Interim Management Statement

RNS Number : 6284M

Value & Income Trust plc

02 February 2009

 



Value and Income Trust PLC

Interim Management Statement

To the members of Value and Income Trust PLC ('VIT')

This Interim Management Statement ('IMS') relates to the period from 1 October 2008 to 31 December 2008 and contains information that covers this period, and up to the date of publication of this IMS, unless otherwise specified.

Investment objective and benchmark

VIT is a specialist United Kingdom investment trust designed for both institutional and private investors. It invests in higher-yielding, less fashionable areas of the UK commercial property and quoted equity markets, particularly in medium and smaller sized companies. VIT's aim is long term real growth in dividends.  The FTSE All-Share Index is the benchmark index for VIT. 

Material events 

An interim dividend of 3.8 pence per ordinary share was paid on 9 January 2009 to shareholders on the register as at 12 December 2008.  The ex-dividend date was 10 December 2008.

The Board is not aware of any material events and transactions which have occurred between 1 October 2008 and 31 December 2008, or between 1 January 2009 and the date of publication of this IMS, which would have had a material impact on the financial position of VIT.

General description of Company's financial position at 31 December 2008

VIT's net asset value per share was 152.24 pence on a par basis and 189.49 pence on a mark-to-market basis with a mid-market price per ordinary share of 116.5 pence. Both net asset values are published monthly to the London Stock Exchange.

Summary of Portfolio based on Gross Assets

	31 December 2008		30 September 2008
	£m	%	£m	%
UK equities	72.1	59	78.2	60
UK property *	46.7	38	46.7	36
Cash	3.6	3	5.9	4
	122.4	100	130.8	100

* VIT's property portfolio was revalued independently at 30 September 2008; fair value is established by professional valuation on an open market basis at 31 March and 30 September each year. 

Ten largest equity holdings as at 31 December 2008

	Investment	Value (£)	%age of Total Assets as at 31 December 2008		Investment	Value (£)	%age of Total Assets as at 31 December  2008
1	VT Group	7,798,000	8.7	6	Scottish & Southern	2,744,335	3.1
2	Royal Dutch Shell	6,413,402	7.2	7	BT Group	2,704,000	3.0
3	Rotork	4,749,000	5.3	8	HSBC Holdings	2,684,000	3.0
4	Glaxosmithkline	6,113,100	4.7	9	Legal & General	2,304,000	2.6
5	Vodafone	3,148,530	3.5	10	Provident Financial	2,064,000	2.3
						Total	43.4

Important Information

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.

This IMS 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 used for any other purpose.

All financial information sourced from Aberdeen Asset Management PLC.

For Value and Income Trust PLC

Aberdeen Asset Management PLC, Secretary

2 February 2009

Tel. [phone]

 

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