M&G High Income Share Discussion Threads

[aleman] 24/3/2015 16:40

The capital shares are nearly 8p. When they were that high last year, the income shares went over 60p.

[aleman] 24/3/2015 16:35

For non-holders, Lord Gnome is referring to the MGHU shares which incorporate both the income and capital (2nd and 3rd tiers). THis thread is actually for MGHI shares which are only the income shares (2nd tier) which are currently 58p offer, although they are going in the market for 57.6p today.

[lord gnome] 24/3/2015 16:25

A measly 10% if you have paid the full 63p offer price.

[aleman] 24/3/2015 16:22

11.2% give or take a slight increase in the final dividend.

Anyone here wondering what happens in 2016/17 might want to take a look at PEW. They reset with new zeros but decided to avoid a compulsory future winding up, instead choosing to have 5 yearly votes. The tricky bit is setting accruals rates for the first tier of capital. so that income takers don;t get thieir capital wiped out in a bad year.

[envirovision] 24/3/2015 15:38

So whats the yield now ?

[lord gnome] 24/3/2015 15:13

NAV moving up strongly in a rising market and yet the share price is becalmed. Strange.

[skinny] 19/1/2015 17:18

M&G High Income Investment Trust PLC : Dividend Declaration
Released 16:59 19-Jan-2015

M&G High Income Investment Trust P.L.C. announces that at a meeting of the Board of Directors held today, it was resolved to declare a second interim dividend of 1.50p, an increase of 7.1% (2013: 1.40p) per Income Share, in respect of the six months period ended 30 November 2014. The dividend will be paid on 25 February 2015 to Income Shareholders on the register at the close of business on 30 January 2014. The ex-dividend date will be 29 January 2015.

The dividend will also be payable to holders of Income & Growth Units and Package Units.

[aleman] 16/10/2014 17:30

M&G High Income Inv.






16 October 2014
M&G High Income Investment Trust P.L.C.

The Board of M&G High Income Investment Trust P.L.C. announce
that the net asset value (NAV) at 12:00 noon today was £390.0 million.

Income Shares * 57.81p
Capital Shares 0.00p
Zero Dividend Preference Shares 97.90p
Income & Growth Units 57.81p
Package Units 155.71p

The net asset values have been calculated on a cum-income basis,
with dividends payable deducted from net assets on the ex-dividend
date. Financial assets are valued on a mid-market price basis.

* The ex-income NAV of each Income Shares is 54.35p.

[lynton3] 16/10/2014 17:23

Please could someone point me to where I can find the current NAV for the income shares?

Thanks in advance!

[aleman] 15/10/2014 16:54

M&G High Income Investment Trust P.L.C.



Dividend Announcement



M&G High Income Investment Trust P.L.C. announces that at a meeting of the Board of Directors held today, it was resolved to declare a first interim dividend of 1.50p, an increase of 7.1% (2014: 1.40p) per Income Share, in respect of the three months period ended 31 August 2014. The dividend will be paid on 25 November 2014 to Income Shareholders on the register at the close of business on 24 October 2014. The ex-dividend date will be 23 October 2014.

The dividend will also be payable to holders of Income & Growth Units and Package Units.

[plasybryn] 01/9/2014 09:55

AGM tomorrow?

[grahamg8] 16/8/2014 08:34

Thanks Mozy. The munbers make a lot more sense with a rising NAV for the Zeros and a falling NAV for the income shares assuming the underlying assets hold their value. So at the end of the day it is all down to believing that the Managers can pick winners, and how much risk you want to take on board.

[mozy123] 14/8/2014 10:47

graham -

Zeros are 122.83p in 2017

they accrue capital at a constant rate - today worth 96.53 should the company wind up now.

[grahamg8] 14/8/2014 10:37

Daily NAV also on Hargreaves website. Key in MGHU for the packaged units and the daily NAV gives the values for capital, income, and zeros, plus the two bundled packages. Yesterday the income unit value was given as 71.28XD and 68.53 X income. Strangely the Zero value is 96.53p and has been for some time rather than 122.83p. I have no idea why this should be. Anyway MGHI seems to be a geared play on the FTSE, more or less.

[blackpoolsteve] 18/7/2014 22:24

Improving dividends - maybe somebody should tell Tom Winnie's QPP BB Morons of this companY

[lord gnome] 17/7/2014 17:10

Another most welcome rise in the divi.

[aleman] 17/7/2014 15:29

16 Jul 2014 15:33:30



M&G High Income Inv.



M&G High Income Investment Trust P.L.C.

Dividend Announcement

M&G High Income Investment Trust P.L.C. announces that at a meeting of the Board of Directors held today, it was resolved to declare a fourth interim dividend of 1.8p, an increase of 12.5% (2013: 1.6p) per Income Share, in respect of the three months period ended 31 May 2014. The dividend will be paid on 22 August 2014 to Income Shareholders on the register at the close of business on 25 July 2014. The ex-dividend date will be 23 July 2014.

The dividend will also be payable to holders of Income & Growth Units and Package Units.

6.1p total dividend from total revenue of 6.14p. (2013 - 5.5p from 5.83p.) There was about 1.2p spare revenue reserve per income shares, ex the final 1.8p dividend, as of May31. That looks like it will have risen to about 2.1p after the shares go ex-dividend next week.

ADVFN won't let me link to the annual report. It's available on the usual iii website that reports daily NAVs.


I see the capital shares' NAV has dropped to zero after the recent small correction in the main indices. A little disappointing but one would imagine the increasing yield (on underlying investments) bodes well for avoiding any significant downside in future.

[lord gnome] 28/4/2014 07:49

The current quoted NAV of the zeros is not the maturity value. If there is no growth in the portfolio, the maturing zeros will eat away any value of the capital shares (which is the residual) and then start to eat into the 70p of the income shares.
I can't get too upset. Another 3 years at 10% yield should offer some protection against capital loss at winding up time.
Personally, I am betting on a FTSE100 breakout at some point in the next 12 months (probably now delayed as we approach the election season in May 2015). Once this is out of the way, if the economy still looks to be set fair then the FTSE could take off. 8000 anyone? That should take care of any problems for MGHU which I hold.

[mozy123] 27/4/2014 21:25

The Nav is if the company closed today. The current accumulated capital £429.1m doesnt pay the income shares out in full in 2017

[sleepy] 27/4/2014 21:07

Blackpoolsteve - are you sure that your NAV of 73p is based on the full price of the zeros and not their current (theoretical?) value?

[blackpoolsteve] 27/4/2014 19:54

Hi Aleman/Mozy 123,

I am familiar with Zero and Income / Capital shares,but the company post NAV values at about 73p at present. This assumes that the zeros are paid in full. So logically,if growth remain the same then 70p will be paid in full.

I've noticed that the MM's spread narrows immediately before a dividend is paid;then widens to about 3p again shortly after,hence my point about buying lower,and selling higher.

Hope this clarifies things,

Regards,Steve

[mozy123] 27/4/2014 17:45

back test - 1.0419 ^ 3 = 1.13 * 429m = 485m to pay out income in full.