Interim Management Statement

RNS Number : 2279C

Murray International Trust PLC

27 April 2012

 



Murray International Trust PLC

Interim Management Statement - 3 months to 31 March 2012

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 2012 to 31 March 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 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 17 February 2012 the Company paid a third interim dividend in respect of the year ended 31 December 2011 of 8.0p.  Also on 17 February 2012 8,608 B Ordinary shares of 25 pence each were allotted under the B Ordinary share block listing facility.  These shares were issued in lieu of the third interim dividend payable to Ordinary shareholders as a result of the capitalisation of B Ordinary shares of 25p on the basis of 0.99321 B Ordinary shares for every 100 B Ordinary shares held on the record date of 6 January 2012.

On 29 February 2012 the Company released its Annual Financial Report Announcement.

On 26 April 2012 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 13.0p and associated capitalisation issue to B Ordinary shareholders; 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 26 April 2012 the Directors declared a first interim dividend in respect of the year ending 31 December 2012 of 9.0p per Ordinary share which will be payable on 16 August 2012 to shareholders on the register on 13 July 2012 (ex dividend 11 July 2012). 

On 27 April 2012 Ms Marcia Campbell was appointed as a non-executive Director of the Company.

During the period from 1 January 2012 to date the Company has issued a total of 3.28 million new Ordinary shares for cash at a premium to the net asset value per share.

Twenty largest equity holdings at 31 March 2012

Company	% of NAV
British American Tobacco *	5.3
Souza Cruz	5.0
Unilever Indonesia	4.0
Philip Morris	3.5
Taiwan Mobile	3.1
Kimberly-Clarke	3.0
ASUR	3.0
Taiwan Semiconductor	2.9
Standard Chartered	2.9
Telus	2.7
Telecomunicacoes Brazil	2.7
PetroChina	2.6
Casino Guichard Perrachon	2.4
Petrobras	2.4
Vale	2.4
Zurich Financial	2.4
Nordea Bank	2.3
Royal Dutch Shell	2.3
Wing Hang	2.3
Fomento Economico Mexicano	2.3
TOTAL	59.5

Ten Largest Fixed Interest Holdings at 31 March 2012

Company	% of NAV
Portugal Telecom Int Fin 4.5% 16/06/25	1.0
Vale Overseas Limited 6.875% 21/11/2036	1.0
Telefonica Emisiones 5.375% 02/02/2018	0.9
Hypermarcas 6.5% 20/04/21	0.9
Banco Bradesco (Cayman) 5.9% 16/01/21	0.9
Venezuela (Rep of) 8.5% 08/10/2014	0.7
Indonesia (Rep of) 10% 15/02/28	0.6
Indonesia (Rep of) 9.5% 15/07/23	0.6
Imperial Tobacco Finance 5.5%  22/11/2016	0.5
Brazil (Fed rep of) 11% 17/08/40	0.3
TOTAL	7.4

General description of Company's financial position and performance as at 31 March 2012

	£m
Gross Assets	1,222.7
Debt	(156.3)
Actual gearing	14.3%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/03/2012
Share Price	994.0p	1.4	9.4	20.1	11.2	85.9	85.1
NAV	928.4p	0.2	8.0	19.4	8.5	91.8	68.8
Composite Benchmark		0.2	7.6	16.4	0.8	61.5	20.1

Discrete performance (%) year to:

	31/03/2012	31/03/2011	31/03/2010	31/03/2009	31/03/2008
Share Price	11.2	10.5	51.4	-10.3	11.1
NAV	8.5	12.3	57.4	-17.5	6.7
Composite Benchmark	0.8	7.8	48.6	-22.8	-3.7

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

Source: Aberdeen Asset Management, Factset and Morningstar

NAV returns based on NAVs excluding income and 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 2012 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.

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

For Murray International Trust PLC

Aberdeen Asset Management PLC, Secretary

27 April 2012

 

END

 

 

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