Interim Management Statement

RNS Number : 6212I

Troy Income & Growth Trust Plc

26 July 2012

 



Troy Income & Growth Trust plc

Interim Management Statement - 3 months to 30 June 2012

To the members of Troy 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 April 2012 to 30 June 2012, 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 provide shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities.

Benchmark

FTSE All-Share Index Total Return

Material events

The Company paid on 27 April 2012 a second interim dividend for the year ending 30 September 2012 of 0.5p per share to shareholders on the register at close of business on 10 April 2012. The Company announced a third interim dividend for the year ending 30 September 2012 of 0.5p per share, payable on 27 July 2012 to those on the register at the close of business on 6 July 2012. It is the Directors' intention, barring unforeseen circumstances, that the Company will pay two dividends of 0.525p per share in aggregate for the quarter to 30 September 2012. It is anticipated that these dividends will be paid in October 2012.

At a general meeting on 15 May 2012 the Board were given authority to allot new shares up to an aggregate nominal amount of £25 million and to disapply rights of pre-emption in relation to the allotment of shares up to an aggregate nominal amount of £25 million. On 13 June 2012 a block listing of 15 million ordinary shares was obtained for use in connection with the Company's premium control policy.

On 3 July 2012 the Board announced that it had published a prospectus in relation to the issue of up to 20 million new ordinary shares in relation to the merger of the assets of the Company and Grampian Investment Trust plc ("Grampian") through a scheme of reconstruction and winding up of Grampian. At a shareholder meeting on 26 July 2012 the Grampian shareholders approved the merger and it is expected that new shares in relation to the merger of the assets will be issued on 3 August 2012.

On 13 July 2012 the Board announced that it had published a prospectus in relation to the issue of up to 55 million new ordinary shares in relation to the merger of the assets of the Company and Albany Investment Trust plc ("Albany") through a scheme of reconstruction and winding up of Albany. If the Albany shareholders approve the scheme it is expected that new shares in relation to the merger of the assets will be issued on 20 August 2012.

During the period from 1 April 2012 to the date of this announcement (26 July 2012) the Company issued 18,108,620 ordinary shares. The current issued share capital is 159,475,039.

Ten largest equity holdings at 30 June 2012

	% of net assets
Royal Dutch Shell "B"	3.6
British American Tobacco	3.5
Reynolds American	3.4
Diageo	3.3
Imperial Tobacco	3.2
GlaxoSmithKline	3.2
Unilever	3.1
Vodafone	3.0
HSBC Holdings	2.9
BP	2.8
Total	32.0
Total number of investments	44

Sector allocation as at 30 June 2012

	%
Consumer Goods*	27.5
Financials	25.8
Utilities	11.9
Oil & Gas	9.1
Health Care	6.4
Telecommunications	4.9
Technology†	4.4
Consumer Services	4.2
Industrials	3.2
Basic Materials•	2.6
Total	100.0

* includes 9.2% in overseas equities

† includes 1.6% in overseas equities

• includes 2.6% in overseas equities

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

	£'000
Equities	72,702
Fixed Income	2,006
	74,708
Other Current assets	8,921
NET ASSETS	83,629

Cumulative performance (%)

	as at	3 months	6 months	1 year
	30/06/2012
Share Price	55.38p	3.0	6.9	9.0
NAV*	53.74p	1.4	5.1	7.2
FTSE All-Share		-2.6	3.3	-3.1

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.

Source: Datastream

*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 June 2012 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.tigt.co.uk and www.taml.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 Troy Income & Growth Trust plc

Steven Cowie, Secretary

26 July 2012

 

END

 

 

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