Interim Management Statement

RNS Number : 7373F

Investment Company PLC

18 January 2010

 

INTERIM MANAGEMENT STATEMENT

It was announced in the Interim Statement of 23rd November 2009 that the Net Asset Value per ordinary share of 80p at 31st March and 103p at 30th June had increased to 134p at end of July as announced at the AGM on 27th August.  At the half year to 30th September the NAV had risen to 166p and at 14th November the latest estimate was 186p.

Over the last 10 months or so the Company's focus on bank preference shares geared by the new bank overdraft facility has continued to be rewarding.  At 31st December the NAV for the ordinary shares is estimated to be approximately 206p of which 5p is net revenue for the quarter ending at that date. In addition the £41,000 contribution of the dealing company Abport Limited in the half year to end September had, as stated in the November Interim Statement mentioned above, seen further appreciation. Your directors are pleased to note that in the 3rd quarter of the Group's financial year Abport Limited has recorded unrealised appreciation in excess of £180,000. In consequence the enterprise asset value of the ordinary shares of The Investment Company at 31st December is 216p per share.

The preference shares and similar securities held by the company particularly those in banks are continuing to appreciate in the early weeks of 2010.

 

END

 

 

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