3 Feb 2014 12:21
Value and Income Trust PLC
Interim Management Statement
To the members of Value and Income Trust PLC ("the Company" or "VIT")
This Interim Management Statement ('IMS') relates to the period from 1 October 2013 to 31 December 2013 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 4.10 pence per Ordinary share was paid on 3 January 2014 to shareholders on the register as at 6 December 2013. The ex-dividend date was 4 December 2013.
The Board is not aware of any significant events or transactions which have occurred between 1 October 2013 and 31 December 2013 or between 1 January 2014 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 31 December 2013
Investment |
Value (£m) | %age of Total Portfolio as at 31 December 2013 | |
1. | Rotork | 8.18 | 5.31 |
2. | Spectris | 7.05 | 4.57 |
3. | Legal & General | 6.68 | 4.34 |
4. | Vodafone | 6.67 | 4.33 |
5. | Babcock International | 6.44 | 4.18 |
6. | BT | 6.07 | 3.94 |
7. | Restaurant Group | 5.92 | 3.84 |
8. | BP | 5.47 | 3.55 |
9. | Glaxosmithkline | 5.24 | 3.40 |
10. | Brown Group | 4.98 | 3.23 |
Total | 62.70 | 40.69 |
General description of Company's financial position
31 December 2013 | 30 September 2013 | |
Net asset value (with debt at par value) (pence) | 322.91p | 309.48p |
Net asset value (with debt at fair value) (pence) | 303.26p | 287.72p |
Ordinary share price (pence) | 261.00p | 255.00p |
Discount of Ordinary share price to Net Asset Value (valuing debt at fair value) (%) | 13.93
| 11.37 |
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
31 December 2013 | 30 September 2013 | |||
£m | % | £m | % | |
UK equities | 135.4 | 73.6 | 126.4 | 72 |
UK property* | 46.4 | 25.2 | 46.4 | 26 |
Net current assets | 2.3 | 1.2 | 3.5 | 2 |
184.1 | 100 | 176.3 | 100 | |
*VIT's property portfolio was revalued independently at 30 September 2013; fair value is established by professional valuation, on an open market basis, at the end of March and September each year.
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 Maven Capital Partners UK LLP, as at 31 December 2013.
For Value and Income Trust PLC
Maven Capital Partners UK LLP, Secretaries
03 February 2014
Tel. 0141 306 7400