Interim Management Statement

RNS Number : 1793V

Dunedin Income Growth Inv Tst PLC

23 May 2008

 



Dunedin Income Growth Investment Trust PLC

Interim Management Statement - 3 months to 30 April 2008

To the members of Dunedin Income Growth Investment 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 February 2008 to 30 April 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

To achieve growth of income and capital from a portfolio invested predominantly in companies listed or quoted in the United Kingdom.

Benchmark

FTSE All-Share Index.

Material events 

There were no material events during the period under review.

Material transactions 

During the 3 month period to end April 2008 the Company purchased 306,007 ordinary shares of 25p each which are being held in treasury. Since 30 April 2008 until 22 May 2008 the Company has purchased 175,000 ordinary shares of 25p each of which are being held in treasury. As at 22 May 2008 the Company's issued ordinary share capital is 151,251,187 (excluding treasury shares) and 153,677,935 (including treasury shares) ordinary shares of 25p each. The number of ordinary shares of 25p held in treasury is 2,426,748 following a cancellation on 20 May 2008 of 2,000,000 ordinary shares of 25p which were previously held in treasury.

The borrowings at the period end were £41.6m represented by £13m of the variable rate loan facility and £28.6m of the 7 7/8% debenture stock 2019, when valued at par. The market value of the debenture was £32.8m.

Twenty largest equity holdings at 30 April 2008

	%
Royal Dutch Shell 'B'	5.3
BP	4.9
HSBC	4.0
British American Tobacco	3.5
Vodafone	3.5
Glaxo SmithKline	3.1
BT	3.0
Anglo American	2.9
Barclays	2.7
Royal Bank of Scotland	2.6
Astra Zeneca	2.4
Centrica	2.4
Lloyds TSB	2.3
National Grid	2.3
Aviva	2.1
Rio Tinto	2.0
Unilever	2.0
AMEC	1.9
Legal and General	1.9
Premier Foods	1.8
	_________
Total	56.6
	_________

  Sector allocation as at 30 April 2008

	%
Financials	24.9
Oil & Gas	16.9
Consumer Goods	13.7
Consumer Services	13.4
Industrials	10.3
Telecommunications	6.5
Utilities	6.1
Health Care	5.5
Basic Materials	5.0
Cash	(2.3)
	_________
Total	100.0
	_________

General description of Company’s financial position and performance as at 31 October 2007

 

	£m
Gross Assets	419.7
Short term borrowings	13.0
7.875% Debenture 2019	28.6
Actual gearing	11.0%

Cumulative Performance %*
	as at	1 month	3 months	6 months	1 year	3 years	5 years
	30/04/2008
Share Price	225.0	4.9	0.6	-12.6	-13.8	33.3	83.5
NAV	249.7	7.4	3.2	-12.6	-13.3	26.6	72.3
FTSE All-Share		6.3	4.9	-8.5	-4.3	42.7	93.1

Discrete Performance %*
Year ending	30/04/2008	30/04/2007	30/04/2006	30/04/2005	30/04/2004
Share Price	-13.8	20.8	27.9	13.5	21.2
NAV	-13.3	18.5	23.3	10.3	23.4
FTSE All-Share	-4.3	12.7	32.4	10.7	22.2

*Total Return; Net Income Reinvested, GBP
NAV returns based on NAV with debt valued at par
Source: Aberdeen Asset Managers Limited, Factset, Financial Times and Fundamental Data
The £40m 11.5% 2016 debenture stock was redeemed in August 2005, at a premium over par value of £22.8m

The Annual AGM of the Company was held on the 19 May 2008. All twelve proposed resolutions were passed by the shareholders.

The Board is not aware of any further significant events or transactions which have occurred between 30 April 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.dunedinincomegrowth.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 Dunedin Income Growth Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

22 May 2008

 

END

 

 

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