	11.7
Utilities	11.4
Consumer Services	11.2
Health Care	10.2
Industrials	7.1
Telecommunication Services	5.2
Basic Materials	4.3
Technology	1.3
Cash	0.5
Total	100.0

General description of Company's financial position and performance as at 31 October 2011

	£m
Gross Assets	369.8
Short term borrowings	5.0
7 7/8% Debenture Stock 2019	28.6
Actual gearing*	10.0%
Gearing with debt at market value*	11.6%

*Gearing is expressed as a percentage of gross assets, which includes current year revenue, divided by shareholders' funds.

Cumulative Performance %

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/10/2011
Share Price	212.0p	7.6	-2.9	-4.2	9.2	63.2	7.9
NAV	217.7p	7.8	-3.2	-6.0	4.8	56.8	0.6
FTSE All-Share		7.9	-4.6	-7.8	0.6	46.0	8.9

Discrete Performance %

Year Ending	31/10/2011	31/10/2010	31/10/2009	31/10/2008	31/10/2007
Share Price	9.2	23.7	20.8	-39.4	9.1
NAV	4.8	20.4	24.2	-42.2	10.9
FTSE All-Share	0.6	17.5	23.5	-34.4	13.6
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

Other than set out above, the Board is not aware of any significant events or transactions which have occurred between 31 October 2011 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

17 November 2011

 

END

 

 

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