11 Jul 2011 15:39

Value and Income Trust PLC
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Interim Management Statement
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To the members of Value and Income Trust PLC ("the Company" or "VIT")
This Interim Management Statement ('IMS') relates to the period from 1 April 2011 to 30 June 2011 and contains information that covers this period and up to the date of publication of this IMS, unless otherwise specified.
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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.
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Material events
Following shareholder approval at the Annual General Meeting held on 8 July 2011, a final dividend of 4.0 pence per Ordinary share will be paid on 15 July 2011 to shareholders on the register as at 17 June 2010. The ex-dividend date was 15 June 2011. All other resolutions put to shareholders at the Annual General Meeting were approved.
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The Board is not aware of any significant events or transactions which have occurred between 30 June 2011 and the date of publication of this IMS which would have had a material impact on the financial position of the Company.
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Ten largest equity holdings as at 30 June 2011
 Investment |  Value (£m) | %age of Total Portfolio as at 30 June 2011 | |
1. | Rotork | 6.7 | 5.6 |
2. | Royal Dutch Shell | 5.7 | 4.8 |
3. | Babcock International | 4.8 | 4.1 |
4. | Restaurant Group | 4.4 | 3.7 |
5. | Spectris | 4.4 | 3.7 |
6. | Glaxosmithkline | 4.3 | 3.6 |
7. | Vodafone | 4.2 | 3.6 |
8. | HSBC | 4.1 | 3.4 |
9. | BT Group | 4.0 | 3.4 |
10. | National Grid | 3.9 | 3.3 |
Total | 39.2 |
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General description of Company's financial position
30 June 2011 | 31 March 2011 | |
Net asset value (with debt at par value) (pence) | 253.8 | 249.1 |
Net asset value (with debt at fair value) (pence) | 236.0 | 233.7 |
Ordinary share price (pence) | 193.4 | 186.0 |
Discount of Ordinary share price to Net Asset Value (valuing debt at fair value) (%) | 18.1 | 20.4 |
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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 based on Total Assets less Current Liabilities
30 June 2011 | 31 March 2011 | |||
£m | % | £m | % | |
UK equities | 103.1 | 69 | 99.4 | 63 |
UK property | 48.5 | 32 | 49.0 | 34 |
Cash/(overdraft) | (1) | (1) | 1.2 | 3 |
150.6 | 100 | 149.6 | 100 | |
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All financial information sourced from Aberdeen Asset Management PLC.
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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.
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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.
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For Value and Income Trust PLC
Aberdeen Asset Management PLC, Secretaries
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11 July 2011
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Tel. 0131 528 4000