Interim Management Statement

RNS Number : 3637R

Dunedin Income Growth Inv Tst PLC

16 November 2012

 



Dunedin Income Growth Investment Trust PLC

Interim Management Statement - 3 months ended 31 October 2012

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 2012 to 31 October 2012, 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 1 October 2012, the Company posted its half yearly report for the six months ended 31 July 2012 to shareholders. 

On 25 July 2012 the Board declared a first interim dividend in respect of the year ending 31 January 2013 of 2.5p per share which was payable on 31 August 2012 to shareholders on the register on 10 August 2012, ex dividend date 8 August 2012.

On 9 October 2012 the Board declared a second interim dividend in respect of the year ending 31 January 2013 of 2.5p per share which was payable on 30 November 2012 to shareholders on the register on 9 November 2012, ex dividend date 7 November 2012.

These were the first and second quarterly dividends paid by the Company following the change in frequency of dividends from half yearly to quarterly since the start of the financial year.

Material transactions

There were no share transactions during the 3 month period ended 31 October 2012.  As at 16 November 2012 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 £35.0m.

Twenty largest equity holdings at 31 October 2012

	£
GlaxoSmithKline	5.0
Royal Dutch Shell 'A'	4.9
Centrica	4.8
British American Tobacco	4.6
Vodafone	4.6
HSBC	4.3
Unilever	3.9
BHP Billiton	3.9
Tesco	3.4
Prudential	3.3
BP	3.2
ENI	3.1
Unibail-Rodamco	2.9
National Grid	2.9
AstraZeneca	2.8
Pearson	2.7
Standard Chartered	2.7
Total	2.5
Roche Holdings	2.3
Cobham	2.2
Total	70.0

Sector allocation as at 31 October 2012

Financials	20.0
Oil & Gas	17.4
Consumer Goods	12.0
Consumer Services	10.5
Health Care	10.0
Utilities	9.1
Industrials	7.7
Basic Materials	5.7
Telecommunication Services	4.6
Technology	1.8
Cash	1.2
Total	100.0

General description of Company's financial position and performance as at 31 October 2012

	£m
Gross Assets	392.4
Short term borrowings	5.0
7 7/8% Debenture Stock 2019	28.6
Actual gearing*	9.4%
Gearing with debt at market value*	11.4%

*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
	31/10/2012
Share Price	226.5p	-0.1	2.6	7.0	11.4	50.5	10.2
NAVA	230.8p	0.7	1.4	5.0	10.4	39.4	0.2
FTSE All-Share		1.0	4.4	3.3	9.8	29.8	5.2

Discrete Performance %

Year Ending	31/10/2012	31/10/2011	31/10/2010	31/10/2009	31/10/2008
Share Price	11.4	9.2	23.7	20.8	-39.4
NAVA	10.4	4.8	20.4	24.2	-42.2
FTSE All-Share	9.8	0.6	17.5	23.5	-34.4

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.

AExcluding current year revenue.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

Other than set out above, the Board is not aware of any significant events or transactions which have occurred between 31 October 2012 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

16 November 2012

 

END

 

 

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