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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Framlington Cap | LSE:FRNC | London | Ordinary Share | GB0006333545 | CAP 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 157.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Framlington Income & Capital Trust PLC First interim management statement for the year ending 31 March 2009 To the members of Framlington Income & Capital Trust PLC This is the Trust's first interim management statement for the year ending 31 March 2009 and covers the period to 30 June 2008. This statement has been produced to comply with the requirements of the Disclosure and Transparency Rules issued by the UKLA and should not be relied upon by any other party or for any other purpose. The Trust's articles of association provide that between April and September 2008 capital shareholders will decide by ordinary resolution whether the Trust should be wound up. The directors will send a circular to all shareholders convening an extraordinary general meeting which is likely to be held in September 2008, at which the capital shareholders only will vote on a resolution to wind up the Trust. The directors believe that it is likely that capital shareholders will vote to put the Trust into liquidation. Although it appears that there is insufficient interest from enough investors to make the option of a closed ended continuation vehicle viable, the board hopes to offer a tax efficient option for those shareholders who do not wish to receive cash for their investment at that time. Details of any such option will be included in the circular to shareholders. Investment objective The objective of the Trust is to produce above average capital growth for capital shareholders and above average income for income shareholders over the life of the Trust. * Benchmark The board has agreed that, in considering the extent to which this objective is being achieved by the Trust, the returns of the FTSE All-Share, FTSE 350 Higher Yield and FTSE SmallCap (excluding investment companies) indices will be used as reference points. Although the performance of the Trust is measured by reference to the returns of these indices, the Trust is not restricted to investing in companies included within these indices except through the following covenants contained within the Trust's loan facility with Bank of Scotland: Ratio of investments and cash to borrowings must exceed 190%; Ratio of FTSE 100 investments and cash to borrowings must exceed 100%; Ratio of specified quoted investments (including UK quoted securities with market capitalisation of greater than £500 million, UK Gilts and other liquid assets) must exceed 125%; Ratio of total income to total interest must exceed 125%. The risks of investment are managed by investing in a diversified portfolio of companies covering a range of sectors. There is no restriction on the number of stocks in the portfolio but this would usually be in a range of 50 to 80. The portfolio comprised 56 stocks at 30 June 2008. The maximum amount which may be invested in any one company is 15% of the Trust's investments. The Trust may not invest more than 10%, in aggregate, of the value of its total assets in other listed closed-ended investment funds except in the case of investment in closed-ended investment funds which themselves have published investment policies to invest no more than 15% of their total assets in other listed closed-ended investment funds, in which case the limit is 15%. * Investment Philosophy and Process The portfolio is managed with a balanced view of the interests of the two classes of shareholders. The underlying investment philosophy of the Manager is Growth at a Reasonable Price (GARP). As a result, a significant part of the portfolio will typically have a growth bias under style analysis. However, the Manager also remains aware of the requirement to produce above average income for the income shareholders and with this in mind also invests in companies which have a higher yield than would normally be the case under GARP. The emphasis on the market liquidity of the holdings is likely to increase with the approach of the Trust's expected winding up at the end of September 2008 requiring the liquidation of the portfolio by that time. * Gearing The Trust's articles allow borrowings up to an amount not exceeding the sum of 1.5 times the amount paid up on the issued share capital for the time being of the Trust and the amounts standing to the credit of the reserves of the Trust. The Trust currently has borrowings comprising £2.8 million 12.6% debenture stock 2008 and two bank loans totalling £30 million. Both the debenture stock and the bank loans are repayable on 30 September 2008. The different rights of the two classes of share also give the Trust inherent gearing. The board does not currently intend to increase the level of gearing. Material events There have not been any material events during the period 1 April 2008 to the date of publication of this statement. A final dividend for the year ended 31 March 2008, of 2.90 pence per share, was paid on 30 July 2008 to income shareholders on the register on 27 June 2008, following approval by shareholders at the Annual General Meeting on 22 July 2008. A first interim dividend in respect of the year ending 31 March 2009, of 2.50 pence per share, will be paid on 29 August 2008 to income shareholders on the register on 1 August 2008. There have not been any changes in the Trust's share capital, which remains as 39,134,832 income shares and 24,830,091 capital shares. Material transactions There have not been any material transactions during the period. As previously stated, the Board intends that the Trust should remain fully invested until near the end of its projected life in September 2008. However, as the date of the likely liquidation of the Trust draws nearer, its cash balances will increase in order to repay the debt of £32.8 million. The Trust's current cash position at 15 August was £13.7 million. Financial position NAV and total assets at 30 June 2008 30 June 2008 31 March 2008 Net asset value per share: Income share 32.87p 33.08p Capital share (fully diluted) 189.89p 212.17p Net assets £60.0 million £65.6 million Ten largest holdings at 30 June 2008 Value at 30.06.08 £000s BP $0.25 7,725 HSBC Holdings ord $0.50 4,840 Royal Dutch Shell B ord Euro0.07 4,036 GlaxoSmithKline ord 25p 3,894 British American Tobacco ord 25p 3,304 Weir Group ord 12.5p 3,283 BG Group ord 5p 3,263 Vodafone Group ord $0.11 3/7 2,982 BT Group ord 5p 2,772 Imperial Tobacco Group ord 10p 2,103 Sector allocation at 30 June 2008 % Oil & Gas 19.4 Basic materials 2.9 Industrials 19.8 Consumer goods 9.8 Health care 8.6 Consumer services 3.7 Telecommunications 6.9 Utilities 6.9 Financials 21.5 Technology 0.5 Financial performance Performance for the period to 30 June 2008 Three months to Year to 30 June 2008 31 March 2008 % % Portfolio -3.6 -12.0 FTSE All-Share -1.4 -7.7 FT SmallCap ex Inv. Cos. -7.0 -29.0 FT 350 Higher Yield -3.0 -12.2 Company information Year end: 31 March Dividends paid: Final dividend 2008 paid 30 July 2008 First interim dividend 2008 to be paid 29 August 2008 Debenture interest: The final interest payment will be made on 30 September 2008 and the debenture stock will be redeemed on the same day. Further information on the Trust, including the annual report and accounts for the year ended 31 March 2008, is available from the Manager's website www.axaframlington.com By order of the board AXA Framlington Investment Management Limited Secretary 19 August 2008 END
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