Interim Management Statement

RNS Number : 6227C

Dunedin Income Growth Inv Tst PLC

17 November 2009

 



Dunedin Income Growth Investment Trust PLC

Interim Management Statement - 3 months ended 31 October 2009

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 2009 to 31 October 2009, 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 31 October 2009.  As at 16 November 2009 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 £32.5m.

Twenty largest equity holdings at 31 October 2009

	%
Royal Dutch Shell 'B'	5.3
HSBC	5.0
BP	4.9
British American Tobacco	4.5
Vodafone	4.2
Centrica	4.0
AstraZeneca	3.8
GlaxoSmithKline	3.4
National Grid	3.3
Standard Chartered	3.0
Prudential	2.6
BHP Billiton	2.5
Unilever	2.4
Aviva	2.3
AMEC	2.0
Cobham	1.9
ENI	1.9
Rolls Royce	1.9
Weir	1.9
Total	1.8
Total	62.6

  Sector allocation as at 31 October 2009

	%
Financials	21.0
Oil & Gas	16.6
Consumer Services	14.3
Consumer Goods	12.7
Health Care	8.9
Utilities	8.4
Industrials	7.7
Basic Materials	5.1
Telecommunication Services	4.7
Cash	0.6
Total	100.0

General description of Company's financial position and performance as at 31 October 2009

	£m
Gross Assets	315.6
Short term borrowings	1.5
7.875% Debenture 2019	28.6
Actual gearing	10.5%

Cumulative Performance %

	as at	1 month	3 months	6 months	1 year	3 years	5 years*
	31/10/2009
Share Price	173.2	-1.6	10.9	18.9	20.8	-20.1	25.1
NAV	189.4	-2.0	13.4	24.1	24.2	-20.3	11.0
FTSE All-Share		-1.8	10.7	21.2	23.5	-7.9	34.2

Discrete Performance %

	31/10/2009	31/10/2008	31/10/2007	31/10/2006	31/10/2005
Share Price	20.8	-39.4	9.1	32.3	18.3
NAV	24.2	-42.2	10.9	26.2	10.3
FTSE All-Share	23.5	-34.4	13.6	21.7	19.8

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 2009 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

17 November 2009

 

END

 

 

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