Midas Income & Growth Trust PLC
29 February 2008
Midas Income & Growth Trust PLC
Unaudited Interim Management Statement - 3 months to 31 January 2008
To the shareholders of Midas 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 November 2007 to
31 January 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
The Company seeks to achieve an absolute return with low volatility through
investment in a multi- asset portfolio. This will be achieved by investing in a
diverse portfolio comprising principally of UK equities and fixed interest
securities, together with overseas equities, property, alternative assets and
structured products.
The portfolio will ordinarily contain some 50 - 65 holdings, and will target a
benchmark return of 8% per annum through a combination of high and growing
income and additional capital growth. Investment will be made in a combination
of direct holdings together with a range of other investment funds where more
specialised management skills are necessary.
Benchmark
The Company does not compare its performance to an index, but has instead
adopted a target benchmark of 8% per annum.
Material events
On 19 November 2007 the Company declared a second interim dividend of 1.53p per
Ordinary share which was paid on 14 December 2007.
On 20 December 2007 the Company published its Half Yearly Report.
On 18 February 2008 the Company declared a third interim dividend of 1.53p per
Ordinary share which will be payable on 20 March 2008 to Ordinary shareholders
on the register on 29 February 2008.
During the 3 month period to end January 2008 the Company purchased for
cancellation 1.5 million Ordinary shares of 25p each. Since 31 January 2008
until 29 February 2008 the Company has purchased a further 1.0 million Ordinary
shares of 25p for cancellation. As at 29 February 2008 the Company's issued
Ordinary share capital is 43,854,950 Ordinary shares of 25p each
On 12 February 2008 the Company's Manager, Midas Capital Partners Limited
announced that it is to merge with an existing fund management company called
iimia MitonOptimal plc (iMO), to become a single, merged group quoted on the AIM
market. The new business will then be called Midas Capital plc with its head
office in Liverpool. The Company's Managers will continue to manage the
Company's assets in accordance with the Company's stated investment objective
and no changes are expected to be made as a result of the proposed merger.
For latest NAV and share price information please refer to the trust's website,
www.midascapital.co.uk.
Ten largest 'direct equity' holdings at 31 January 2008
%
A.J. Bell Holdings Ltd * 2.7
Legal & General Group Plc 1.9
BP Plc 1.9
National Grid Plc 1.8
Royal Dutch Shell B Plc 1.6
GlaxoSmithKline Plc 1.6
BT Group Plc 1.5
United Utilities Plc 1.4
Lloyds TSB Group Plc 1.3
Unilever Plc 1.3
Total 17.0
*Unquoted Investment.
Ten largest 'other' holdings as at 31 January 2008
%
CF Ruffer Baker Steel Gold Fund 2.9
M & G European Leveraged Loan Fund 2.8
Barclays Eurostoxx 50 9% note 2.4
Merrill Lynch Commodities Trust 2.2
Barclays Signet Global Hedge Fund Bond 2.1
Merrill Lynch DJ Eurostoxx 50 2.1
Protego UK Property Fund 2.1
Thames River Traditional High Income Fund 2.0
Aberdeen Asian Income Fund 2.0
Ecofin Water & Power Opportunities Fund 1.9
Total 22.5
General description of Company's financial position and performance as at 31
January 2008
£m
Gross Assets 79.7
Debt 6.25
Prior charges Nil
Gearing 7.8%
Cumulative performance (%)
as at 3 months 6 months 1 year 2 year 19/08/2005
31/01/2008 to Date
Share Price 139.5 -10.8 -16.8 -14.7 -3.2 5.8
NAV 150.6 -8.4 -8.0 -4.6 6.2 13.1
Index (8% p.a.) 1.9 3.9 8.0 16.6 20.8
Total Return; NAV to NAV, Net Income Reinvested, GBP
Discrete performance (%)
31/01/2008 31/01/2007
Share Price -14.7 13.4
NAV -4.6 11.4
Index (8% p.a.) 8.0 8.0
Total Return; NAV to NAV, Net Income Reinvested, GBP
Source: Aberdeen Asset Managers Limited, Fundamental Data and Russell Mellon
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 Midas Income & Growth Trust PLC
Aberdeen Asset Management PLC, Secretary
29 February 2008
This information is provided by RNS
The company news service from the London Stock Exchange
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Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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