MIOT Miton Inc.Opps

 
TIDMMIOT 
 
MITON INCOME OPPORTUNITIES TRUST PLC 
 
INTERIM MANAGMENT STATEMENT - THREE MONTHS TO 31 MAY 2013 
 
Miton Income Opportunities Trust plc (the "Company" or "MIOT") presents its 
interim management statement for the period 1 March 2013 to 31 May 2013. This 
constitutes the Company's second interim management statement for the financial 
year ending 31 August 2013, as required by the UK Listing Authority's 
Disclosure and Transparency Rule 4.3. 
 
INVESTMENT OBJECTIVE 
 
The Company's investment objective is to provide shareholders with an 
attractive level of dividends coupled with capital growth over the long-term. 
 
The Company will invest primarily in quoted or traded small and mid-sized UK 
companies and shall seek exposure to those companies that have the prospect of 
paying good and growing dividends. The Company may also invest in large cap 
companies, including FTSE 100 constituents, where it is believed that this may 
increase shareholder value. 
 
The Manager will adopt a stock specific approach in managing the Company's 
portfolio and therefore sector weightings are of secondary consideration. As a 
result of this approach, the Company's portfolio will not track any benchmark 
index. 
 
REVIEW OF THE PERIOD 
 
The period falls into two parts. Prior to 5 April 2013, MIOT's strategy was to 
outperform the FTSE Fledgling Index. Subsequently, the investment objective 
detailed above has been adopted. Miton, the new investment manager, has been 
realigning the portfolio since 5 April 2013 to bring it into line with the new 
strategy so that MIOT can merge with the Diverse Income Trust ("DIVI") if it is 
in shareholders' interests. 
 
The Company has made very good progress with the transition during the period 
and subsequently, on 2 July 2013, MIOT announced that the portfolio was 
substantially realigned so the potential merger with DIVI could proceed on the 
terms set out in the announcement of 15 February 2013. A prospectus and 
circular containing the full details of the proposed merger is expected to be 
posted in September 2013 for approval at a general meeting to be held later 
that month. 
 
In the quarter to 31 May 2013, the net asset value per ordinary share rose by 
0.5% on a total return basis compared to a rise of 5.0% for the FTSE All-Share 
Index. The share price rose 2.8% in the quarter, but has appreciated by 19.5% 
from 14 February 2013 following the announcement of the new investment strategy 
and the proposed merger. 
 
RETURNS 
 
                                                  31 May 2013      28 Feb 2013 
             Ordinary shares                       (unaudited)      (unaudited) 
 
Mid-market share price                                  463.0p           450.5p 
 
Net asset value per share including                     492.9p           496.3p 
revenue 
 
Net asset value per share excluding                     493.9p           494.3p 
revenue 
 
Discount to net asset value                               6.1%             9.2% 
 
Total net assets (including income)                      79.2m            79.8m 
 
% net cash / (gearing)                                    7.9%             5.6% 
 
No ordinary shares were bought back during the period. 
 
An interim dividend of 6.0p pence per ordinary share was paid on 28 May 2013 
which included a 4.0p distribution of revenue reserves. 
 
TOTAL RETURN PERFORMANCE TO 31 MAY 2013 
 
                                            3 months    6 months      1 year 
                                                %           %           % 
 
NAV *                                         +0.5        +10.7       +18.1 
 
Share price (mid)                             +2.5        +32.3       +36.2 
 
Sources: * NAV returns based on NAVs excluding income. Total returns assume 
that dividends are reinvested at the ex-dividend date. FE Analytics & Miton. 
 
TOP TWENTY EQUITY HOLDINGS 
 
                                                             % of total net 
                                Sector / Business             assets as at 
Name                                 Activity                 31 May 2013 
 
Thorntons                     Food & Drug Retailers                5.5 
 
Communisis                       Support Services                  4.9 
 
Bioquell                Health Care, Equipment & Services          4.2 
 
Trifast                       Industrial Engineering               4.0 
 
Future                                Media                        3.9 
 
Acal                             Support Services                  3.9 
 
office2office                    Support Services                  3.1 
 
Filtronic                Technology, Hardware & Equipment          3.1 
 
Air Partner                      Travel & Leisure                  2.3 
 
Energy Assets                    Support Services                  1.9 
 
Randall & Quilter               Non Life Assurance                 1.9 
 
Moss Bros                       General Retailers                  1.7 
 
STV                                   Media                        1.7 
 
Source Bioscience        Pharmaceuticals & Biotechnology           1.7 
 
Macfarlane                     General Industrials                 1.6 
 
Charles Taylor                  Financial Services                 1.6 
 
Gresham Computing          Software & Computer Services            1.6 
 
MS International              Industrial Engineering               1.5 
 
Jersey Electricity                 Electricity                     1.5 
 
Vernalis                 Pharmaceuticals & Biotechnology           1.5 
 
Total                                                             53.1 
 
 
This is an interim management statement. Full details of the Company, including 
the current share prices, NAVs and factsheets, are available at 
www.mitongroup.com. 
 
Other than as set out above, the Board is not aware of any material events or 
transactions occurring between 31 May 2013 and the date of publication of this 
interim management statement which would have a material impact on the 
financial position of the Company. 
 
11 July 2013 
 
Neither the contents of the Miton Income Opportunities Trustplc website nor the 
contents of any website accessible from hyperlinks on the website (or any other 
website) is incorporated into, or forms part of, this announcement. 
 
 
 
END 
 

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