RNS Number:0988D
M&G High Income Inv Tst PLC
29 October 2002
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 first 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 November 2002 to Income Shareholders on the register at the close
of business on 8 November 2002.
The ex dividend date is 6 November 2002.
The dividend will also be payable to holders of Package Units and Income & Growth Units.
Statement of total return (unaudited)
(incorporating the revenue account)
Three months ended 31 August
2002 2001
Revenue Capital Total Revenue Capital Total
#000 #000 #000 #000 #000 #000
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Losses on investments - (7,679) (7,679) - (1,987) (1,987)
Income 788 - 788 723 - 723
Investment management fee (58) (118) (176) (63) (129) (192)
Other Expenses (31) - (31) (17) - (17)
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Return on ordinary activities
before tax 699 (7,797) (7,098) 643 (2,116) (1,473)
Tax on ordinary activities (27) 27 - (30) 30 -
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Return on ordinary activities
after tax 672 (7,770) (7,098) 613 (2,086) (1,473)
Appropriations for premiums
payable on redemption - (410) (410) - (379) (379)
Dividends (non-equity) (552) - (552) (552) - (552)
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Transfer (from) / to reserves 120 (8,180) (8,060) 61 (2,465) (2,404)
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Earnings per Income Share 1.25p 1.14p
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 31 August 2002 2001
#000 #000
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Employment of capital
Fixed assets
Investments 54,634 62,229
Current assets
Debtors 721 624
Cash at bank 509 800
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1,230 1,424
Creditors: Amounts falling due within one year (588) (598)
Net current assets 642 826
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Net assets 55,276 63,055
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Capital and reserves
Called up share capital 1,616 1,616
Capital redemption reserve 15,546 15,546
Special reserve 37,460 37,462
Capital reserves - realised 3,577 5,803
- unrealised (3,218) 2,414
Revenue reserve 295 214
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Shareholders' funds (all non-equity) 55,276 63,055
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Asset value per Zero Dividend Preference Share 32.70p 30.00p
Asset value per Income Share 70.97p 71.42p
Asset value per Capital Share 0.00p 16.69p
Asset value per Income & Growth Unit 70.97p 88.11p
Asset value per Package Unit 103.67p 118.11p
Cash flow statement (unaudited)
For the three months ended 31 August 2002 2001
#000 #000 #000 #000
------------------------------------------------------------------------------------------------------------------------
Net cash inflow from operating activities 327 397
Servicing of finance
Dividends paid (non-equity) (848) (799)
Investment activities
Purchase of investments (987) (2,205)
Sale of investments 1,603 2,233
Net cash inflow from investing activities 616 28
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Increase / (decrease) in cash 95 (374)
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Investment portfolio
As at 31 August 2002
Holding Value % net
#000 assets
------------------------------------------------------------------------------------------------------------------------
Mining 2.58
84,000 Lonmin 744 1.35
60,000 Rio Tinto (Regd.) 680 1.23
Oil & gas 7.39
425,000 BP 2,127 3.85
200,000 Hunting 220 0.40
400,000 Shell Transport & Trading (Redg.) 1,734 3.14
Chemicals 0.86
50,000 BOC Group 475 0.86
Construction & building materials 6.34
350,000 Aggregate Industries 271 0.49
250,000 Barratt Developments 1,049 1.90
100,000 BPB 311 0.56
750,000 Crest Nicholson 5.5% Cnv. Red. Pref. 701 1.27
200,000 Persimmon 912 1.65
331,481 Pilkington 260 0.47
Aerospace & defence 1.00
300,000 Meggitt 555 1.00
Engineering & machinery 0.56
93,908 Vitec Group 312 0.56
Beverages 2.90
100,000 Diageo 782 1.41
150,000 Scottish & Newcastle 826 1.49
Food producers & processors 0.80
75,000 Unilever 442 0.80
Pharmaceuticals 3.08
140,000 GlaxoSmithKline 1,702 3.08
Tobacco 4.23
175,000 Gallaher 1,155 2.09
110,000 Imperial Tobacco 1,186 2.14
General retailers 4.56
75,000 Carpetright 468 0.85
325,000 Findel 878 1.59
150,000 GUS 752 1.36
125,000 Smith W.H. 422 0.76
Leisure, entertainment & hotels 2.09
36,569 William Hill 94 0.17
175,000 Six Continents 1,062 1.92
Media & photography 1.06
150,000 Trinity Mirror 585 1.06
Support services 1.23
50,000 Electrocomponents 154 0.28
120,000 RAC 527 0.95
Transport 3.85
250,000 Arriva 825 1.49
175,000 FirstGroup 437 0.79
80,000 Mersey Docks & Harbour 440 0.80
210,534 Wincanton 423 0.77
Food & drug retailers 0.39
100,000 Safeway 215 0.39
Telecommunication services 3.25
250,000 BT Group 500 0.90
$22,500 Mediaone (Vodafone) 7% Cnv. Bds. 2002 241 0.44
#600,000 Telewest 5.25% Cnv. Bds. 2007 123 0.22
900,000 Vodafone Group 932 1.69
Electricity 3.23
125,000 National Grid 564 1.02
100,000 Scottish & Southern Energy 670 1.21
150,000 Scottish Power 552 1.00
Gas distribution 1.09
350,000 Lattice Group 602 1.09
Water 4.85
300,000 Kelda Group 1,163 2.10
127,018 Pennon Group 861 1.56
70,000 Severn Trent 470 0.85
30,000 United Utilities 188 0.34
Banks 12.73
100,000 Abbey National 746 1.35
62,475 Alliance & Leicester 544 0.98
360,000 Barclays 1,660 3.00
200,000 Bradford & Bingley 638 1.16
260,000 HSBC Hldgs. 1,912 3.46
275,000 Lloyds TSB Group 1,537 2.78
Life assurance 1.94
50,000 Aviva 250 0.45
75,000 Britannic Group 270 0.49
200,000 Friends Provident 296 0.54
50,000 Prudential 255 0.46
Real estate 3.06
230,000 Brixton 505 0.92
200,000 Liberty International 1,186 2.14
Speciality & other finance 1.48
75,000 Provident Financial 420 0.76
250,000 Singer & Friedlander Group 399 0.72
Information technology hardware 0.24
200,000 Spirent 132 0.24
Software & computer services 0.43
55,000 Misys 124 0.22
90,000 Sage Group 116 0.21
Non-convertible preference shares 11.07
1,500,000 Aviva 8.75% Cum. Irrd. Pref. 1,744 3.16
750,000 General Accident 8.875% Cum.
Irrd. Pref. 909 1.64
623,457 Halifax 6.125% Non-Cum. Pref. 563 1.02
550,000 HBOS 9.75% Non-Cum. Irrd. Pref. 782 1.41
400,000 National Westminster 9% Series A
Non-Cum. Pref. 535 0.97
1,250,000 Royal & Sun Alliance 7.375% Cum.
Irrd. Pref. 1,056 1.91
500,000 Standard Chartered 7.375% Non-cum.
Irrd. Pref. 530 0.96
Sterling corporate bonds 12.55
#540,000 Abbey National 10.75% Bds. 2011 650 1.18
#300,000 Alliance & Leicester 8.75% Bds. 2006 341 0.62
#400,000 Associated British Ports 6.625%
Bds. 2008 413 0.75
#285,000 Austria (Rep of) 9% Bds. 2004 309 0.56
#698,000 Capital Shopping 6.875% Bds. 2013 666 1.20
#770,000 Carlsberg Finance 7% Bds. 2013 822 1.49
#700,000 DWR Cymru Financing 8.174% Bds. 2036 741 1.34
#1,500,000 HSBC 9.25% Bds. 2049 1,741 3.15
#445,000 Railtrack 9.125% Bds. 2006 489 0.88
#605,000 Shaftesbury 8.5% 1st Mort. Deb. 2024 761 1.38
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Total investments 54,634 98.84
Net current assets 642 1.16
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Net assets 55,276 100.00
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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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