Interim Management Statement - 3 months to 30 April 2012
To the members of Dunedin Income Growth Investment Trust PLC
This interim management statement 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 for any other purpose.
This interim management statement relates to the period from 1 February 2012 to 30 April 2012, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.
To achieve growth of income and capital from a portfolio invested mainly in companies listed or quoted in the United Kingdom.
FTSE All-Share Index.
There were no material events during the period under review.
There were no share transactions during the 3 month period ended April 2011. As at 20 May 2012 the Company's issued ordinary share capital is 150,706,187 (excluding treasury shares) and 153,677,935 (including treasury shares) ordinary shares of 25p each. The number of ordinary shares of 25p held in treasury is 2,921,748.
The borrowings at the period end were £33.6m represented by £5.0m of the variable rate loan facility and £28.6m of the 7 7/8% Debenture Stock 2019, when valued at par. The market value of the debenture was £33.9m.
Twenty largest equity holdings at 30 April 2012
British American Tobacco
Royal Dutch Shell 'A'
Sector allocation as at 30 April 2012
Oil & Gas
General description of Company's financial position and performance as at 30 April 2012
Short Term Borrowings
7 7/8% Debenture Stock 2019
Cumulative Performance %
Discrete Performance %
Total Return, Net Income Reinvested, GBP
Source: Aberdeen Asset Managers Limited, Factset and Morningstar
NAV returns based on NAVs excluding income and with debt valued at par
The Annual AGM of the Company was held on 23 May 2012. All ten proposed resolutions were passed by the shareholders.
The next dividend will be the first of our quarterly dividends and will be paid on 31 August 2012. It is the Board's intention that this dividend will be 2.5p per share but this will be confirmed in July 2012.
As previously announced, Mr Scott retired from the Board at the conclusion of the AGM.
Other than set out above, the Board is not aware of any significant events or transactions which have occurred between 30 April 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.dunedinincomegrowth.co.uk.
Please note that past performance is not necessarily a guide to the future and 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 Dunedin Income Growth Investment Trust PLC
Aberdeen Asset Management PLC, Secretary
24 May 2012
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