Interim Management Statement

RNS Number : 7425K

Investment Company PLC

20 July 2011

 



The Investment Company plc

Interim Management Statement

20^th July 2011

The following statement was made at the Annual General Meeting of the Company;

This statement constitutes the Company's Interim Management Statement for the three months to 30^th June 2011.

As set out in detail in the Chairman's Statement in the Annual Report and Accounts for the year to 31^st March 2011 the Net Asset Value per ordinary share had risen over the previous twelve months from 265.45p to 318.24p.  At the 30^th June 2011 the Net Asset Value per ordinary share was 311.02p.  It should be borne in mind that the Company's portfolio of investments was nearly £12 million at 31^st March and as a result of the gearing of the preference shares and loan notes, a movement of only £187,000 or 1.61% adds or subtracts 10p per share to or from the Net Asset Value per ordinary share.

The Board remains cautiously optimistic in the prospects for the Company's Portfolio, concentrated though it is in financial institutions.  Following the redemption of preference shares amounting to nearly £3 million in Industrial and Commercial enterprises (Delta plc, Dunlop Plantations plc and Coats International plc) the Board is presently finding few opportunities to reinvest in this type of security and thus is not making use of the Company's banking facilities at this time.

Contact:

Stephen Cockburn - Managing Director - 020 7448 4715

 

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