MITON INCOME OPPORTUNITIES TRUST PLC - Interim Management Statement
11 Julho 2013 - 10:40AM
PR Newswire (US)
MITON INCOME OPPORTUNITIES TRUST PLC
INTERIM MANAGMENT STATEMENT - THREE MONTHS TO 31 MAY 2013
Miton Income Opportunities Trust plc (the "Company" or "MIOT") presents its
interim management statement for the period 1 March 2013 to 31 May 2013. This
constitutes the Company's second interim management statement for the financial
year ending 31 August 2013, as required by the UK Listing Authority's
Disclosure and Transparency Rule 4.3.
INVESTMENT OBJECTIVE
The Company's investment objective is to provide shareholders with an
attractive level of dividends coupled with capital growth over the long-term.
The Company will invest primarily in quoted or traded small and mid-sized UK
companies and shall seek exposure to those companies that have the prospect of
paying good and growing dividends. The Company may also invest in large cap
companies, including FTSE 100 constituents, where it is believed that this may
increase shareholder value.
The Manager will adopt a stock specific approach in managing the Company's
portfolio and therefore sector weightings are of secondary consideration. As a
result of this approach, the Company's portfolio will not track any benchmark
index.
REVIEW OF THE PERIOD
The period falls into two parts. Prior to 5 April 2013, MIOT's strategy was to
outperform the FTSE Fledgling Index. Subsequently, the investment objective
detailed above has been adopted. Miton, the new investment manager, has been
realigning the portfolio since 5 April 2013 to bring it into line with the new
strategy so that MIOT can merge with the Diverse Income Trust ("DIVI") if it is
in shareholders' interests.
The Company has made very good progress with the transition during the period
and subsequently, on 2 July 2013, MIOT announced that the portfolio was
substantially realigned so the potential merger with DIVI could proceed on the
terms set out in the announcement of 15 February 2013. A prospectus and
circular containing the full details of the proposed merger is expected to be
posted in September 2013 for approval at a general meeting to be held later
that month.
In the quarter to 31 May 2013, the net asset value per ordinary share rose by
0.5% on a total return basis compared to a rise of 5.0% for the FTSE All-Share
Index. The share price rose 2.8% in the quarter, but has appreciated by 19.5%
from 14 February 2013 following the announcement of the new investment strategy
and the proposed merger.
RETURNS
31 May 2013 28 Feb 2013
Ordinary shares (unaudited) (unaudited)
Mid-market share price 463.0p 450.5p
Net asset value per share including 492.9p 496.3p
revenue
Net asset value per share excluding 493.9p 494.3p
revenue
Discount to net asset value 6.1% 9.2%
Total net assets (including income) 79.2m 79.8m
% net cash / (gearing) 7.9% 5.6%
No ordinary shares were bought back during the period.
An interim dividend of 6.0p pence per ordinary share was paid on 28 May 2013
which included a 4.0p distribution of revenue reserves.
TOTAL RETURN PERFORMANCE TO 31 MAY 2013
3 months 6 months 1 year
% % %
NAV * +0.5 +10.7 +18.1
Share price (mid) +2.5 +32.3 +36.2
Sources: * NAV returns based on NAVs excluding income. Total returns assume
that dividends are reinvested at the ex-dividend date. FE Analytics & Miton.
TOP TWENTY EQUITY HOLDINGS
% of total net
Sector / Business assets as at
Name Activity 31 May 2013
Thorntons Food & Drug Retailers 5.5
Communisis Support Services 4.9
Bioquell Health Care, Equipment & Services 4.2
Trifast Industrial Engineering 4.0
Future Media 3.9
Acal Support Services 3.9
office2office Support Services 3.1
Filtronic Technology, Hardware & Equipment 3.1
Air Partner Travel & Leisure 2.3
Energy Assets Support Services 1.9
Randall & Quilter Non Life Assurance 1.9
Moss Bros General Retailers 1.7
STV Media 1.7
Source Bioscience Pharmaceuticals & Biotechnology 1.7
Macfarlane General Industrials 1.6
Charles Taylor Financial Services 1.6
Gresham Computing Software & Computer Services 1.6
MS International Industrial Engineering 1.5
Jersey Electricity Electricity 1.5
Vernalis Pharmaceuticals & Biotechnology 1.5
Total 53.1
This is an interim management statement. Full details of the Company, including
the current share prices, NAVs and factsheets, are available at
www.mitongroup.com.
Other than as set out above, the Board is not aware of any material events or
transactions occurring between 31 May 2013 and the date of publication of this
interim management statement which would have a material impact on the
financial position of the Company.
11 July 2013
Neither the contents of the Miton Income Opportunities Trustplc website nor the
contents of any website accessible from hyperlinks on the website (or any other
website) is incorporated into, or forms part of, this announcement.
Copyright y 11 PR Newswire
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