Interim Management Statement

RNS Number : 3470J

Schroder Oriental Income Fund Ltd

15 July 2013

 

SCHRODER ORIENTAL INCOME FUND LIMITED

Interim Management Statement for the Quarter Ended 31 May 2013

The Board of Schroder Oriental Income Fund Limited ("the Company") is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 March 2013 to 31 May 2013.

Investment Objective

The Company's investment objective is to provide a total return for investors primarily through investments in equities and equity-related investments, of companies which are based in, or which derive a significant proportion of their revenues from, the Asia Pacific region and which offer attractive yields.

Company Statistics as at 31 May 2013

Gross Assets	£415.0 million
Net Asset Value (NAV) per Ordinary Share	200.33p
Share Price	205.50p
Premium	2.6%
Number of Holdings	74
Gearing	6.5%
Yield	3.4%

Cumulative Performance to 31 May 2013

Performance over	3 months	1 year	3years
Share Price (Total Return)	1.7%	37.5%	78.5%
NAV (Total Return)	1.4%	33.7%	73.1%

All Performance Data Source: Morningstar.

Portfolio Information as at 31 May 2013

Ten Largest Holdings

Stock Name	Country	Market Value  (£)	Percentage of NAV
Fortune Real Estate Investment Trust	Singapore	23,054,614	6.0
Taiwan Semiconductor Manufacturing	Taiwan	20,014,343	5.2
Taiwan Mobile	Taiwan	14,041,107	3.7
LG Chemical	South Korea	13,050,119	3.4
HSBC	Hong Kong	12,982,691	3.4
Hanjaya Mandala Sampoerna	Indonesia	11,770,886	3.1
Sydney Airport	Australia	11,284,062	3.0
Suncorp	Australia	9,672,106	2.5
Coca-Cola Amatil	Australia	9,546,772	2.5
Venture Corp	Singapore	9,311,607	2.4

Country Allocation

Country	Percentage of NAV
Australia	25.3
Hong Kong	20.3
Singapore	19.3
Taiwan	14.6
Thailand	9.6
South Korea	7.2
New Zealand	3.7
Indonesia	3.1
China Malaysia	2.5    2.0
Net current liabilities	(7.6)

Changes to Share Capital during the Quarter Ended 31 May 2013

	Issued Ordinary shares of 1p each
As at 28 February 2013	185,289,500
Shares issued during the period Shares bought back during the period	5,425,000 Nil
Shares in issue as at 31 May 2013	190,714,500

Material Events or Transactions

Issue of C Shares and Subsequent Conversion into Ordinary Shares

On 11 June 2013, 50,853,707 C Shares were issued following a Placing, Open Offer and Offer for subscription. On the same date 19,000,000 Ordinary Shares were subscribed for by the Company's broker (Numis Securities Limited) at the prevailing Net Asset Value per Ordinary Share and immediately sold back to the Company at the same Net Asset Value per Ordinary Share for the Company to then hold in Treasury.

The C shares duly converted into 27,227,074 Ordinary shares on 1 July 2013. Subsequently, a total of 250,000 Ordinary shares were issued from treasury on 4 July 2013.

At the date of this Statement there were 218,191,574 Ordinary shares of 1p each in issue, not including 18,750,000 shares held in Treasury.

Second Interim Dividend for the year ending 31 August 2013 and Dividend Payment Policy

On 6 June 2013 the Board declared a second interim dividend of 1.50p per share for the year ending 31 August 2013, which was paid on 28 June 2013 to shareholders on the register on 14 June 2013. The Company also disclosed the Board's intention that, commencing in respect of the three month period to 31 May 2013, dividends will be paid on a quarterly basis.

Total dividends for the year ending 31 August 2013 are not anticipated to be less than total dividends payable in respect of the previous financial year.

C Shareholders were not entitled to this dividend. The first dividend to which holders of C Shares will be entitled will be the final quarterly dividend in respect of the three months ending 31 August 2013.

No other material events or transactions have taken place between 1 March 2013 and the date of publication of this Statement.

Company Information as at 31 May 2013

SEDOL Code                                      B0CRWN5

Sector                                                 Equity Investment Instruments

Launch Date                                       July 2005

Financial Year End                             31 August

Enquiries:

John Spedding

Schroder Investment Management Limited

Company Secretary

Tel: [phone]

15 July 2013

 

END

 

 

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