30 Jan 2012 11:34
Value and Income Trust PLC
Interim Management Statement
To the Members of Value and Income Trust PLC ('VIT')
This Interim Management Statement ('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.
This IMS relates to the period from 1 October 2011 to 31 December 2011 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 an investment trust whose shares are listed on the London Stock Exchange. VIT invests in higher-yielding, less fashionable areas of the UK commercial property and quoted equity markets, particularly in medium and smaller sized companies. VIT aims for long term real growth in dividends and capital value without undue risk.
Material events
An interim dividend of 3.90 pence per ordinary share was paid on 6 January 2012 to shareholders on the register as at 9 December 2011. The ex-dividend date was 7 December 2011.
The Board is not aware of any material events and transactions which have occurred between 1 October 2011 and 31 December 2011, or between 1 January 2012 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 2011
31 December 2011 | 30 September 2011 | |
Net asset value (with debt at market value) (pence) | 211.89 | 205.88 |
Net asset value (with debt at par value) (pence) | 240.81 | 231.36 |
Ordinary share price (pence) | 176.63 | 176.00 |
Discount of Ordinary share price to Net Asset Value (valuing debt at market value) (%) | 16.6 | 14.5 |
Net asset values are calculated with debt at par and debt at fair value (both excluding net income) and published monthly on www.londonstockexchange.com under TIDM/EPIC Code "VIN".
Summary of Portfolio
31 December 2011 | 30 September 2011 | ||||
£m | % | £m | % | ||
UK equities | 95.8 | 66 | 90.0 | 64 | |
UK property * | 48.7 | 33 | 48.7 | 34 | |
Cash | 0.8 | 1 | 2.6 | 2 | |
Gross assets | 145.3 | 100 | 141.3 | 100 | |
* VIT's property portfolio was revalued independently at 30 September 2011; fair value is established by professional valuation, on an open market basis, at the end of March and September each year.
Ten largest equity holdings as at 31 December 2011
Investment |
Value (£) | Proportion of Total Assets as at 31 December 2011 (%) | |||
1 | Rotork | 7,720,000 | 5.3 | ||
2 | Royal Dutch Shell | 6,331,320 | 4.4 | ||
3 | Vodafone | 5,036,035 | 3.5 | ||
4 | Babcock International | 4,995,825 | 3.4 | ||
5 | Glaxosmithkline | 4,782,375 | 3.3 | ||
6 | Unilever | 3,979,920 | 2.7 | ||
7 | BT Group | 3,818,000 | 2.6 | ||
8 | Spectris | 3,544,750 | 2.4 | ||
9 | National Grid | 3,343,750 | 2.3 | ||
10 | HSBC Holdings | 3,240,930 | 2.2 | ||
Total | 46,792,905 | 32.1 | |||
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.
All financial information sourced from Aberdeen Asset Management PLC.
For Value and Income Trust PLC
Aberdeen Asset Management PLC, Secretaries
30 January 2012
Tel. 0131 528 4000