12 Jul 2013 15:06
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 2013 to 30 June 2013 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 12 July 2013, a final dividend of 4.30 pence per Ordinary share will be paid on 19 July 2013 to shareholders on the register as at 21 June 2013. The ex-dividend date was 19 June 2013. 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 2013 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 2013
 Investment |  Value (£m) | %age of Total Portfolio as at 30 June 2013 | |
1. | Rotork | 9.61 | 6.98 |
2. | Glaxosmithkline | 5.36 | 3.89 |
3. | Vodafone | 5.29 | 3.84 |
4. | Spectris | 5.25 | 3.81 |
5. | Babcock International | 5.24 | 3.80 |
6. | Legal & General | 5.14 | 3.73 |
7. | BP | 5.10 | 3.71 |
8. | Restaurant Group | 5.00 | 3.63 |
9. | BT | 4.95 | 3.59 |
10. | Unilever | 4.90 | 3.56 |
Total | 55.84 | 40.54 |
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General description of Company's financial position
30 June 2013 | 31 March 2013 | |
Net asset value (with debt at par value) (pence) | 289.96 | 295.31 |
Net asset value (with debt at fair value) (pence) | 266.33 | 266.15 |
Ordinary share price (pence) | 220.00 | 213.00 |
Discount of Ordinary share price to Net Asset Value (valuing debt at fair value) (%) | 17.40 | 19.97 |
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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 2013 | 31 March 2013 | |||
£m | % | £m | % | |
UK equities | 119.9 | 70.8 | 123.8 | 72.3 |
UK property* | 46.2 | 27.3 | 46.2 | 27.0 |
Cash/(overdraft) | 3.3 | 1.9 | 1.2 | 0.7 |
169.4 | 100 | 171.2 | 100 | |
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*VIT's property portfolio was revalued independently at 31 March 2013; fair value is established by professional valuation, on an open market basis, at the end of March and September each year.
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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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All financial information sourced from Maven Capital Partners UK LLP, as at 30 June 2013.
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For Value and Income Trust PLC
Maven Capital Partners UK LLP, Secretaries
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12 July 2013
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Tel. 0141 306 7400
VIN.L (VIN)