Interim Management Statement

RNS Number : 7891V

Lowland Investment Co PLC

18 January 2012

 



LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

18 JANUARY 2012

LOWLAND INVESTMENT COMPANY PLC

Interim Management Statement
Review of the period from 30 September 2011 to 31 December 2011

The Directors of Lowland Investment Company plc hereby announce the following:

Portfolio:   The problems in the Eurozone have dominated investor thinking. However, companies have generally performed strongly and are cash generative. This is leading to good dividend growth from underlying holdings in the portfolio.

Net Gearing:  At the end of the quarter the Company's net gearing was 13.6% (at 31 September 2011: 14.8%).

Dividends: A second interim dividend, in lieu of a final dividend, of 17.5p per ordinary share was paid on 21 December 2011 to shareholders on the register of members at the close of business on 2 December 2011.  

Share Capital: During the period 30 September 2011 to 31 December 2011 there was no change in the issued share capital of the Company.

Directors: On 18 January 2012 Mr John Hancox retired as Chairman and Mr Peter Troughton became the new Chairman of the Board.

PERFORMANCE AND FINANCIAL HIGHLIGHTS

Financial Position (excluding current financial year revenue items)

(Source: Henderson/Fact Sheet)	at 31 December 2011	at 30 September 2011
Ordinary share price	777.8p	762.5p
Discount	7.1%	6.0%
Gross total assets	£253.2m	£247.7m
Net asset value (cum income)	836.9p	811.0p
Net asset value (ex income)	832.0p	792.8p
Portfolio Gearing (net)	13.6%	14.8%
Yield	3.6%	3.6%
Total Expense Ratio
- excluding the performance fee	0.73%	0.69%
- including the  performance fee	0.97%	1.03%

Performance at 31 December 2011 (total return % change)

	6 months	1 year	3 years	5 years	10 years
Net asset value	-11.2%	-0.4%	97.8%	0.1%	117.2%
Share price	-13.2%	-2.2%	99.4%	-8.9%	111.5%
Benchmark  (FTSE All-Share Index)	-6.2%	-3.5%	43.9%	6.2%	59.5%

(Source: Henderson Global Investors)

- MORE -

THE PORTFOLIO (Source: Henderson/Fact Sheet)

          Top 10 Investments at 31 December 2011      Top 10 Investments at 30 September 2011

	% of Total Assets			% of Total Assets
Carclo	5.8		Carclo	6.2
Senior	5.5		Senior	4.7
Royal Dutch Shell	4.6		Royal Dutch Shell	4.3
GlaxoSmithKline	3.2		GlaxoSmithKline	3.0
Interserve	2.7		Hiscox	2.6
Hiscox	2.6		Interserve	2.6
BP	2.4		Vodafone	2.2
Vodafone	2.4		BP	2.1
Croda	2.2		Croda	2.0
GKN	1.9		Meggitt	1.9
	--------			--------
Top 10 =	33.3		Top 10 =	31.6

Sector Breakdown	% at 31 December 2011	% at 30 September 2011
Industrials	31.7	30.7
Financials	21.3	21.3
Basic Materials	13.8	12.7
Oil & Gas	9.3	9.1
Consumer Goods	8.1	7.8
Consumer Services	6.8	7.4
Health Care	3.9	4.2
Telecommunications	3.0	3.0
Utilities	1.9	3.6
Technology	0.1	0.1
Fixed Interest	0.1	0.1
	---------	---------
Total	100.0	100.0

Lowland Investment Company plc aims to give shareholders a higher than average return with growth of both capital and income over the medium to long term.

The Company's policy is to invest in a broad spread of predominantly UK companies of differing sizes with normally not more than half by value coming from the largest 100 UK companies and the balance from small and medium sized companies.

The Manager is Henderson Global Investors Limited. Further information on the Company, including an up to date NAV and share price information, can be found on the Manager's website at www.itshenderson.com or www.lowlandinvestment.com.

For further information, please contact:

James Henderson                                                          James de Sausmarez

Portfolio Manager                                                         Head of Investment Trusts

Lowland Investment Company plc                                  Henderson Global Investors

Telephone: [phone]                                              Telephone: [phone]

- ENDS -

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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