Law Debenture Corp PLC Edison issues review on The Law Debenture Corp

TIDMLWDB

Law Debenture Corp PLC

30 July 2018

London, UK, 30 July 2018

Edison issues review on The Law Debenture Corporation (LWDB)

The Law Debenture Corporation (LWDB) is unusual among investment trusts in that it runs a long-established independent professional services (IPS) business alongside its investment portfolio of global equities. With the corporate entity having refreshed its management team, growth in the IPS business has been strong in H118, and income from the businesses (which include corporate trusts, pension services, corporate services and whistleblowing) provided 30% of LWDB's net revenue per share, in spite of accounting for only 13.5% of fair value NAV. Meanwhile, the investment trust portfolio has produced strong long-term NAV total return performance versus its FTSE All-Share benchmark, and managers James Henderson and Laura Foll continue to find attractively valued opportunities in the UK, which remains severely out of favour among professional investors.

At 27 July 2018, LWDB's shares traded at a 10.2% discount to cum-income NAV (with debt at fair/market value). This was wider than both short- and long-term averages (a range of 6.2% to 9.2% over one, three, five and 10 years), probably reflecting a lack of investor appetite for UK-focused investments. LWDB's dividend yield of 2.9% is among the highest in the AIC Global sector, and is supported by the income contribution from the IPS business.

Click here to view the full report.

All reports published by Edison are available to download free of charge from its website

www.edisoninvestmentresearch.com

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Sarah Godfrey, [phone]

Gavin Wood, [phone]

[e-mail]

Learn more at www.edisongroup.com and connect with Edison on:

   LinkedIn        https://www.linkedin.com/company/edison-investment-research 
   Twitter           www.twitter.com/Edison_Inv_Res 
   YouTube       www.youtube.com/edisonitv 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

NRALLFLFDEIIVIT

(END) Dow Jones Newswires

July 30, 2018 08:16 ET (12:16 GMT)