Interim Results and Dividend
15 Enero 2002 - 9:42AM
UK Regulatory
RNS Number:0034Q
M&G High Income Inv Tst PLC
15 January 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 second interim
dividend of 1.025p (2000 - 1.025p) per Income share, in respect of the period
ending 31 May 2002, to be paid on 26 February 2002 to Income shareholders on
the register at the close of business on 25 January 2002. The ex dividend date
is 23 January 2002.
The dividend will also be payable to holders of Package units and Income &
Growth units.
Performance during the period
The Board is pleased to declare a second interim dividend of 1.025p net per
Income share, making a total of 2.050p net for the first half of the Company's
financial year. This is unchanged compared with the same period last year,
continuing the Company's policy of deferring any increase in dividends until
the fourth interim period. At the end of the current period, the yield on the
Company's Package units was 4.6%, well above the 3.6% yield on the FTSE 350
Higher Yield Index and significantly higher than the yield on the FTSE
All-Share Index which stood at just 2.6%.
The net asset value of each Package unit over the six months produced a
negative total return of 4.3%. When viewed in the context of generally weak
equity markets this was an extremely creditable performance and was ahead of
the FTSE All-Share Index which produced a negative total return of 9.4% and
the FTSE 350 Higher Yield Index which produced a negative total return of
7.4%. In spite of this, investor risk aversion meant demand for investment
trusts was muted over the period and the mid-market price discount to NAV grew
wider.
The last eighteen months have witnessed a sea change in investor sentiment,
which has been particularly helpful to the Company's relative performance.
Renewed interest in higher yielding income shares at the expense of low
yielding technology-orientated shares has enabled the Company substantially to
outperform the FTSE All-Share Index over this period.
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.
Statement of total return (unaudited)
(incorporating the revenue account)
Six months to 30 November 2001 2000
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
______________________________________________________________________________
(Losses) / gains on
investments - (3,824) (3,824) - 1,974 1,974
Income 1,434 - 1,434 1,430 - 1,430
Investment management fee (122) (248) (370) (125) (255) (380)
Other expenses (32) - (32) (37) - (37)
_____________________________________________________________________________
Return on ordinary
activities before tax 1,280 (4,072) (2,792) 1,268 1,719 2,987
Tax on ordinary activities (60) 60 - (13) 13 -
______________________________________________________________________________
Return on ordinary
activities after tax 1,220 (4,012) (2,792) 1,255 1,732 2,987
Dividends (non-equity) (1,104) - (1,104) (1,106) - (1,106)
Appropriations for
premium payable
on redemption - (761) (761) - (706) (706)
______________________________________________________________________________
Transfer to / (from) 116 (4,773) (4,657) 149 1,026 1,175
reserves
______________________________________________________________________________
Earnings per Income 2.27p 2.32p
share
______________________________________________________________________________
All the items dealt with in arriving at revenue on ordinary activities before
tax for 2001 relate to continuing activities.
Balance sheet (unaudited)
As at 30 November 2001 2000
#'000 #'000
______________________________________________________________________________
Employment of capital
Fixed assets
Investments 60,625 64,317
Current assets
Debtors 623 1,125
Cash at bank 532 309
______________________________________________________________________________
1,155 1,434
Creditors: Amounts falling due within one year (596) (1,089)
______________________________________________________________________________
Net current assets 559 345
______________________________________________________________________________
Net assets 61,184 64,662
______________________________________________________________________________
Capital and reserves
Called up share capital 1,616 1,616
Capital redemption reserve 15,546 15,546
Capital reserves - realised 4,246 7,232
- unrealised 2,045 2,440
Revenue reserve 269 366
Special reserve 37,462 37,462
______________________________________________________________________________
Shareholders' funds (all non-equity) 61,184 64,662
______________________________________________________________________________
Asset value per Capital share 12.43p 21.36p
Asset value per Zero dividend
preference share 30.69p 28.03p
Asset value per Income & Growth unit 83.95p 93.07p
Asset value per Package unit 114.64p 121.10p
______________________________________________________________________________
Cash flow statement (unaudited)
Six months ended 30 November 2001 2000
#'000 #'000 #'000 #'000
______________________________________________________________________________
Net cash inflow from operating activities 914 971
Servicing of finance
Dividends paid (non-equity) (1,351) (1,340)
Investment activities
Purchase of investments (3,271) (16,318)
Sale of investments 3,066 16,597
__________ __________
Net cash (outflow) / inflow from
investing activities (205) 279
Financing
Buy back of Package units
(including related legal costs) - (329)
______________________________________________________________________________
Decrease in cash (642) (419)
______________________________________________________________________________
J. P. McClelland
Secretary
M&G High Income (LSE:MGHI)
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