Interim Management Statement

RNS Number : 5346F

Dunedin Income Growth Inv Tst PLC

24 May 2013

 



Dunedin Income Growth Investment Trust PLC

Interim Management Statement - 3 months to 30 April 2013

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 2013 to 30 April 2013, 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

On 2 and 8 May 2013, the Company announced that tranches of 100,000 Ordinary shares of 25 pence each were sold at a premium from its Treasury account for cash at a price of 270.125 and 273.25 pence per share respectively.

As at 23 May 2013 the Company's issued ordinary share capital is 150,906,187 (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 2,771,748.

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 £34.7m.

Twenty largest equity holdings at 30 April 2013

	%
GlaxoSmithKline	5.3
Vodafone	5.2
Centrica	4.9
Royal Dutch Shell 'A'	4.7
HSBC	4.4
British American Tobacco	4.3
Unilever	3.7
Tesco	3.4
Prudential	3.4
Unibail-Rodamco	3.1
ENI	2.9
Pearson	2.9
National Grid	2.9
AstraZeneca	2.9
BHP Billiton	2.8
BP	2.8
Roche	2.7
Zurich	2.7
Cobham	2.5
Total	2.3
Total	69.8

Sector allocation as at 30 April 2013

	%
Financials	19.1
Oil & Gas	15.8
Consumer Goods	11.6
Consumer Services	11.2
Health Care	10.8
Utilities	9.3
Industrials	8.5
Telecommunication Services	5.2
Basic Materials	4.6
Technology	2.0
Cash	1.9
Total	100.0

General description of Company's financial position and performance as at 30 April 2013

	£m
Gross Assets	445.2
Short Term Borrowings	5.0
7 7/8% Debenture Stock 2019	28.6
Cash	11.6
Gearing*	5.3
Gearing with debt at market value*	6.9

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

Cumulative Performance %
	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/04/2013
Share Price	275.0p	6.2	11.5	24.0	32.7	64.6	56.5
NAVA	265.0p	1.2	6.0	17.2	23.1	44.9	34.4
FTSE All-Share		0.6	4.3	14.0	17.8	31.3	31.1

Discrete Performance %
Year ending:	30/04/2013	30/04/2012	30/04/2011	30/04/2010	30/04/2009
Share Price	32.7	-0.2	24.4	34.8	-29.5
NAVA	23.1	-1.1	19.0	39.9	-33.7
FTSE All-Share	17.8	-2.0	13.7	36.6	-26.9

Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at par.

^A Excluding current year revenue.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

AGM

The AGM of the Company was held on 23 May 2013. All nine 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 2013 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

24 May 2013

 

END

 

 

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