Edinburgh New Income Trust plc
26 March 2008
Edinburgh New Income Trust plc
Interim Management Statement - 3 months to 29 February 2008
To the members of Edinburgh New 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 December 2007 to
29 February 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 and policy
To provide ordinary shareholders with an attractive level of income, together
with the potential for capital and income growth and to provide ZDP shareholders
with a pre-determined capital entitlement on 31 May 2011 of 141.85p.
The Company will invest mainly in UK quoted equities selected primarily for
their potential, in the opinion of the Investment Manager, to provide an
attractive dividend yield and capital appreciation.
Benchmark
The Company does not have a benchmark, but the portfolio is largely drawn from
large, mid and small cap components of the FTSE All-Share Index.
Material transactions
A second interim dividend of 1.3p per ordinary share was declared for the year
to 31 May 2008 and paid on 15 February 2008.
Ten largest equity holdings at 29 February 2008
%
British American Tobacco 4.6
BT 4.0
Royal Dutch Shell 'B' 3.6
United Utilities 3.5
Lloyds TSB 3.5
BP 3.4
Barclays 3.2
HSBC 3.1
Centrica 2.9
Royal Bank of Scotland 2.8
Total 34.6
Sector allocation as at 29 February 2008
%
Financials 24.2
Industrials 14.1
Consumer Goods 10.9
Oil & Gas 9.0
Consumer Services 8.9
Utilities 8.8
Telecommunications 6.7
Health Care 3.9
Basic Materials 3.0
Total 100.0
General description of Company's financial position and performance as at 29
February 2008 (Capital only - excluding undistributed revenue for the period)
£m
Ordinary shareholder funds 20.9
ZDP shareholder funds 17.8
Gross assets 38.7
Actual gearing (equities/ordinary shareholders funds) 167%
Cumulative performance (%)*
As at 3 months 6 months 1 year 3 years
29 February 2008
Share Price Ordinary 92.5 -16.1 -23.6 -26.5 n/a
Share Price ZDP 120.3 2.6 4.8 4.1 n/a
NAV Ordinary 102.0 -16.6 -21.8 -22.8 n/a
NAV ZDP 117.4 1.5 3.0 6.0 n/a
FTSE All-Share -7.7 -6.5 -2.7 n/a
Discrete performance (%)*
Year ending 29/2/08 29/2/07 29/2/06
Share Price Ordinary -26.5 20.8 n/a
Share Price ZDP 4.1 8.2 n/a
NAV Ordinary -22.8 18.6 n/a
NAV ZDP 6.0 6.0 n/a
FTSE All-Share -2.7 11.6 n/a
*Total Return; Net Income Reinvested, GBP
Source: Aberdeen Asset Managers Limited, Factset, Financial Times and Fundamental Data
The Board is not aware of any significant events or transactions which have
occurred between 29 February 2008 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.edinburghnewincome.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 Edinburgh New Income Trust plc
Aberdeen Asset Management PLC, Secretary
26 March 2008
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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