Interim Management Statement

RNS Number : 0383R

Murray International Trust PLC

23 April 2009

 



Murray International Trust PLC

Interim Management Statement - 3 months to 31 March 2008

To the members of Murray International Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body in accordance with 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 January 2009 to 31 March 2009, 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 primary aim is to achieve a total return greater than its benchmark by investing predominantly in equities worldwide. Within this objective, the manager will seek to increase the Company's revenues in order to maintain an above average dividend yield.

Benchmark

40% FTSE World UK and 60% FTSE World ex UK.

Material events 

On 16 February 2009 the Company paid a third interim dividend in respect of the year ended 31 December 2008 of 4.8p.

On 22 April 2009 the Company held its Annual General Meeting at which all resolutions were passed. The special business included resolutions to approve the payment of the final dividend of 8.8p and associated capitalisation issue to B Ordinary shareholder; to authorise the Directors to allot new shares for cash and to dis-apply pre-emption rights and to allow the Company to buy back shares (up to 14.99% of the issued share capital).

On 22 April 2009 the Directors declared a first interim dividend in respect of the year ending 31 December 2009 of 5.6p per Ordinary share which will be payable on 14 August 2009 to shareholders on the register on 10 July 2009 (provisional ex dividend 8 July 2009). The Directors will announce the ratio for the corresponding capitalisation issue to B Ordinary shareholders in due course.

On 22 April 2009 the Company confirmed the retirement from the Board of Mr David Benson, as previously advised to shareholders in the Annual report and Accounts for the year ended 31 December 2008.  Also on 22 April 2009, the Company announced the appointment of Dr Kevin Carter as an independent non executive Director of the Company with effect from 23 April 2009 and Mr Fred Shedden was appointed Senior Independent Director with immediate effect.

Twenty largest equity holdings at 31 March 2009

Company	% of NAV
British American Tobacco *	4.6
Petrobras	4.4
Unilever Indonesia	3.1
Souza Cruz	2.8
Tenaris	2.8
Taiwan Mobile	2.6
Telecomunicacoes de Sao Paulo	2.6
QBE Insurance	2.4
Standard Chartered	2.4
PTT Exploration and Production	2.4
ENI	2.2
Philip Morris International	2.2
Total	2.1
Kimberly Clarke	2.1
Johnson & Johnson	2.1
Procter & Gamble	2.0
Public Bank Berhad	2.0
Petrochina	2.0
CLP Holdings	2.0
Schlumberger	2.0
TOTAL	50.8

* Consolidates all equity holdings from same issuer

Ten Largest Fixed Interest Holdings at 31 March 2009

Company	% of NAV
Rio Tinto Finance 6.5% 15/07/2018	2.1
Telefonica Emisiones 5.375% 02/02/2018	1.9
Imperial Tobacco Finance 5.5% 22/11/2016	1.7
Pemex Project Funding Master 7.75% 29/09/2049	1.7
Vale Overseas Limited 6.875% 21/11/2036	1.7
Mexico 10.5% 14/07/2011	1.2
Indonesia Recapital Bond 13.15% 15/03/2010	1.2
Venezuela (Rep of) 8.5% 08/10/2014	1.0
Petrobras International Finance 8.375% 10/12/2018	0.8
Brazil (Rep of) 11% 17/08/2040	0.7
TOTAL	14.0

General description of Company's financial position and performance as at 31 March 2009

	£m
Gross Assets	647.5
Debt	146.6
Actual gearing	23%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/03/2009
Share Price	599.0	8.5	2.5	-2.8	-10.3	7.9	83.0
NAV	545.3	4.3	-10.9	-10.1	-17.5	-5.8	51.9
Composite Benchmark		6.1	-10.5	-15.0	-22.8	-21.8	12.1

Discrete performance (%) year to:

	31/03/2009	31/03/2008	31/03/2007	31/03/2006	31/03/2005
Share Price	-10.3	11.1	8.3	42.0	19.5
NAV	-17.5	6.7	7.0	39.9	15.3
Composite Benchmark	-22.8	-3.7	5.1	29.5	10.6

Total Return; NAV-to-NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Management, Factset and Fundamental Data

NAV returns based on NAVs with debt valued at par

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 1 January 2009 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.murray-intl.co.uk.

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 Murray International Trust PLC

Aberdeen Asset Management PLC, Secretary

23 April 2009

 

END

 

 

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