RNS Number:3078K
M&G High Income Inv Tst PLC
23 April 2003
DIVIDEND ANNOUNCEMENT
Announcement Body Information:
23 April 2003
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 (2002 - 1.025p) per Income Share, in respect of the year ending
31 May 2003, to be paid on 28 May 2003 to Income Shareholders on the register at the close of business on 2 May 2003.
The ex dividend date is 30 April 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)
Nine months to 28 February 2003 2002
Revenue Capital Total Revenue Capital Total
#000 #000 #000 #000 #000 #000
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Losses on investments - (12,861) (12,861) - (3,407) (3,407)
Income 2,025 - 2,025 2,017 - 2,017
Investment management fee (160) (326) (486) (181) (368) (549)
Other Expenses (76) - (76) (49) - (49)
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Return on ordinary activities before tax 1,789 (13,187) (11,398) 1,787 (3,775) (1,988)
Tax on ordinary activities (74) 74 - (88) 88 -
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Return on ordinary activities after tax 1,715 (13,113) (11,398) 1,699 (3,687) (1,988)
Appropriations for premiums payable on redemption - (1,240) (1,240) - (1,146) (1,146)
Dividends (non-equity) (1,653) - (1,653) (1,656) - (1,656)
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Transfer to/(from) reserves 62 (14,353) (14,291) 43 (4,833) (4,790)
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Earnings per Income Share 3.19p 3.15p
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The revenue column of this statement is the profit and loss account of the company.
All the items dealt with in arriving at revenue on ordinary activities before tax
for 2003 relate to continuing activities.
Balance sheet (unaudited)
As at 28 February 2003 2002
#000 #000
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Employment of capital
Fixed assets
Investments 49,342 60,593
Current assets
Debtors 436 694
Cash at bank 631 1,243
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1,067 1,937
Creditors: Amounts falling due within one year (621) (1,096)
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Net current assets 446 841
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Net assets 49,788 61,434
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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 37,460
Capital reserves - realised 2,640 4,471
- unrealised (7,624) 2,145
Revenue reserve 237 196
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Shareholders' funds (all non-equity) 49,788 61,434
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Asset value per Zero Dividend Preference Share 34.36p 31.38p
Asset value per Income Share 59.29p 71.39p
Asset value per Capital Share 0.00p 12.33p
Asset value per Income & Growth Unit 59.29p 83.72p
Asset value per Package Unit 93.65p 115.10p
Cash flow statement (unaudited)
Nine months to 28 February 2003 2002
#000 #000 #000 #000
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Net cash inflow from operating activities 1,576 1,429
Servicing of finance
Dividends paid (non-equity) (1,950) (1,903)
Tax
Income tax recovered - 11
Investment activities
Purchase of investments (7,058) (4,956)
Sale of investments 7,736 5,490
Net cash inflow from investing activities 678 534
Financing
Repurchase of Package Units (including legal costs) (87) (2)
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Increase in cash 217 69
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Investment portfolio
As at 28 February 2003
Holding Value % net
#000 assets
Mining 2.95
100,000 Lonmin 828 1.66
50,000 Rio Tinto (Regd.) 642 1.29
Oil & gas 6.72
425,000 BP 1,700 3.41
200,000 Hunting 176 0.36
400,000 Shell Transport & Trading (Regd.) 1,471 2.95
Chemicals 0.76
50,000 BOC Group 376 0.76
Construction & building materials 6.78
250,000 Barratt Developments 1,025 2.06
150,000 BPB 394 0.79
750,000 Crest Nicholson 5.5% Cnv. Red. Prf. 709 1.42
200,000 Persimmon 881 1.77
350,000 Pilkington 184 0.37
50,000 RMC Group 184 0.37
Aerospace & defence 0.77
250,000 Meggitt 383 0.77
Engineering & machinery 2.33
100,000 IMI 232 0.47
120,000 Rotork 319 0.64
100,000 Tomkins 188 0.38
150,000 Vitec Group 420 0.84
Beverages 1.39
30,000 Diageo 189 0.38
150,000 Scottish & Newcastle 504 1.01
Food producers & processors 1.02
25,000 Dairy Crest Group 85 0.17
75,000 Unilever 424 0.85
Pharmaceuticals 3.14
140,000 GlaxoSmithKline 1,562 3.14
Tobacco 3.68
175,000 Gallaher 1,090 2.19
75,000 Imperial Tobacco 743 1.49
General retailers 3.95
25,000 Boots Co. 135 0.27
40,000 Carpetright 252 0.51
63,049 Debenhams 170 0.34
325,000 Findel 699 1.40
75,000 GUS 381 0.77
125,000 Smith W.H 330 0.66
Leisure & entertainment & hotels 4.84
50,000 Rank Group 117 0.23
615,000 Rank Group Cnv. Cum. Red. Pref. 624 1.25
175,000 Six Continents 1,083 2.18
125,000 William Hill 255 0.51
57,442 Wolverhampton & Dudley 334 0.67
Media & photography 1.25
100,000 Carlton Communications 6.5p Cum. Cnv. Pref. 2010 84 0.17
135,000 Trinity Mirror 537 1.08
Support services 1.18
68,231 Electrocomponents 161 0.32
120,000 RAC 427 0.86
Transport 4.06
250,000 Arriva 720 1.45
125,000 BBA Group 182 0.37
175,000 FirstGroup 403 0.81
80,000 Mersey Docks & Harbour 365 0.73
225,000 Wincanton 349 0.70
Food & drug retailers 1.17
100,000 Safeway 296 0.59
125,000 Sainsbury (J) 290 0.58
Telecommunication services 3.24
200,000 BT Group 326 0.66
$22,500 Vodafone Group ADR Cnv. 257 0.52
900,000 Vodafone Group 1,024 2.06
Electricity 2.37
100,000 Scottish & Southern Energy 630 1.27
150,000 Scottish Power 547 1.10
Utilities/ other 5.97
300,000 Kelda Group 1,230 2.47
75,000 National Grid Transco 307 0.62
114,430 Pennon Group 764 1.53
70,000 Severn Trent 493 0.99
30,000 United Utilities 177 0.36
Banks 10.57
70,000 Alliance & Leicester 542 1.09
360,000 Barclays 1,319 2.65
200,000 Bradford & Bingley 568 1.14
259,000 HSBC Hldgs. 1,772 3.56
300,000 Lloyds TSB Group 1,062 2.13
Life assurance 0.98
75,000 Britannic Group 102 0.20
250,000 Friends Provident 221 0.44
50,000 Prudential 169 0.34
Real estate 3.56
230,000 Brixton 503 1.01
8,798 Land Securities 65 0.13
93,620 Liberty International 529 1.06
500,000 Slough Estates 8.25p Cum. Cnv. Red. Pref. 677 1.36
Speciality & other finance 2.19
60,000 Close Brothers Group 258 0.52
92,038 Provident Financial 529 1.06
250,000 Singer & Friedlander Group 306 0.61
Information technology hardware 0.05
200,000 Spirent 24 0.05
Software & computer services 0.24
90,000 Sage Group 120 0.24
Non-convertible preference shares 11.21
1,500,000 Aviva 8.75% Cum. Irrd. Pref. 1,571 3.16
750,000 General Accident 8.875% Cum. Irrd. Pref. 812 1.63
623,457 Halifax 6.125% Non-cum. Pref. 588 1.18
550,000 HBOS 9.75% Non-cum Irrd. Pref. 811 1.63
400,000 National Westminster 9% Series A Non-cum Pref. 549 1.10
1,250,000 Royal & Sun Alliance 7.375% Cum. Irrd. Pref. 706 1.42
500,000 Standard Chartered 7.375% Non-cum. Irrd. Pref. 544 1.09
Sterling corporate bonds 12.73
#300,000 Alliance & Leicester 8.75% Bds. 2006 345 0.69
#400,000 Assoc British Ports 6.625% Bds. 2008 429 0.86
#285,000 Austria (Republic of) 9% Bds. 2004 306 0.61
#698,000 Capital Shopping 6.875% Bds. 2013 691 1.39
#655,000 Carlsberg Finance 7% Bds. 2013 717 1.44
#700,000 DWR Cymru Financing 8.174% Bds. 2036 792 1.59
#1,500,000 HSBC 9.25% Var. Perp. Bds. 1,746 3.51
#255,000 London Merchant Sec. 6.5% Bds. 2026 267 0.54
#211,000 National Westminster Bank Step-up 7.625% Bds. 2049 244 0.49
#499,000 Shaftesbury 8.5% 1st Mort. Deb. 2024 625 1.26
#170,000 United Utilities Water 5.25% Bds. 2010 175 0.35
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Total investments 49,342 99.10
Net current assets 446 0.90
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Net assets 49,788 100.00
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J. P. McClelland
Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
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