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Equity Ptnrshp InvCo (EQPI)

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Wednesday 08 June, 2011

Equity Ptnrshp InvCo

Interim Management Statement

RNS Number : 1037I
Equity Partnership Inv Co PLC
08 June 2011
 

The Equity Partnership Investment Company PLC

(Registered in the Isle of Man, registered number 103447C)

 

Registered Office:

IOMA House

Hope Street

Douglas

Isle of Man

IM1 1AP

__________________________

 

 

 

Interim Management Statement - 4 months to 31 May 2011 (unaudited)

 

This statement has been prepared 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 party for any purpose other than as stated above.

 

The Company is subject to the Companies Acts 1931 to 2004 (Isle of Man).

 

Material Events

 

Dividend payment

On 25 February 2011 the Company paid the second interim dividend payment in respect of the year ended 31 July 2011 of 3.2688 pence per share to all eligible Income shareholders on the register at 28 January 2011.

 

On 27 May 2011 the Company paid the third interim dividend payment in respect of the year ended 31 July 2011 of 3.2688 pence per share to all eligible Income shareholders on the register at 3 May 2011.

 

During the period the Company purchased 563,000 of its own Income Shares at an average price of 105.1 pence per share.

 

During the period the Company's subsidiary purchased 238,000 of its own Zero Dividend Preference shares at an average price of 137.0 pence per share.

 

Investment Objective

 

The Company's objective is to provide Income Shareholders with a high starting yield (defined as 10.0% with annual rises in line with the Retail Price Index ("RPI")) and generate long term value for Capital Shareholders in excess of 3% per annum over the risk free rate of return (defined as Libor).

 

Performance Summary

 

Over the four month period, the Company's net asset value produced a return of -21.7%, net of all fees. The closing net asset value of the Capital Shares as at 31 May 2011 was £15.5 million or 38.57 pence per share. At the close of business on 31 May 2011, the mid market price of the Capital Shares on the London Stock Exchange was 28.62 pence per share, representing a discount of 25.8%.

 

The net asset value of the income shares at 31 May 2011 was £17.4 million, or 99.95 pence per share. At the close of business on 31 May 2011, the mid market price of the Income Shares was 101.10 pence per share, representing a premium of 1.15%.

 

The performance of EPIC Plc's NAV per Capital Share for the four months to 31 May 2011 was as follows:

 

 

Month

Performance



February 2011

 (3.31)%

March 2011

(3.84)%

April 2011

(0.35)%

May 2011

(15.58)%

 

Market Update & Performance Review

 

Over the period the Capital Share NAV fell by 21.78% while over the same period the FTSE All Share Index rose by 2.52%. 

 

The Company continues to work towards fulfilling its obligations on 31 July 2011 by progressively increasing the liquidity of the company's assets.

 

For full details please see EPIC's April Quarterly Factsheet on the Company's website (www.epicip.com).

 

 

Top 5 Holdings (shown as % of portfolio)

 

 

Largest Investments as at 31 May 2011



%

 





 

EPE Special Opportunities 7.5% Convertibles*



17.57%

 

Alpha Real Estate GmBH 8% February 2010*



6.16%

 

Encore Oil Plc



5.62%

 

EPE Special Opportunities Plc



3.87%

 

Whittard Sterling Term Loan*



2.64%

 





 





 

Total of Largest 5 Holdings



35.86%

 

Other investments



2.39%

 

Sterling Liquidity Fund and term deposits



61.75%

 




100.00%

 

* - denotes debt instruments, principal. Epic Plc classifies debt instruments separately from equity and interest owing to the differing risk characteristics and security of these asset classes. Epic Plc may also hold equity in these companies.

 

 

For further information contact:

 

Cynthia Edwards

Tel: +44 (0) 1624 681250

IOMA Fund and Investment Management Limited

 

Nathan Brown

Tel: +44 (0) 207 260 1000

Numis Securities Limited

 

END

 

    


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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