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Murray Intnl Trust (MYI)

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Tuesday 04 May, 2010

Murray Intnl Trust

Interim Management Statement

RNS Number : 2511L
Murray International Trust PLC
04 May 2010
 



Murray International Trust PLC

Interim Management Statement - 3 months to 31 March 2010

 

 

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 2010 to 31 March 2010, 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 2010 the Company paid a third interim dividend in respect of the year ended 31 December 2009 of 5.6p.

 

On 23 February 2010 the Company released its Annual Financial Report Announcement.

 

On 30 April 2010 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 10.2p 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).  Resolution 13 in relation to the adoption of New Articles of Association was also passed but adoption of the New Articles of Association remains subject to the passing of special resolutions at the separate Class meetings of Ordinary and B Ordinary shareholders (together the "Class Meetings").  The Class Meetings convened for 30 April 2010 were inquorate and have been reconvened for 11.00 a.m. and 11.05 a.m. respectively on 11 May 2010 at 40 Princes Street, Edinburgh EH2 2BY.

 

On 30 April 2010 the Directors declared a first interim dividend in respect of the year ending 31 December 2010 of 6.8p per Ordinary share which will be payable on 16 August 2010 to shareholders on the register on 16 July 2010 (ex dividend 14 July 2010).  The Directors will announce the ratio for the corresponding capitalisation issue to B Ordinary shareholders in due course.

 

Twenty largest equity holdings at 31 March 2010

 

Company

% of NAV

British American Tobacco *

3.8

Unilever Indonesia

3.4

Souza Cruz

3.1

Standard Chartered

3.0

Aeropuertos del Sureste

2.8

Tenaris

2.8

PTT Exploration & Production

2.6

Vale

2.6

Petrobras

2.6

Kimberly-Clark

2.5

Nordea Bank

2.4

QBE Insurance

2.2

Taiwan Mobile

2.2

Rio Tinto

2.2

Public Bank

2.0

Schneider Electric

1.9

Petrochina

1.9

Taiwan Semiconductor

1.9

Philip Morris International

1.9

Casino

1.8

TOTAL 

49.6

 

 

* Consolidates all equity holdings from same issuer

 

Ten Largest Fixed Interest Holdings at 31 March 2010

 

Company

% of NAV

Rio Tinto Finance 6.5% 15/07/2018

1.5

Pemex Project Funding Master 7.75% 29/09/2049

1.3

Telefonica Emisiones 5.375% 02/02/2018

1.3

Imperial Tobacco Finance 5.5%  22/11/2016

1.2

Vale Overseas Limited 6.875% 21/11/2036

1.2

Portugal Telecom Int Fin 4.5% 16/06/25

1.1

Venezuela (Rep of) 8.5% 08/10/2014

0.8

Mexico 10.5% 14/07/2011

0.8

Indonesia (Rep of) 9.5% 15/07/23

0.7

Indonesia (Rep of) 10% 15/02/28

0.7

TOTAL

10.6

 

General description of Company's financial position and performance as at 31 March 2010

 


£m

Gross Assets

961.6

Debt

(145.0)



Actual gearing

17%

 

Cumulative performance (%)

 


as at

1 month

3 months

6 months

1 year

3 years

5 years


31/03/2010







Share Price

872.5

8.2

14.8

18.8

51.4

50.7

131.9

NAV

824.6

6.6

9.3

15.7

58.1

39.1

108.3

Composite Benchmark


6.7

8.6

13.3

48.6

10.5

50.5

 

Discrete performance (%) year to:

 


31/03/2010

31/03/2009

31/03/2008

31/03/2007

31/03/2006

Share Price

51.4

-10.3

11.1

8.3

42.0

NAV

58.1

-17.5

6.7

7.0

39.9

Composite Benchmark

48.6

-22.8

-3.7

5.1

29.5

 

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 2010 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

4 May 2010


This information is provided by RNS
The company news service from the London Stock Exchange
 
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