Interim Management Statement

RNS Number : 0610D

Midas Income & Growth Trust PLC

09 September 2008

Midas Income & Growth Trust PLC

Interim Management Statement (unaudited) - 3 months to 31 July 2008

9 September 2008

To the shareholders of Midas Income & Growth 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 May 2008 to 31 July 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

The Company seeks to achieve an absolute return with low volatility through investment in a multi- asset portfolio. This is achieved by investing in a diverse portfolio comprising principally of UK equities and fixed interest securities, together with overseas equities, property, alternative assets and structured products.

The portfolio will ordinarily contain some 50 - 65 holdings, and will target a benchmark of 8% per annum through a combination of high and growing income and additional capital growth. Investment will be made in a combination of direct holdings together with a range of other investment funds where more specialised management skills are necessary.

Benchmark

The Company does not compare its performance to an index, but has instead adopted a target benchmark of 8% per annum.

Material events

On 10 July 2008, the Company posted its Annual Report and Accounts to 30 April 2008, and Notice of Annual General Meeting, to Shareholders. The Company's Annual General Meeting was held at Martin's Building, Water Street, Liverpool at 12.30pm on 9 September 2008.

The Company announced on 19 August 2008 a first interim dividend to Ordinary Shareholders of 1.63p per share for the year ending 30 April 2009. The dividend will be payable on 18 September 2008 to those Shareholders on the register on 29 August 2008, Ex Date 27 August 2008.

During the period 2,076,000 Ordinary shares were purchased in the market for cancellation. Subsequent to the period end there have not been any further Ordinary shares purchased for cancellation. No Warrantholders exercised their annual right to convert their Warrants into Ordinary shares in the period to 31 August 2008.

Earlier today, (9 September 2008) the Company held its Annual General Meeting at which all resolutions were passed. The special business included resolutions to allow the Company to issue shares (up to 10% of the issued share capital without pre-emption); to buy back shares (up to 14.99% of the issued share capital); and, to adopt new Articles of Association.

The Board is not aware of any other significant events or transactions which have occurred between 31 July 2008 and the date of publication of this interim management statement which would have a material impact on the financial position of the trust.

For latest NAV and share price information please refer to the manager's website, www.midascapital.co.uk.

Ten largest 'direct equity' holdings at 31 July 2008

1. A J Bell Holdings Ltd* 4.3

2. BP plc 2.0

3. Royal Dutch Shell plc - B Shares 1.9

4. GlaxoSmithKline plc 1.8

5. National Grid plc 1.8

6. Legal & General Group plc 1.7

7. Rexam plc 1.3

8. HSBC plc 1.3

9. Unilever plc 1.3

10. Jardine Lloyd Thompson plc 1.3

Total 18.7

Top ten holdings overall represent 24.6% of the portfolio

* Unquoted investment

Ten largest 'other' holdings at 31 July 2008

1. Barclays Eurostoxx 50 9% Note 2.7

2. M&G Leveraged Euro Loan Fund 2.5

3. Aberdeen Asian Income Fund 2.3

4. Blackrock Commodities Inc Trust 2.3

5. Merrill Lynch DJ EuroStoxx 8.5% 2.3

6. Protego UK Property Fund 2.1

7. Signet Global Hedge Fund 2.1

8. Resolution Argonaut Euro Inc Fund 2.0

9. Barclays Japanese Income 9.1% 2.0

10. CQS Rig Finance Fund Ltd 1.8

Total 22.1

Source: Aberdeen Asset Managers Ltd

Asset allocation as at 31 July 2008

UK Equities 26.9%

Overseas Equities 18.7%

Fixed Interest 18.9%

Alternative Assets &

Structured Products 23.9%

Property 11.5%

Cash 0.1

Source: Midas Capital Partners Limited

General description of Company's financial position and performance as at 31 July 2008

	£m
Gross Assets	62.9
Debt	6.25
Net Assets	56.7

Potential gearing	11.0%

Capital structure
Ordinary Shares	41,563,950
Warrants	1,934,411

Source: Aberdeen Asset Managers Ltd

Cumulative performance (%)

	as at	3 months	6 months	1 year	2 year	19/08/2005 to Date
	31/07/2008
Share Price	123.8	-10.2	-9.2	-24.5	-17.3	-4.0
NAV	134.7	-9.7	-8.6	-15.9	-4.5	10.5
Index (8% p.a.)		1.9	3.9	8.0	16.0	25.5

Notes:

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

Source: Aberdeen Asset Managers Limited, Fundamental Data and Russell Mellon

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

Dividend calculations are to reinvest as at the ex-dividend date.

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 Midas Income & Growth Trust PLC

Aberdeen Asset Management PLC, Secretary

9 September 2008

This information is provided by RNS

The company news service from the London Stock Exchange

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