RNS Number:6372U
M&G High Income Inv Tst PLC
16 April 2002
M&G High Income Investment Trust P.L.C.
INTERIM ANNOUNCEMENT: DECLARATION OF INTERIM DIVIDEND
Dividend
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 third interim
dividend of 1.025p (2001 - 1.025p) per Income share, in respect of the period
ending 31 May 2002, to be paid on 28 May 2002 to Income shareholders on the
register at the close of business on 26 April 2002. The ex dividend date is 24
April 2002.
The dividend will also be payable to holders of Package units and Income &
Growth units.
In light of the adverse publicity regarding the split capital sector over the
last few months, the Board wishes to emphasise that the Company does not have
any borrowings and does not invest in any securities issued by split capital
investment trusts or split capital investment companies and has no intention
of doing so. A full portfolio is attached to this announcement.
Statement of total return (unaudited)
(incorporating the revenue account)
Nine months to 28 February 2002 2001
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
______________________________________________________________________________
(Losses) / gains on
investments - (3,407) (3,407) - 2,867 2,867
Income 2,017 - 2,017 2,047 - 2,047
Investment management fee (181) (368) (549) (188) (382) (570)
Other expenses (49) - (49) (54) - (54)
_____________________________________________________________________________
Return on ordinary
activities before tax 1,787 (3,775) (1,988) 1,805 2,485 4,290
Tax on ordinary activities (88) 88 - (17) 17 -
______________________________________________________________________________
Return on ordinary
activities after tax 1,699 (3,687) (1,988) 1,788 2,502 4,290
Dividends (non-equity) (1,656) - (1,656) (1,658) - (1,658)
Appropriations for
premium payable
on redemption - (1,146) (1,146) - (1,061) (1,061)
______________________________________________________________________________
Transfer to / (from) 43 (4,833) (4,790) 130 1,441 1,571
reserves
______________________________________________________________________________
Earnings per Income 3.15p 3.31p
share
______________________________________________________________________________
All the items dealt with in arriving at revenue on ordinary activities before
tax for 2002 relate to continuing activities.
Balance sheet (unaudited)
As at 28 February 2002 2001
£'000 £'000
______________________________________________________________________________
Employment of capital
Fixed assets
Investments 60,593 65,193
Current assets
Debtors 694 644
Cash at bank 1,243 1,900
______________________________________________________________________________
1,937 2,544
Creditors: Amounts falling due within one year (1,096) (2,324)
______________________________________________________________________________
Net current assets 841 220
______________________________________________________________________________
Net assets 61,434 65,413
______________________________________________________________________________
Capital and reserves
Called up share capital 1,616 1,616
Capital redemption reserve 15,546 15,546
Capital reserves - realised 4,471 5,482
- unrealised 2,145 4,960
Special reserve 37,460 37,462
Revenue reserve 196 347
______________________________________________________________________________
Shareholders' funds (all non-equity) 61,434 65,413
______________________________________________________________________________
Asset value per Capital share 12.33p 22.16p
Asset value per Zero dividend
preference share 31.38p 28.66p
Asset value per Income & Growth unit 83.72p 93.83p
Asset value per Package unit 115.10p 122.49p
______________________________________________________________________________
Cash flow statement (unaudited)
Nine months ended 28 February 2002 2001
£'000 £'000 £'000 £'000
______________________________________________________________________________
Net cash inflow from operating activities 1,429 1,243
Servicing of finance
Dividends paid (non-equity) (1,903) (1,891)
Tax
Income tax recovered 11 12
Investment activities
Purchase of investments (4,956) (19,052)
Sale of investments 5,490 21,189
__________ __________
Net cash inflow from
investing activities 534 2,137
Financing
Buy back of Package units
(including related costs) (2) (329)
______________________________________________________________________________
Increase in cash 69 1,172
______________________________________________________________________________
Investment Portfolio
As at 28 February 2002
Holding Value % net
£'000 assets
Mining 3.03
84,000 Lonmin 1,006 1.64
60,000 Rio Tinto (Regd.) 853 1.39
Oil & gas 7.85
425,000 BP 2,476 4.04
200,000 Hunting 377 0.61
400,000 Shell Transport & Trading (Regd.) 1,968 3.20
Chemicals 0.85
50,000 BOC Group 522 0.85
Construction & building materials 5.27
400,000 Aggregate Industries 354 0.57
250,000 Barratt Developments 1,155 1.88
50,000 BPB 169 0.28
750,000 Crest Nicholson 5.5% Cnv. Red. Pref. 707 1.15
200,000 Persimmon 852 1.39
Aerospace & defence 0.82
300,000 Meggitt 506 0.82
Beverages 3.31
150,000 Diageo 1,260 2.05
140,000 Scottish & Newcastle 777 1.26
Food producers & processors 0.71
75,000 Unilever 439 0.71
Pharmaceuticals 4.24
151,000 GlaxoSmithKline 2,603 4.24
Tobacco 2.95
175,000 Gallaher 870 1.42
100,000 Imperial Tobacco 937 1.53
General retailers 5.46
59,000 Carpetright 374 0.61
325,000 Findel 990 1.61
200,000 GUS 1,380 2.25
125,000 Smith W.H. 610 0.99
Leisure, entertainment & hotels 3.41
175,000 Six Continents 1,235 2.01
135,000 Whitbread 861 1.40
Media & photography 1.03
150,000 Trinity Mirror 635 1.03
125,000 United Business Media (Deferred) 0 0.00
Support services 1.02
120,000 Lex Service 625 1.02
Transport 2.87
250,000 Arriva 841 1.37
175,000 FirstGroup 448 0.73
72,379 Mersey Docks & Harbour 376 0.61
53,685 Wincanton 101 0.16
Telecommunication services 4.88
260,000 BT Group 660 1.07
$22,500 Mediaone (Vodafone) 7.0% Cnv.
Bds. 2002 331 0.54
260,000 MM02 172 0.28
£600,000 Telewest 5.25% Cnv. Bds. 2007 233 0.38
1,200,000 Vodafone Group 1,605 2.61
Electricity 2.84
125,000 National Grid Group 578 0.94
100,000 Scottish & Southern Energy 635 1.03
125,000 Scottish Power 534 0.87
Gas distribution 0.69
250,000 Lattice Group 423 0.69
Water 3.88
300,000 Kelda Group 1,071 1.74
127,018 Pennon Group 798 1.30
70,000 Severn Trent 513 0.84
Banks 13.23
80,000 Abbey National 762 1.24
50,000 Alliance & Leicester 416 0.68
90,000 Barclays Bank 1,867 3.04
100,000 Bradford & Bingley 309 0.50
252,942 HSBC Hldgs. 1,954 3.18
275,000 Lloyds TSB Group 1,870 3.04
35,000 Royal Bank of Scotland Group 606 0.99
50,000 Standard Chartered 345 0.56
Life assurance 2.50
75,000 Britannic 493 0.80
100,000 CGNU 718 1.17
50,000 Prudential 328 0.53
Real estate 2.80
230,000 Brixton 587 0.96
200,000 Liberty International 1,133 1.84
Speciality & other finance 2.11
40,000 Man 415 0.68
50,000 Provident Financial 325 0.53
250,000 Singer & Friedlander Group 550 0.90
Software & computer services 0.63
12,500 Guardian IT 6 0.01
40,000 Misys 105 0.17
90,000 Sage Group 187 0.30
30,128 Xansa 90 0.15
Non convertible preference shares 11.29
1,500,000 CGNU 8.75% Cum. Irrd. Pref. 2,066 3.36
750,000 General Accident 8.875%
Cum. Irrd. Pref. 1,039 1.69
500,000 Halifax 6.125% Non-Cum. Pref. 488 0.79
550,000 HBOS 9.75% Non-Cum. Irrd. Pref. 842 1.37
400,000 National Westminster 9%
Series A Non-Cum. Pref 592 0.96
1,250,000 Royal & Sun Alliance 7.375%
Cum. Irrd. Pref. 1,350 2.20
500,000 Standard Chartered 7.375%
Non-cum. Irred. Pref. 566 0.92
Sterling corporate bonds 10.96
£540,000 Abbey National 10.75% Bds. 2011 643 1.05
£300,000 Alliance & Leicester 8.75% Bds. 2006 335 0.55
£400,000 Associated British Ports 6.625%
Bds. 2008 409 0.67
£285,000 Austria (Rep. of) 9% Bds. 2004 309 0.50
£698,000 Capital Shopping 6.875% Bds. 2013 630 1.03
£770,000 Carlsberg Finance 7% Bds. 2013 790 1.29
£700,000 DWR Cymru Financing 8.174%
Bds. 2036 744 1.21
£1,500,000 HSBC Bank 9.25% Bds. 2049 1,704 2.77
£445,000 Railtrack 9.125% Bds. 2006 473 0.77
£605,000 Shaftesbury 8.5% 1st Mort. Deb. 2024 687 1.12
______________________________________________________________________________
Total investments 60,593 98.63
Net current assets 841 1.37
______________________________________________________________________________
Net assets 61,434 100.00
______________________________________________________________________________
J. P. McClelland
Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
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