Interim Management Statement

RNS Number : 1614A

Midas Income & Growth Trust PLC

18 March 2013

 



Midas Income & Growth Trust PLC

Unaudited Interim Management Statement - 3 months to 31 January 2013

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 2012 to 31 January 2013, 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 13 November 2012 the Company declared a second interim dividend for the year ended 30 April 2013 of 1.30p per Ordinary share which was paid on 14 December 2012 to Ordinary shareholders on the register on 23 November 2012.

On 18 December 2012 the Company published its half yearly report.

On 14 February 2013 the Company declared a third interim dividend for the year ended 30 April 2013 of 1.30p per Ordinary share which was paid on 15 March 2013 to Ordinary shareholders on the register on 22 February 2013.

Ten largest "direct equity" holdings at 31 January 2013

Company	% of total assets
AJ Bell Holdings Limited*	4.5
GlaxoSmithKline plc	2.2
Vodafone plc	2.2
DS Smith plc	2.1
Tesco plc	2.0
AstraZeneca plc	2.0
Centrica plc	2.0
Atkins (WS) plc	1.9
Legal & General plc	1.9
BHP Billiton	1.8

*Unquoted investment

Ten largest "other" holdings at 31 January 2013

Company
Partners Group Global Opportunities	3.5
Royal London Sterling Extra Yield Bond Fund	3.1
Newton Asian Income Fund	2.8
Somerset Emerging Markets Dividend Growth Fund	2.7
Magna Emerging Markets Fund	2.7
Lindsell Train Japanese Equity Fund	2.6
Schroder Unit Trusts Asian Income Maximiser Fund	2.5
Celsius Asian Real Estate Fund	2.4
AXA Framlington US Short Duration High Yield Fund	2.4
Prusik Asian Equity Income Fund	2.4

General description of Company's financial position and performance

	31 January 2013	31 October 2012
Total Gross Assets:	£60.3m	£56.3m
Debt:	£7.0m	£7.0m
Total Net Assets:	£53.3m	£49.3m
Gearing:	13.1%	14.2%
NAV with Income:	133.60p	123.52p
Mid-Market Share Price	121.25p	108.75p
Discount	(9.2)%	(12.0)%
Annual Management Charge on Market Capitalisation:	0.9%	0.9%

Performance Summary

Total Return	For the three month period ended 31 January 2013
Net asset value per share	+9.2%
Ordinary share price	+12.8%
Composite index	+0.9%

The Board is not aware of any significant events or transactions which have occurred between 1 February 2013 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/migt*

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

15 March 2013

 

END

 

 

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