Interim Management Statement

RNS Number : 1146H

Dunedin Income Growth Inv Tst PLC

23 May 2011

 



Dunedin Income Growth Investment Trust PLC

Interim Management Statement - 3 months to 30 April 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 February 2011 to 30 April 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

There were no material events during the period under review.

Material transactions

There were no share transactions during the 3 month period ended April 2011.  As at 20 May 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 2,921,748.

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 £33.0m.

Twenty largest equity holdings at 30 April 2011

	%
Royal Dutch Shell 'B'	5.3
British American Tobacco	4.9
Vodafone	4.6
Centrica	4.3
GlaxoSmithKline	4.3
BP	3.3
National Grid	3.2
HSBC	3.1
ENI	3.1
AstraZeneca	3.1
Aviva	3.0
BHP Billiton	2.7
Prudential	2.7
Close Brothers	2.7
Unilever	2.7
Total	2.7
Standard Chartered	2.7
Provident Financial	2.4
Pearson	2.2
Tesco	2.0
Total	65.0

Sector allocation as at 30 April 2011

	%
Financials	22.9
Oil & Gas	17.7
Consumer Goods	11.3
Utilities	10.8
Consumer Services	9.5
Health Care	8.6
Industrials	6.1
Basic Materials	5.1
Telecommunication Services	4.8
Cash	3.2
Total	100.0

General description of Company's financial position and performance as at 30 April 2011

	£m
Gross Assets	394.0
Short Term Borrowings	5.0
7 7/8% Debenture Stock 2019	28.6
Actual gearing	9.3%

Cumulative Performance %
	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/04/2011
Share Price	225.5p	3.2	7.4	14.0	24.4	18.2	23.2
NAV	235.8p	6.3	8.4	11.5	19.0	10.4	13.3
FTSE All-Share		3.1	4.7	9.1	13.7	13.6	22.4

Discrete Performance %
Year ending:	30/04/2011	30/04/2010	30/04/2009	30/04/2008	30/04/2007
Share Price	24.4	34.8	-29.5	-13.8	20.8
NAV	19.0	39.9	-33.7	-13.3	18.5
FTSE All-Share	13.7	36.6	-26.9	-4.3	12.7
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 Annual AGM of the Company was held on the 23 May 2011. All twelve proposed resolutions were passed by the shareholders.

Other than set out above, the Board is not aware of any significant events or transactions which have occurred between 30 April 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

23 May 2011

 

END

 

 

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