Interim Management Statement

RNS Number : 2869B

Murray Income Trust PLC

23 October 2009

 



Murray Income Trust PLC

Interim Management Statement - 3 months to 30 September 2009

To the members of Murray 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 July 2009 to 30 September 2009, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To achieve a high and growing income combined with capital growth through investment in a portfolio of UK equities.

Benchmark

FTSE All-Share Index.

Material events from 1 July to 23 October 2009

On 25 September 2009, the Company posted its annual report and accounts to 30 June 2009, and Notice of Annual General Meeting, to shareholders. The Company's Annual General Meeting will be held at the Glasgow Royal Concert Hall, 2 Sauchiehall Street, Glasgow G2 3NY at 12.30 pm on 27 October 2009.

Material transactions from 1 July to 23 October 2009

The Company has extended its existing revolving loan facility of £25 million to £45 million, to follow on from its £35 million loan facility, which expired on 1 October 2009. The £45 million loan facility expires on 30 September 2010. On 28 July 2009, the Company took out a put option, which protects approximately 10% of the portfolio at a strike level of 4000 for the FTSE 100 Index until 18 December 2009. At 21 October 2009, the value of the option represented 0.01% of the Company's Gross Assets.

Twenty largest equity holdings at 30 September 2009

	% of net assets
BP B	6.0
HSBC	5.7
Royal Dutch Shell 'B'	5.5
AstraZeneca	4.7
Vodafone	4.6
British American Tobacco B	4.4
Centrica	4.4
GlaxoSmithKline	4.2
National Grid	3.8
Aviva	2.8
Tesco	2.8
Unilever	2.8
Whitbread	2.6
Associated British Foods	2.3
Daily Mail and General Trust	2.3
Millenium & Copthorne Hotels	2.3
Wm Morrison Supermarkets	2.3
Provident Financial	2.2
Standard Chartered	2.2
AMEC	2.1
Total	70.0
Total number of investments	42

B     Consolidates the equity and reverse convertible holdings in the same underlying security

Sector allocation as at 30 September 2009

	%
Financials	20.9
Consumer Services	16.8
Consumer Goods	13.3
Oil & Gas	13.0
Healthcare	8.5
Utilities	7.8
Industrials	7.6
Telecommunications	4.4
Basic Materials	3.3
Cash	4.5
Total	100.0

General description of Company's financial position and performance as at 30 September 2008

	£m
Gross Assets	388.7
Short term borrowings	35.0
Gearing	10.0%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/09/2009
Share Price	517.5p	2.2	19.8	36.1	8.4	-9.9	40.7
NAV A	546.8p	6.5	25.6	41.3	8.1	-12.0	30.4
FTSE All-Share		4.7	22.4	35.7	10.8	-3.4	38.4

Discrete performance (%)

Year ending	30/09/2009	30/09/2008	30/09/2007	30/09/2006	30/09/2005
Share Price	8.4	-23.8	9.1	16.1	34.6
NAV A	8.1	-25.6	9.4	16.2	27.5
FTSE All-Share	10.8	-22.3	12.2	14.7	24.9

Total Return; NAV to NAV net income reinvested. GBP. Share price total return is on a mid-to-mid basis. 

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at par.

Source: Aberdeen Asset Managers Limited, Factset Times and Fundamental Data.

A Excluding current year revenue.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 30 September 2009 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.murray-income.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 Murray Income Trust PLC

Aberdeen Asset Management PLC, Secretary

23 October 2009

 

END

 

 

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