Replacement Interim Management Statement (2556E)
04 Avril 2011 - 3:29PM
UK Regulatory
TIDMENI
RNS Number : 2556E
Edinburgh New Income Trust plc
04 April 2011
AMENDMENT
Please note that the announcement released today (4(th) April)
at 11:51 hrs (RNS No: 2359E) incorrectly showed the third interim
payment date as 8 May 2010. This should read 6 May 2011.
The "Ten Largest Equity Holding" and "Sector Allocation"
holdings were incorrect. Please see attached the updated
announcement. All other information within the announcement remains
unchanged.
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 6 May 2011.
Ten largest equity holdings at 28 February 2011
%
Royal Dutch Shell 'B' 4.0
British American Tobacco 4.0
Centrica 3.4
Vodafone 3.3
HSBC 3.1
GlaxoSmithKline 2.8
AstraZeneca 2.5
Aviva 2.4
BP 2.4
Prudential 2.4
Total 30.3
Sector allocation as at 28 February 2011
%
Financials 17.2
Consumer Goods 9.6
Oil & Gas 9.3
Consumer Services 8.1
Fixed Interest 8.1
Utilities 7.5
Industrials 5.7
Health Care 5.3
Basic Materials 3.5
Telecommunication Services 3.3
Technology 1.1
Cash 21.3
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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