RNS Number:5072G
M&G High Income Inv Tst PLC
22 January 2003
Performance during the period
The Board is pleased to announce a second interim dividend of 1.025p per Income
Share, making a total of 2.05p per Income Share for the half year, unchanged
from last year. At the period end, the yield on the Company's Package Units was
5.4%. This was above the 4.5% yield on the FTSE 350 Higher Yield Index and
substantially higher than the yield on the FTSE All-Share Index, which stood at
3.4%
On a net asset value ('NAV') basis each Package Unit produced a negative total
return of 13.0% over the review period, against a negative return of 17.7% for
the FTSE All-Share Index. Although disappointing in itself this should be viewed
in the context of exceptionally difficult and volatile stockmarket conditions
prevailing throughout the review period.
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 (2001 - 1.025p) per Income Share, in respect of the year ending 31 May
2003, to be paid on 25 February 2003 to Income Shareholders on the register at
the close of business on 31 January 2003.
The ex dividend date is 29 January 2003
The dividend will also be payable to holders of Package Units and Income &
Growth Units.
Statement of total return (unaudited)
(incorporating the revenue account)
Six months to 30 November 2002 2001
Revenue Capital Total Revenue Capital Total
#000 #000 #000 #000 #000 #000
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Losses on investments - (9,295) (9,295) - (3,824) (3,824)
Income 1,409 - 1,409 1,434 - 1,434
Investment management fee (111) (224) (335) (122) (248) (370)
Other Expenses (54) - (54) (32) - (32)
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Return on ordinary activities before
tax 1,244 (9,519) (8,275) 1,280 (4,072) (2,792)
Tax on ordinary activities (51) 51 - (60) 60 -
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Return on ordinary activities after
tax 1,193 (9,468) (8,275) 1,220 (4,012) (2,792)
Appropriations for premiums payable
on redemption - (823) (823) - (761) (761)
Dividends (non-equity) (1,102) - (1,102) (1,104) - (1,104)
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Transfer to / (from) reserves 91 (10,291) (10,200) 116 (4,773) (4,657)
------------------------------------------------------------------------------------------------------------------------
Earnings per Income Share 2.22p 2.27p
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 30 2002 2001
November
#000 #000
------------------------------------------------------------------------------------------------------------------------
Employment of capital
Fixed assets
Investments 53,084 60,625
Current assets
Debtors 886 623
Cash at bank 269 532
------------------------------------------------------------------------------------------------------------------------
1,155 1,155
Creditors: Amounts falling due within one year (777) (596)
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Net current assets 378 559
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Net assets 53,462 61,184
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Capital and reserves
Called up share capital 1,613 1,616
Capital redemption reserve 15,549 15,546
Special reserve 37,373 37,462
Capital reserves - realised 3,041 4,246
- unrealised (4,380) 2,045
Revenue reserve 266 269
------------------------------------------------------------------------------------------------------------------------
Shareholders' funds (all non-equity) 53,462 61,184
------------------------------------------------------------------------------------------------------------------------
Asset value per Zero Dividend Preference Share 33.60p 30.69p
Asset value per Income Share 66.89p 71.52p
Asset value per Capital Share 0.00p 12.43p
Asset value per Income & Growth Unit 66.89p 83.95p
Asset value per Package Unit 100.49p 114.64p
Cash flow statement (unaudited)
For the six months ended 30 November 2002 2001
#000 #000 #000 #000
------------------------------------------------------------------------------------------------------------------------
Net cash inflow from operating activities 922 914
Servicing of finance
Dividends paid (non-equity) (1,399) (1,351)
Investment activities
Purchase of investments (3,456) (3,271)
Sale of investments 3,875 3,066
--- ----- --------
Net cash inflow from investing activities 419 (205)
Financing
Repurchase of Package Units (including legal costs) (87) -
------------------------------------------------------------------------------------------------------------------------
Decrease in cash (145) (642)
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Investment portfolio
As at 30 November 2002
Holding Value % net
#000 assets
------------------------------------------------------------------------------------------------------------------------
Mining 2.85
84,000 Lonmin 743 1.39
60,000 Rio Tinto (Regd.) 781 1.46
Oil & gas 6.82
425,000 BP 1,779 3.33
200,000 Hunting 195 0.37
400,000 Shell Transport & Trading (Redg.) 1,668 3.12
Chemicals 0.84
50,000 BOC Group 448 0.84
Construction & building materials 6.69
350,000 Aggregate Industries 278 0.52
250,000 Barratt Developments 1,012 1.89
110,000 BPB 303 0.57
750,000 Crest Nicholson 5.5% Cnv. Red. Pref. 716 1.34
200,000 Persimmon 828 1.55
350,000 Pilkington 225 0.42
50,000 RMC Group 211 0.40
Aerospace & defence 0.92
250,000 Meggitt 494 0.92
Engineering & machinery 0.93
150,000 Vitec Group 495 0.93
Beverages 1.64
30,000 Diageo 201 0.38
150,000 Scottish & Newcastle 676 1.26
Food producers & processors 0.96
25,000 Dairy Crest 86 0.16
75,000 Unilever 429 0.80
Pharmaceuticals 3.15
140,000 GlaxoSmithKline 1,684 3.15
Tobacco 3.13
175,000 Gallaher 990 1.85
75,000 Imperial Tobacco 685 1.28
General retailers 5.53
25,000 Boots Co. 143 0.27
77,742 Carpetright 487 0.91
63,049 Debenhams 194 0.36
325,000 Findel 824 1.54
150,000 GUS 883 1.65
125,000 Smith W.H. 425 0.80
Leisure, entertainment & hotels 2.64
125,000 William Hill 268 0.50
175,000 Six Continents 989 1.85
28,090 Wolverhampton & Dudley 156 0.29
Media & photography 0.94
135,000 Trinity Mirror 504 0.94
Support services 1.44
68,231 Electrocomponents 239 0.45
120,000 RAC 530 0.99
Transport 3.83
250,000 Arriva 712 1.33
175,000 FirstGroup 402 0.75
80,000 Mersey Docks & Harbour 434 0.81
225,000 Wincanton 505 0.94
Food & drug retailers 0.85
120,000 Safeway 262 0.49
65,000 Sainsbury (J) 192 0.36
Telecommunication services 3.54
200,000 BT Group 416 0.78
#600,000 Telewest 5.25% Cnv. Bds. 2007 99 0.19
22,500 Vodafone ADR Cnv. 276 0.52
900,000 Vodafone Group 1,098 2.05
Electricity 4.19
256,250 National Grid 1,109 2.08
100,000 Scottish & Southern Energy 619 1.16
150,000 Scottish Power 507 0.95
Water 4.56
300,000 Kelda Group 1,131 2.12
114,430 Pennon 687 1.29
70,000 Severn Trent 435 0.81
30,000 United Utilities 181 0.34
Banks 12.33
50,000 Abbey National 324 0.61
62,475 Alliance & Leicester 512 0.96
360,000 Barclays 1,678 3.14
200,000 Bradford & Bingley 612 1.14
259,000 HSBC Hldgs. 1,975 3.69
275,000 Lloyds TSB Group 1,492 2.79
Life assurance 1.69
75,000 Britannic Group 265 0.50
250,000 Friends Provident 369 0.69
50,000 Prudential 268 0.50
Real estate 3.28
230,000 Brixton 508 0.95
8,798 Land Securities 68 0.13
200,000 Liberty International 1,176 2.20
Speciality & other finance 2.28
60,000 Close Brothers Group 339 0.63
75,000 Provident Financial 516 0.97
250,000 Singer & Friedlander Group 366 0.68
Information technology hardware 0.06
200,000 Spirent 31 0.06
Software & computer services 0.26
90,000 Sage Group 141 0.26
Non-convertible preference shares 11.06
1,500,000 Aviva 8.75% Cum. Irrd. Pref. 1,594 2.98
750,000 General Accident 8.875% Cum. Irrd. Pref. 838 1.57
623,457 Halifax 6.125% Non-Cum. Pref. 600 1.12
550,000 HBOS 9.75% Non-Cum. Irrd. Pref. 819 1.53
400,000 National Westminster 9% Series A Non-Cum. Pref. 558 1.04
1,250,000 Royal & Sun Alliance 7.375% Cum. Irrd. Pref. 947 1.77
500,000 Standard Chartered 7.375% Non-cum. Irrd. Pref. 563 1.05
Sterling corporate bonds 12.88
#540,000 Abbey National 10.75% Bds. 2011 640 1.20
#300,000 Alliance & Leicester 8.75% Bds. 2006 339 0.63
#400,000 Associated British Ports 6.625% Bds. 2008 417 0.78
#285,000 Austria (Rep of) 9% Bds. 2004 306 0.57
#698,000 Capital Shopping 6.875% Bds. 2013 660 1.23
#655,000 Carlsberg Finance 7% Bds. 2013 700 1.31
#700,000 DWR Cymru Financing 8.174% Bds. 2036 768 1.44
#1,500,000 HSBC 9.25% Bds. 2049 1,710 3.20
#255,000 London Merchant Sec. 6.5% Bds. 2006 253 0.47
#211,000 National Westminster 9% Series A Non-Cum. Pref. 236 0.44
#499,000 Shaftesbury 8.5% 1st Mort. Deb. 2024 615 1.15
#250,000 United Utilities Water 5.25% Bds. 2010 247 0.46
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Total investments 53,084 99.29
Net current assets 378 0.71
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Net assets 53,462 100.00
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J. P. McClelland
Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
END
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