Replacement Interim Management Statement

RNS Number : 2556E

Edinburgh New Income Trust plc

04 April 2011

 



AMENDMENT

Please note that the announcement released today (4^th April) at 11:51 hrs (RNS No: 2359E) incorrectly showed the third interim payment date as 8 May 2010.  This should read 6 May 2011.

The "Ten Largest Equity Holding" and "Sector Allocation" holdings were incorrect.  Please see attached the updated announcement.  All other information within the announcement remains unchanged.

Edinburgh New Income Trust plc

Interim Management Statement - 3 months to 28 February 2011

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 December 2010 to 28 February 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 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.

At the total assets level gearing has been kept under control by maintaining a cash buffer together with a corporate bond portfolio to generate additional income.

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

In accordance with the Articles of Association, the Directors will convene a general meeting on 31 May 2011 at which a special resolution will be proposed to wind up the Company on a voluntary basis when the Zero Dividend Preference shares fall due for redemption.

The Board is not aware of any significant events or transactions which have occurred between 28 February 2011 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company.

Material transactions

A second interim dividend of 1.3p per ordinary share was paid to shareholders on 18 February 2011.   The Directors declared a 3^rd interim dividend of 1.3p per ordinary share on 31 March 2011, payable on 6 May 2011.

Ten largest equity holdings at 28 February 2011

	%
Royal Dutch Shell 'B'	4.0
British American Tobacco	4.0
Centrica	3.4
Vodafone	3.3
HSBC	3.1
GlaxoSmithKline	2.8
AstraZeneca	2.5
Aviva	2.4
BP	2.4
Prudential	2.4
Total	30.3

Sector allocation as at 28 February 2011

	%
Financials	17.2
Consumer Goods	9.6
Oil & Gas	9.3
Consumer Services	8.1
Fixed Interest	8.1
Utilities	7.5
Industrials	5.7
Health Care	5.3
Basic Materials	3.5
Telecommunication Services	3.3
Technology	1.1
Cash	21.3
Total	100.0

General description of Company's financial position and performance as at 28 February 2011

	£m
Ordinary shareholder funds	13.9
ZDP shareholder funds	21.2
Gross assets	35.1
Actual gearing (equities/ordinary shareholders funds)	177%

Cumulative performance (%)*

	As at 28 February 2011	3 months	6 months	1 year	3 years
Share Price Ordinary (p)	61.5	6.4	19.3	23.8	(5.4)
Share Price ZDP (p)	139.0	0.5	2.0	3.0	15.6
NAV Ordinary (p)	66.6	15.6	28.5	29.4	(9.4)
NAV ZDP (p)	139.8	1.4	2.9	6.0	19.1
FTSE All-Share		9.1	16.5	17.0	15.5

Discrete performance (%)*

Year ending	28/2/11	28/2/10	29/2/09	28/2/08	28/02/2007
Share Price Ordinary	23.8	67.8	(54.4)	(26.5)	20.8
Share Price ZDP	3.0	12.0	0.2	4.1	8.2
NAV Ordinary	29.4	105.9	(66.0)	(22.2)	18.7
NAV ZDP	6.0	6.0	6.0	6.0	6.0
FTSE All-Share	17.0	47.3	(33.0)	(2.7)	11.6

Total Return; NAV to NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limted, Factset and Morningstar

NAV returns based on NAVs excluding income and with debt valued at par

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

4 April 2011

 

END

 

 

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