TIDMINV
RNS Number : 9947K
Investment Company PLC
08 January 2021
LEI: 2138004PBWN5WM2XST62
The Investment Company PLC
(the "Company")
Interim Dividend Declaration
Portfolio Update
NAV Announcements
The Company is pleased to provide an update following the
approval of the Company's new investment policy and objective at
the General Meeting held on 4 November 2020, together with the
declaration of an interim dividend.
Dividends
The Company announces that it has declared an interim dividend
of 1 pence per ordinary share, payable on 26 February 2021 to
ordinary shareholders on the register on 22 January 2021. The
ex-dividend date will be 21 January 2021.
Following the implementation of the Company's new investment
policy and objective, focused on protecting the purchasing power of
its capital in real terms, payment of dividends is not the key
objective of the Company. The Company will therefore discontinue
its policy of paying quarterly dividends and will instead make any
dividend declarations on an annual basis. As a result, the
directors do not intend to declare any further dividends until
after the end of the current financial year ending 30 June 2021 and
future dividends, if any, will reflect any excess income from the
investment portfolio after accounting for the Company's costs.
Portfolio Update
The Company has made substantial progress in transitioning its
portfolio away from the historical income focus and towards the new
objectives of protecting the purchasing power of its capital and
participating in enduring businesses. Though this transition is
still ongoing, the directors are pleased to provide details of the
portfolio as at 31 December 2020, shown in the table below, as an
indication of the progress made so far.
Further updates will be provided at the time of the release of
the Company's interim results for the six months ended 31 December
2020, which are expected to be released in February 2021.
Unaudited portfolio as
at
31 December 2020
Security Country Holding Value (GBP) %
Hal Trust Netherlands 10,000 1,047,261 6.8%
Bakkafrost Faroe Islands 15,000 785,008 5.1%
Tonnellerie François
Frères Group France 25,000 597,476 3.9%
Unilever UK 13,300 584,136 3.8%
British American Tobacco UK 21,000 568,680 3.7%
Franco-Nevada Canada 6,000 548,975 3.6%
Emmi Switzerland 700 527,766 3.4%
Lucas Bols Netherlands 55,000 485,410 3.2%
Rio Tinto UK 8,320 455,104 3.0%
Strix Group Isle of Man 208,636 454,826 3.0%
Imperial Oil Canada 32,000 443,388 2.9%
Barrick Gold Canada 25,000 416,453 2.7%
Bucher Industries Switzerland 1,200 402,814 2.6%
ForFarmers Netherlands 70,000 333,333 2.2%
Safilo Group Italy 300,000 202,336 1.3%
Diageo UK 6,600 189,948 1.2%
Total equity participations 8,042,914 52.3%
------------ -------
Six Hundred Group 8% 14/02/2022 UK 500,000 435,000 2.8%
Intercede Group 8% 29/12/2021 UK 450,000 360,000 2.3%
Renold 6% Preference Shares UK 422,109 363,014 2.4%
Northgate 5% Preference
Shares UK 532,763 181,139 1.2%
Other legacy holdings Various 118,204 0.8%
Total fixed income & other
legacy holdings 1,457,356 9.5%
------------ -------
Invesco Physical Gold ETC UK 15,000 2,012,364 13.1%
WisdomTree Physical Gold
ETC UK 11,500 1,510,169 9.8%
WisdomTree Physical Swiss
Gold ETC Switzerland 9,000 1,201,558 7.8%
Total gold 4,724,091 30.7%
------------ -------
Sterling Cash 1,221,865 7.9%
Other liabilities net of
other assets (59,053) -0.3%
Total cash and other net
assets 1,162,362 7.6%
------------ -------
Total Assets 15,386,723 100.0%
------------ -------
NAV Announcements
As announced on 5 January 2021, the Net Asset Value ("NAV") per
Ordinary Share (including unaudited current period revenue) at 31
December 2020 was 322.43 pence.
To reflect the long term nature of the Company's portfolio and
to reduce the costs and administrative burden on the Company,
announcements of the Company's NAV will in future be made on a
monthly basis, following the month end, rather than weekly as was
the previous practice.
Enquiries
The Investment Company
Ian Dighé, Chairman +44 (0) 20 3934 6630
info@theinvestmentcompanyplc.co.uk
Shore Capital (Financial Adviser
and Broker)
Robert Finlay +44 (0) 20 7408 4090
Rose Ramsden
Maitland Administration Services
Faith Pengelly +44 (0) 1245 950317
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END
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January 08, 2021 02:00 ET (07:00 GMT)
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