Interim Management Statement

RNS Number : 5782L

Midas Income & Growth Trust PLC

05 September 2012

 



Midas Income & Growth Trust PLC

Unaudited Interim Management Statement - 3 months to 31 July 2012

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 May 2012 to 31 July 2012, 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's investment objective is to seek to outperform 3-month LIBOR plus 3.0 per cent. over the longer term, with low volatility and the prospect of capital and income growth, through investment in a multi-asset portfolio.  The Directors intend to measure the Company's performance based on rolling three-year periods.

Benchmark

The Company does not compare its performance to an index, but has instead adopted a target benchmark of seeking to outperform 3-month LIBOR plus 3.0 per cent. over the longer term.

Material Events

On 15 May 2012 the Company declared a fourth interim dividend for the year ended 30 April 2012 of 1.30p per Ordinary share which was paid on 18 June 2012.

On 22 June 2012 the Company published its annual report.

On 1 July 2012 R&H Fund Services Limited were appointed as the Company Secretary and Administrator of the Company.

On 15 August the Company declared a first interim dividend for the year ended 30 April 2013 of 1.30p per Ordinary share which will be payable on 17 September 2012 to Ordinary shareholders on the register on 24 August 2012.

Ten largest "direct equity" holdings at 31 July 2012

Company
AJ Bell Holdings Limited*	3.8
Unilever plc	2.3
GlaxoSmithKline plc	2.2
AstraZeneca plc	2.2
Reckitt Benckiser plc	2.1
Vodafone plc	2.0
Royal Dutch Shell B plc	1.9
Legal & General plc	1.8
Centrica plc	1.7
DS Smith plc	1.6

*Unquoted investment

Ten largest "other" holdings at 31 July 2012

Company
Partners Group Global Opportunities	3.9
Royal London Sterling Extra Yield Bond Fund	2.7
Somerset Emerging Markets Dividend Growth Fund	2.5
Asian Real Estate Income Fund	2.3
Newton Asian Income Fund	2.3
Acencia Debt Strategies	2.2
Lindsell Train Japanese Equity Fund	2.0
Cullen North American High Dividend Value Equity Fund	2.0
Prusik Asian Equity Income Fund	1.9
Ecclesiastical 8.625% Preference Shares	1.9

General description of Company's financial position and performance

	31 July 2012	30 April 2012
Total Gross Assets:	£54.7m	£54.9m
Debt:	£7.0m	£7.0m
Total Net Assets:	£47.7m	£47.9m
Gearing:	14.7%	14.6%
NAV with Income:	119.52p	120.03p
Mid-Market Share Price	101.63p	104.50p
Discount	(15.0)%	(12.9)%
Annual Management Charge on Market Capitalisation:	0.9%	0.9%

Performance Summary

Total Return	For the three month period ended 31 July 2012
Net asset value per share	+0.6%
Ordinary share price	-1.1%
Composite index	+1.0%

The Board is not aware of any significant events or transactions which have occurred between 1 August 2012 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company other than noted above.  For the latest performance information, please refer to the Company's website, www.mamfundsplc.com/migt*

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 that amount they originally invested.

*Neither the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other vehicle) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Midas Income & Growth Trust PLC

R&H Fund Services Limited, Secretary

5 September 2012

 

END

 

 

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