29 Jan 2010 15:01
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 2009 to 31 December 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
VIT is a specialist United Kingdom investment trust whose shares are traded 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.
Material events
An interim dividend of 3.8 pence per ordinary share was paid on 8 January 2010 to shareholders on the register as at 11 December 2009. The ex-dividend date was 9 December 2009.
The Board is not aware of any material events and transactions which have occurred between 1 October 2009 and 31 December 2009, or between 1 January 2010 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 2009
Price per Ordinary share: 157.5p
Net Asset Values per Ordinary share:
With debt at Par value: 212.02p
With debt at Fair Value: 197.91p
(Note: The above Net Asset Value figures do not include any current year revenue.)
Summary of Portfolio based on Gross Assets
| | 31 December 2009 | | 30 September 2009 | ||
| | £m | % | | £m | % |
| UK equities | 84.1 | 63 | | 83.1 | 63 |
| UK property * | 46.2 | 35 | | 46.9 | 35 |
| Cash | 2.0 | 2 | | 3.0 | 2 |
| | 132.2 | 100 | | 133.0 | 100 |
* VIT's property portfolio was revalued independently at 30 September 2009; 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 2009
| Investment | Value (£) | Proportion of Total Assets as at 31 December 2009 (%) | ||
| 1 | VT Group | 6,747,000 | 6.7 | |
| 2 | Rotork | 4,840,066 | 4.8 | |
| 3 | Royal Dutch Shell | 4,673,670 | 4.6 | |
| 4 | BP | 4,620,000 | 4.6 | |
| 5 | National Grid | 4,371,402 | 4.3 | |
| 6 | Glaxosmithkline | 4,288,375 | 4.2 | |
| 7 | HSBC Holdings | 4,016,529 | 4.0 | |
| 8 | Vodafone | 3,685,905 | 3.6 | |
| 9 | Restaurant Group | 2,805,000 | 2.8 | |
| 10 | BT Group | 2,700,000 | 2.7 | |
| Total | 42,747,947 | 42.3 | ||
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
29 January 2010
Tel. 0131 528 4000