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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Investec H.I.T. | LSE:ICH | London | Ordinary Share | GB0030197460 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMICH Investec High Income Trust Plc Interim Management Statement for the quarter ended 31 December 2008 Objective Investec High Income Trust plc is an investment company as defined in section 266 of the Companies Act 1985 and carries on the business of an investment trust. The objective of the Company is to achieve both a high and growing level of income with the potential for capital growth from a portfolio principally invested directly or indirectly in equities. Material Events and Transactions As highlighted in the half-year report for the six months to 30 September 2008, the board believes that given the substantial reduction in assets following the maturing of the bank debt and the repayment of the zero dividend preference shares in March 2009, the most sensible strategy to adopt is to wind up the Company. Accordingly, a resolution will be put to shareholders on 20 March 2009 proposing to wind up the Company; a circular will be sent to shareholders outlining the proposals relating to the liquidation towards the end of February. On this basis, the portfolio has been structured with this outcome in mind. The bespoke put option became an increasingly large part of the overall portfolio as the equity market fell in October; therefore, 50% of it was sold together with the commensurate amount of equities against which it was hedged. During the quarter we sold some holdings which had held up remarkably well in 2008 such as Home Retail, Kingfisher and Standard Life as well as the holding in Games Workshop. We also made some fairly modest purchases of Invensys, Travis Perkins, GlaxoSmithKline and BT. Investec High Income Trust plc repaid the entire remaining GBP14.6m balance of its term loan facility with Bank of Scotland during the quarter in a number of instalments, the final payment being made on 6 November 2008. The corresponding amount was also unwound on the associated swap agreement. At the end of December, 7.2% of the portfolio was invested in cash and gilts, 78.5% was invested in equities and 14.3% was invested in a put option. The put option expires towards the end of January and at this time some equities will be sold to maintain the level of gearing for ordinary shareholders. During the quarter to 31 December 2008, Investec High Income Securities plc bought back 1,109,160 zero dividend preference shares for cancellation. As at 31 December 2008, the share capital of Investec High Income Trust plc consisted of 28,000,000 ordinary shares. The share capital of Investec High Income Securities plc consisted of 200,008 ordinary shares and 7,140,840 zero dividend preference shares. A second interim dividend of 1.45p per share was paid on 20 November 2008 to shareholders on the register as at 31 October 2008. A third and final dividend will be paid in March prior to the Company's liquidation. Top Ten Holdings as at 31 December 2008 Holding % of Total Assets ML FTSE ex top 20 put option 14.40 Royal Dutch Shell `B' Shares 10.17 GlaxoSmithKline 9.81 BP 9.53 Vodafone Group 7.82 UK Treasury 2.50 16 August 2013 Index-Linked 6.29 HSBC Holdings 5.75 Unilever 5.31 AstraZeneca 5.03 BT Group 3.17 77.28 Financial Performance Quarter to 6 months to 31 December 30 September 2008 2008 Total assets less current liabilities GBP11.605m GBP10.947m NAV total return1 6.99% -2.12% Ordinary shares NAV per share 41.01p 39.10p Price per share 33.00p 33.50p Discount 19.5% 14.3% Zero dividend preference shares NAV per share 192.02p 188.00p Price per share 193.00p 186.50p Benchmark NAV total return FTSE All-Share Index -10.19% -13.45% FTSE 350 Higher Yield Index -7.16% -9.46% ¹ Adjusted for dividend distributions, bank loan interest paid, bank loan repaid and ZDP share buy backs during the period. Note: The directors are not aware of any significant events or transactions which have occurred between the date of the financial information and the date of publication, which would have a material impact on the financial position of the Company. The net asset value is published on a weekly basis and other useful background information on the Company including downloads of published documentation such as previous Annual Reports and Monthly Fact Sheets can be found at www.investecassetmanagement.com. Company Information Launch date 28 February 2001 Year end 31 March Contact Martin Slade Investec Investment Management Limited 2 Gresham Street London EC2V 7QP Tel: +44 (0)20 7597 1942 END
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