Interim Management Statement

RNS Number : 5329H

Investment Company PLC

12 July 2012

 



The Investment Company plc

Interim Management Statement - 12 July 2012

The Chairman made the following statement at the AGM held today which constitutes the Company's Interim Management Statement for the three months to 30 June 2012.

The unaudited net asset value of the Ordinary shares of The Investment Company plc at 30 June 2012 was 318.49p which compares with the audited net asset value at 31 March 2012 of 315.96p.

Your Board was encouraged to note the recent announcement by Lloyds Banking Group of market purchases for redemption of £4,600,000,000 (£4.6bn) of Bonds demonstrating its Board's confidence in the strength of its capital ratios. Our largest holdings are in Lloyds Banking Group Enhanced Capital Notes which look to offer better value when compared with the Ordinary shares where imminent dividend expectations are not high.  It is reassuring however that Preference dividend payments have been resumed following the expiry of the 2-year period of suspension enforced by the European Commission.

Despite current volatility in equity markets the prices of our prior charge securities have remained more stable than was our experience last year.

Contact:

Stephen Cockburn - Managing Director - 020 7448 4715

 

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