Interim Management Statement

RNS Number : 3628J

Standard Life Equity Income Tst PLC

06 August 2012

 

Standard Life Equity Income Trust PLC - Interim Management Statement ('IMS')

To the members of Standard Life Equity Income Trust PLC

This IMS 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 IMS relates to the period from 1 April 2012 to 30 June 2012 and contains information that covers this period, and up to the date of publication of this IMS, unless otherwise specified.

Investment objective

The objective of Standard Life Equity Income Trust PLC is to provide shareholders with an above average income from their equity investment while also providing real growth in capital and income.

Benchmark

FTSE All-Share Index.

Material events

An interim dividend of 3.75p per share was paid on 22 June 2012 to those shareholders entered in the share register on 8 June 2012.  The ex-dividend date was 6 June 2012.

The Board is not aware of any significant events or transactions which have occurred between 30 June 2012 and the date of publication of this IMS which would have a material impact on the financial position of the Company. For the Manager's latest Investment Review & Outlook, please refer to the Quarterly Factsheet which may be found, together with other useful information, on the Manager's Investment Trusts' website (www.standardlifeinvestments.co.uk/its).

Material transactions

During the period, notice was sent to the holders of the subscription shares stating that they could exercise their subscription rights on 30 June 2012.  If holders of subscription shares chose not to exercise their rights on this occasion, they still have the right to subscribe at 320p on the last business day of December 2012 and on the last day of June and December in any of the years 2013 to 2016.  Following the conversion of 3,152 subscription shares on 30 June 2012 there are 7,557,134 subscription shares in issue.

As at the date of this IMS, the Company's issued ordinary share capital with voting rights was 37,959,305 ordinary shares (excluding treasury shares) and 39,766,633 (including treasury shares) ordinary shares.  The number of ordinary shares held in treasury was 1,807,328 as at the date of this IMS.

The borrowings at the period end were £15m of the £20m revolving loan facility.

Ten largest equity holdings as at 30 June 2012

	% of Total Investments
GlaxoSmithKline Royal Dutch Shell HSBC Holdings Vodafone BP Rio Tinto British American Tobacco BT Imperial Tobacco Smith (DS)	6.1 5.8 5.7 5.5 4.7 3.7 3.3 2.6 2.4 2.4
Total	42.2

(Source: Standard Life Investments)

Sector allocation as at 30 June 2012

	% of Net Assets
Financials	25.0
Industrials	18.4
Oil & Gas	14.3
Consumer Services	12.0
Healthcare	10.1
Telecommunications	10.1
Consumer Goods	8.7
Utilities	6.5
Basic Materials	5.3
Technology	0.2
Net Borrowings	-10.6
Total	100.0

(Source: Standard Life Investments)

General description of Company's financial position and performance as at 30 June 2012

Gross Assets	£125.0m
Ordinary share price	277.1p
Subscription share price	19.0p
Net asset value^	296.2p
(Discount) /Premium to net asset value	-6.4%
Package (Discount)/Premium*	-5.2%
Yield (net)	4.5%
Current equity gearing	10.6%

(Source: Standard Life Investments)

^ NAV including income

* Based on 1 Ordinary Share and 1/5 Subscription Share

Performance for period(s) ended 30 June 2012 **

	3 months	1 year	2 Years	3 years	4 years	5 years
	%	%	% p.a.	% p.a.	% p.a.	% p.a.
Share Price Total Return	-1.1	-4.1	9.4	13.1	6.0	1.7
NAV Total Return	-2.7	-4.5	11.8	14.3	4.3	0.2
FTSE All Share Index Total Return	-2.6	-3.1	10.3	13.8	4.1	0.4
FTSE 350 High Yield Index Total Return	0.9	3.4	13.9	13.8	4.4	-0.9

** The percentage growth figures are calculated over periods to 30 June 2012 on a mid to mid basis. Standard Life Investments was appointed to manage the Standard Life Equity Income Trust in November 2005.

(Source: Standard Life Investments, total returns)

Note: Past performance is not a guide to future performance. The price of shares and the income from them may go down as well as up and cannot be guaranteed; an investor may receive back less than the original investment.

For Standard Life Equity Income Trust PLC

Maven Capital Partners UK LLP, Secretary

6 August 2012

 

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