10 Jul 2009 16:32
Value and Income Trust PLC
Interim Management Statement - three months ended 30 June 2009
To the members of Value and Income Trust PLC ("the Company")
This Interim Management Statement ('IMS') relates to the period from 1 April 2009 to 30 June 2009 and contains information that covers this period and up to the date of publication of this IMS, unless otherwise specified.
Investment objective and benchmark
Value and Income Trust 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. Its aim is long term real growth in dividends. The FTSE All-Share Index is the benchmark index for the Company.
Material events
Following shareholder approval at the Annual General Meeting held on 10 July 2009, a final dividend of 3.7 pence per Ordinary share will be paid on 17 July 2009 to shareholders on the register as at 19 June 2009. The ex-dividend date was 17 June 2009. All other resolutions put to shareholders at the Annual General Meeting were approved.
The Board is not aware of any significant events or transactions which have occurred between 30 June 2009 and the date of publication of this IMS which would have had a material impact on the financial position of the Company.
Ten largest equity holdings as at 30 June 2009
| Investment | Value (£m) | %age of Gross Assets as at 30 June 2009 | |
| 1 | VT Group | 5.8 | 7.0 |
| 2 | Rotork | 4.1 | 4.9 |
| 3 | Royal Dutch Shell | 3.9 | 4.7 |
| 4 | BP | 3.7 | 4.4 |
| 5 | National Grid | 3.5 | 4.2 |
| 6 | Glaxosmithkline | 3.5 | 4.1 |
| 7 | Vodafone | 3.0 | 3.6 |
| 8 | HSBC Holdings | 2.8 | 3.4 |
| 9 | Scottish & Southern Energy | 2.6 | 3.1 |
| 10 | Restaurant Group | 2.1 | 2.6 |
| Total | 42.0 |
General description of Company's financial position
| | 30 June 2009 | 31 March 2009 |
| Net asset value (with debt at par value) (pence) | 172.1 | 165.6 |
| Net asset value (with debt at fair value) (pence) | 154.2 | 129.6 |
| Ordinary share price (pence) | 117.0 | 88.5 |
Net asset values are calculated excluding net income and are published monthly on www.londonstockexchange.com.
Summary of Portfolio based on Total Assets
| | 30 June 2009 | 31 March 2009 | ||
| | £m | % | £m | % |
| UK equities | 67.1 | 59 | 62.3 | 56 |
| UK property | 44.8 | 39 | 44.9 | 40 |
| Cash | 2.1 | 2 | 4.3 | 4 |
| | 114.0 | 100 | 111.5 | 100 |
All financial information sourced from Aberdeen Asset Management PLC.
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 for any other purpose.
For Value and Income Trust PLC
Aberdeen Asset Management PLC, Secretary
10 July 2009
Tel. 0131 528 4000