Interim Management Statement

RNS Number : 0705S

Midas Income & Growth Trust PLC

19 September 2014

 



Midas Income & Growth Trust PLC

Unaudited Interim Management Statement - 3 months to 31 July 2014

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 2014 to 31 July 2014, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment Objective and Benchmark

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 income and capital growth, through investment in a multi-asset portfolio.  The Directors intend to measure the Company's performance based on rolling three-year periods.

Material Events

On 14 May 2014 the Company declared a fourth interim dividend for the year ended 30 April 2014 of 1.40p per Ordinary share which was paid on 13 June 2014.

On 8 July 2014 the Company published its annual report.

On 14 August 2014 the Company declared a first interim dividend for the year ended 30 April 2015 of 1.40p per Ordinary share which was paid on 12 September 2014.

Ten largest "direct equity" holdings at 31 July 2014

Company	%
AJ Bell*	4.2
GCP Student Living	2.5
Phoenix Group Holdings	2.4
Tritax Big Box REIT	2.1
National Express	2.0
Amlin	2.0
Blue Capital Global Reinsurance	1.9
Kier Group	1.9
Aberdeen Asset Management	1.9
Legal & General	1.8

*Unquoted investment

Ten largest "other" holdings at 31 July 2014

Company
Royal London Short Duration Global High Yield Bond	2.6
BlackRock World Mining Trust	2.6
Prusik Asian Equity Income	2.6
Lindsell Train Japanese Equity	2.5
Somerset Emerging Markets Dividend Growth	2.5
Newton Asian Income Institutional	2.4
Magna Emerging Markets Dividend Fund	2.3
Schroder Unit Trusts Asian Income Maximiser	2.1
Royal London Sterling Extra Yield Bond	2.0
Goodhart Partners Horizon Michinori Japan Equity	2.0

General description of Company's financial position and performance

	31 July 2014	30 April 2014
Total Gross Assets:	£64.4m	£64.4m
Debt:	£7.0m	£7.0m
Total Net Assets:	£57.4m	£57.4m
Gearing† :	11.2%	11.9%
NAV with Income:	143.77p	143.82p
Mid-Market Share Price	137.00p	134.50p
Discount	(4.7)%	(6.5)%
Annual Management Charge on Market Capitalisation ‡ :	0.9%	0.9%

† Gearing = company's debt less cash / shareholders' funds

‡ With effect from 1 July 2014 Seneca have charged a fee of 0.65% per annum of market capitalisation above £50 million and 0.90% up to that level.

Performance Summary

Total Return	For the three month period ended 31 July 2014
Net asset value per share	+1.0%
Ordinary share price	+2.9%
Benchmark	+0.9%

The Board is not aware of any significant events or transactions which have occurred between 1 August 2014 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.senecaim/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

19 September 2014

 

END

 

 

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