Annual Results and Dividend
11 Julho 2001 - 8:19AM
UK Regulatory
RNS Number:7302G
M&G High Income Inv Tst PLC
11 July 2001
M&G HIGH INCOME INVESTMENT TRUST P.L.C.
FINAL ANNOUNCEMENT
Dividend
M&G High Income Investment Trust P.L.C. announces that at a meeting of the
Board of Directors held today, the Board recommended a final dividend of
1.485p (2000 - 1.45p) per Income share in respect of the year ended 31 May
2001, to be paid on 28 August 2001, to Income shareholders on the register at
the close of business on 20 July 2001. The ex dividend date is 18 July 2001.
Financial Performance
The board is pleased to declare a fourth interim dividend of 1.485p net per
Income share, making a total of 4.56p net for the year. This represents an
increase of 2.5% on last year, continuing the Company's record of providing
steady growth in dividends. This increase is in line with the increase in the
Retail Prices Index.
The net asset value per Package unit was 122.33p at 31 May 2001, a rise of
3.7% over the course of the year. This compares extremely favourably with the
return on the FTSE All-Share Index of -6.8%, but was below that of the FTSE
350 Higher Yield Index of 13.7%.
Statement of total return
Year to 31 May 2001 2000
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
______________________________________________________________________________
Gains / (losses) on - 2,833 2,833 - (2,137) (2,137)
investments
Income 2,759 - 2,759 2,856 - 2,856
Investment management fee (252) (511) (763) (248) (505) (753)
Other expenses (73) - (73) (58) - (58)
______________________________________________________________________________
Return on ordinary
activities before tax 2,434 2,322 4,756 2,550 (2,642) (92)
Tax on ordinary activities (41) 41 - (25) 25 -
______________________________________________________________________________
Return on ordinary
activities after tax 2,393 2,363 4,756 2,525 (2,617) (92)
Dividends (non-equity) (2,457) - (2,457) (2,410) - (2,410)
Appropriations for
premium payable
on redemption - (1,432) (1,432) - (1,330) (1,330)
______________________________________________________________________________
Transfer (from)/to (64) 931 867 115 (3,947) (3,832)
reserves
______________________________________________________________________________
Earnings per Income 4.43p 4.66p
share (net)
______________________________________________________________________________
As at 31 May 2001 2000
Net Asset value per Capital share 21.24p 19.34p
Net Asset value per Zero dividend
preference share 29.32p 26.78p
Net Asset value per Income and Growth unit 93.01p 91.21p
Net Asset value per Package unit 122.33p 117.99p
______________________________________________________________________________
All the items dealt with in arriving at revenue on ordinary activities before
tax for 2001 relate to continuing activities.
Balance sheet
As at 31 May 2001 2000
#'000 #'000
______________________________________________________________________________
Employment of capital
Fixed assets
Investments 64,767 62,888
Current assets
Debtors 514 311
Cash at bank 1,174 728
______________________________________________________________________________
1,688 1,039
Creditors: Amounts falling due within one year (1,375) (817)
______________________________________________________________________________
Net current assets 313 222
______________________________________________________________________________
Total capital employed 65,080 63,110
______________________________________________________________________________
Capital and reserves
Called up share capital 1,616 1,625
Share premium account - 37,761
Capital redemption reserve 15,546 15,537
Capital reserves - realised 6,241 7,138
- unrealised 4,062 822
Special reserve 37,462 -
Revenue reserve 153 227
______________________________________________________________________________
Shareholders' funds (all non-equity) 65,080 63,110
______________________________________________________________________________
Cash flow statement
Year ended 31 May 2001 2000
#'000 #'000 #'000 #'000
______________________________________________________________________________
Net cash inflow from operating activities 1,645 2,055
Servicing of finance
Dividends paid (non-equity) (2,443) (2,382)
Tax
Corporation tax recovered 12 6
Investment activities
Purchase of investments (27,288) (31,725)
Sale of investments 28,849 31,634
Liquidation proceeds received - 273
__________ __________
Net cash inflow from 1,561 182
investing activities
Financing
Issue of share capital - 241
Repurchase of Package units
(including related legal costs) (329) -
______________________________________________________________________________
Increase in cash 446 102
______________________________________________________________________________
Note
The results for 2000 are based on accounts filed with the Registrar of
Companies which carry an audit report which is unqualified and includes no
matters of adverse comment. The 2001 figures have been extracted from the
audited financial statements which will be filed with the Registrar of
Companies with an unqualified audit report with no matters of adverse comment.
The Annual report and Accounts will be posted to Shareholders on 18 July 2001
and the Annual General Meeting will be held at 11.15am on 21 August 2001 at
Laurence Pountney Hill, London EC4R 0HH.
J. P. McClelland
Secretary
M&G High Income (LSE:MGHI)
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