Interim Management Statement

RNS Number : 7120C

Midas Income & Growth Trust PLC

19 March 2014

 

Midas Income & Growth Trust PLC

Unaudited Interim Management Statement - 3 months to 31 January 2014

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 November 2013 to 31 January 2014, 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's investment objective is to seek to outperform 3-month LIBOR plus 3.0 per cent. over the longer term, with low volatility and the prospect of capital and income growth, through investment in a multi-asset portfolio.  The Directors intend to measure the Company's performance based on rolling three-year periods.

Benchmark

The Company does not compare its performance to an index, but has instead adopted a target benchmark of seeking to outperform 3-month LIBOR plus 3.0 per cent. over the longer term.

Material Events

On 14 November 2013 the Company declared a second interim dividend for the year ended 30 April 2014 of 1.34p per Ordinary share which was paid on 13 December 2013 to Ordinary shareholders on the register on 22 November 2013.

On 17 December 2013 the Company published its half yearly report.

On 24 January 2014 the Company announced that Miton Group plc, the parent of the Company's Liverpool based investment manager Miton Capital Partners Limited, had agreed, subject to FCA approval, to sell Miton Capital Partners Limited's business to Seneca Investment Managers Limited.

On 13 February 2014 the Company declared a third interim dividend for the year ended 30 April 2014 of 1.34p per Ordinary share which was paid on 14 March 2014 to Ordinary shareholders on the register on 21 February 2014.

Ten largest "direct equity" holdings at 31 January 2014

Company
AJ Bell Holdings Limited*	4.3
Phoenix Group plc	2.3
National Express Group plc	2.3
Royal Dutch Shell	2.2
Kier Group plc	2.1
Amlin plc	2.1
Vodafone plc	2.0
GlaxoSmithKline plc	2.0
Segro plc	2.0
Standard Chartered	1.9

*Unquoted investment

Ten largest "other" holdings at 31 January 2014

Company
Lindsell Train Japanese Equity Fund	2.9
Royal London Short Duration Global High Yield Bond	2.7
Royal London Sterling Extra Yield Bond Fund	2.5
Blackrock World Mining Trust	2.5
AXA US Short Duration High Yield Bond Fund	2.4
Newton Asian Income Fund	2.4
Partners Group Global Opportunities	2.3
Prusik Asian Equity Income Fund	2.3
Somerset Emerging Markets Dividend Growth Fund	2.3
Magna Emerging Markets Dividend Fund	2.2

General description of Company's financial position and performance

	31 January 2014	31 October 2013
Total Gross Assets:	£62.9m	£65.2m
Debt:	£7.0m	£7.0m
Total Net Assets:	£55.9m	£58.2m
Gearing+:	8.5%	11.0%
NAV with Income:	140.22p	145.90p
Mid-Market Share Price	132.50p	131.38p
Discount	(5.5)%	(10.0)%
Annual Management Charge on Market Capitalisation:	0.9%	0.9%

+ Gearing = company's debt less cash / shareholders' funds

Performance Summary

Total Return	For the three month period ended 31 January 2014
Net asset value per share	-3.1%
Ordinary share price	+1.9%
Benchmark index	+0.9%

The Board is not aware of any significant events or transactions which have occurred between 1 February 2014 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company other than noted above.  For the latest performance information, please refer to the Company's website, www.mitongroup.com/index.php/private/fund-pages/investment-trusts/midas-income-and-growth-trust-plc/*

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 that amount they originally invested.

*Neither the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other vehicle) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Midas Income & Growth Trust PLC

R&H Fund Services Limited, Secretary

19 March 2014

 

END

 

 

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