ENI Edin. New It

TIDMENI

RNS Number : 2359E

Edinburgh New Income Trust plc

04 April 2011

Edinburgh New Income Trust plc

Interim Management Statement - 3 months to 28 February 2011

To the members of Edinburgh New Income Trust plc

This interim management statement 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.

This interim management statement relates to the period from 1 December 2010 to 28 February 2011, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective and policy

To provide ordinary shareholders with an attractive level of income, together with the potential for capital and income growth and to provide ZDP shareholders with a pre-determined capital entitlement on 31 May 2011 of 141.85p.

The Company will invest mainly in UK quoted equities selected primarily for their potential, in the opinion of the Investment Manager, to provide an attractive dividend yield and capital appreciation.

At the total assets level gearing has been kept under control by maintaining a cash buffer together with a corporate bond portfolio to generate additional income.

Benchmark

The Company does not have a benchmark, but the portfolio is largely drawn from large, mid and small cap components of the FTSE All-Share Index.

Material events

In accordance with the Articles of Association, the Directors will convene a general meeting on 31 May 2011 at which a special resolution will be proposed to wind up the Company on a voluntary basis when the Zero Dividend Preference shares fall due for redemption.

The Board is not aware of any significant events or transactions which have occurred between 28 February 2011 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company.

Material transactions

A second interim dividend of 1.3p per ordinary share was paid to shareholders on 18 February 2011. The Directors declared a 3(rd) interim dividend of 1.3p per ordinary share on 31 March 2011, payable on 8 May 2010.

Ten largest equity holdings at 28 February 2011

 
                              % 
 Royal Dutch Shell 'B'       3.1 
 British American Tobacco    4.5 
 Centrica                    3.1 
 Vodafone                    3.0 
 HSBC                        3.7 
 Glaxosmithkline             2.0 
 Astrazeneca                 3.4 
 Aviva                       3.0 
 BP                          2.9 
 Prudential                  2.9 
 
 Total                       37.5 
                            ----- 
 

Sector allocation as at 28 February 2011

 
                                 % 
 
 Financials                    21.1 
 Consumer Goods                11.8 
 Oil & Gas                     11.5 
 Consumer Services             10.0 
 Fixed Interest                 9.9 
 Utilities                      9.2 
 Industrials                    7.0 
 Health Care                    6.5 
 Basic Materials                4.3 
 Telecommunication Services     4.1 
 Technology                     1.3 
 Cash                           3.3 
                              ------ 
 Total                         100.0 
                              ------ 
 

General description of Company's financial position and performance as at 28 February 2011

 
                                      GBPm 
 Ordinary shareholder funds           13.9 
 ZDP shareholder funds                21.2 
 
 Gross assets                         35.1 
 
 Actual gearing (equities/ordinary 
  shareholders funds)                 177% 
 

Cumulative performance (%)*

 
                                As at 
                          28 February 
                                 2011   3 months   6 months   1 year   3 years 
----------------------  -------------  ---------  ---------  -------  -------- 
 Share Price Ordinary 
  (p)                            61.5        6.4       19.3     23.8     (5.4) 
 Share Price ZDP 
  (p)                           139.0        0.5        2.0      3.0      15.6 
 NAV Ordinary 
  (p)                            66.6       15.6       28.5     29.4     (9.4) 
 NAV ZDP (p)                    139.8        1.4        2.9      6.0      19.1 
 FTSE All-Share                              9.1       16.5     17.0      15.5 
----------------------  -------------  ---------  ---------  -------  -------- 
 

Discrete performance (%)*

 
 Year ending             28/2/11   28/2/10   29/2/09   28/2/08   28/02/2007 
----------------------  --------  --------  --------  --------  ----------- 
 Share Price Ordinary       23.8      67.8    (54.4)    (26.5)         20.8 
 Share Price ZDP             3.0      12.0       0.2       4.1          8.2 
 NAV Ordinary               29.4     105.9    (66.0)    (22.2)         18.7 
 NAV ZDP                     6.0       6.0       6.0       6.0          6.0 
 FTSE All-Share             17.0      47.3    (33.0)     (2.7)         11.6 
----------------------  --------  --------  --------  --------  ----------- 
 
 
 Total Return; NAV to NAV, Net 
  Income Reinvested, GBP 
 Source: Aberdeen Asset Managers Limted, Factset and Morningstar 
 NAV returns based on NAVs excluding income and with debt 
  valued at par 
 

The Company's NAVs are published daily and are available on the Company's website, www.edinburghnewincome.co.uk.

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.

For Edinburgh New Income Trust plc

Aberdeen Asset Managers Limited, Secretary

4 April 2011

This information is provided by RNS

The company news service from the London Stock Exchange

END

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