Interim Management Statement

RNS Number : 7135E

Edinburgh New Income Trust plc

30 September 2008

 



Edinburgh New Income Trust plc

Interim Management Statement - 3 months to 31 August 2008

To the members of Edinburgh New Income 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 June 2008 to 31 August 2008, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective and policy

To provide ordinary shareholders with an attractive level of income, together with the potential for capital and income growth and to provide ZDP shareholders with a pre-determined capital entitlement on 31 May 2011 of 141.85p.   

The Company will invest mainly in UK quoted equities selected primarily for their potential, in the opinion of the Investment Manager, to provide an attractive dividend yield and capital appreciation. 

Benchmark

The Company does not have a benchmark, but the portfolio is largely drawn from large, mid and small cap components of the FTSE All-Share Index. 

Material events 

On 15 August 2008, the Company posted its annual report and accounts to 31 May 2008, Notice of Annual General Meeting and Separate Class Meetings to shareholders. The Company's Annual General Meeting and Separate Class Meetings were held on 30 September 2008 and all resolutions were passed.

Material transactions 

A fourth interim dividend of 3.3p per ordinary share was paid to shareholders on 22 August 2008, making a total dividend of 7.2p for the year to 31 May 2008.

A first interim dividend of 1.3p per ordinary share was declared for the year to 31 May 2009 and will be paid on 7 November 2008.

Ten largest equity holdings at 31 August 2008

	%
British American Tobacco	4.6
Royal Dutch Shell 'B'	4.3
BP	3.6
Astrazeneca	3.5
HSBC	3.5
BT	3.3
Centrica	3.2
United Utilities	3.0
Royal Bank of Scotland	3.0
National Grid	2.9
Total	34.9

Sector allocation as at 31 August 2008

	%
Financials	22.1
Consumer Goods	11.6
Industrials	10.2
Oil & Gas	9.7
Utilities	9.1
Consumer Services	8.3
Telecommunications	6.0
Health Care	5.9
Basic Materials	2.2
Cash	14.9
Total	100.0

General description of Company's financial position and performance as at 31 August 2008 (Capital only - excluding undistributed revenue for the period)

	£m
Ordinary shareholder funds	18.3
ZDP shareholder funds	17.5
Gross assets	35.8
Actual gearing (equities/ordinary shareholders funds)	205%

Cumulative performance (%)*

	As at  31 August 2008	3 months	6 months	1 year	3 years
Share Price Ordinary	76.0	-11.5	-12.2	-32.9	-5.6
Share Price ZDP	118.3	-0.6	-1.7	3.1	13.7
NAV Ordinary	85.3	-10.9	-12.7	-31.1	0.0
NAV ZDP	120.9	1.5	3.0	6.0	19.1
FTSE All-Share		-5.9	-2.3	-8.7	19.2

Discrete performance (%)*

Year ending	31/08/2008	31/08/2007	31/08/2006
Share Price Ordinary	-32.9	20.0	17.2
Share Price ZDP	3.1	5.8	4.3
NAV Ordinary	-31.1	13.9	27.6
NAV ZDP	6.0	6.0	6.0
FTSE All-Share	-8.7	11.8	16.8

*Total Return; Net Income Reinvested, GBP
Source: Aberdeen Asset Managers Limited, Factset, Financial Times and Fundamental Data

The Trust continues to be affected by the significant volatility in stockmarkets. Otherwise, the Board is not aware of any significant events or transactions which have occurred between 31 August 2008 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. The Company's NAVs are published daily and are available on the Company's website, www.edinburghnewincome.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 Edinburgh New Income Trust plc

Aberdeen Asset Managers Limited, Secretary

30 September 2008

 

END

 

 

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