TR Property Investment Trust PLC Post-AGM Update (3899U)
28 Luglio 2020 - 7:02PM
UK Regulatory
TIDMTRY
RNS Number : 3899U
TR Property Investment Trust PLC
28 July 2020
28 July 2020
TR Property Investment Trust plc
Post-AGM Update
As announced on 22(nd) June 2020, TRY held the AGM today as a
closed meeting in order to protect the health and safety of the
Company's shareholders and officers. The results of the voting at
the Trust's 2020 Annual General Meeting have been published
separately under RNS 3888U. In lieu of the usual AGM presentation,
the Investment Manager posted a webcast regarding the Trust's
portfolio and performance and this remains available on the
Company's website www.trproperty.com
The new financial year ending 31(st) March 2021 has started
strongly with the NAV total return rising +11.5% against a
benchmark total return of +8.1%. Disappointingly the share price
performance has risen only +7.6% (data as at 24(th) July) as the
discount to NAV has increased to a little over 14% offering a
dividend yield of 4.2% based on last year's annual dividend of
14p.
David Watson succeeded Hugh Seaborn as Chairman of the Board and
expressed his thanks to the outgoing Chair for his sage and
insightful advice and leadership of the Company and the Board.
Speaking at the AGM Hugh Seaborn observed "Whilst we are in
uncharted waters in many respects, it is important to recognise key
points made by the manager in his presentation. The Trust has
performed well as a result of its active stock selection approach
with significant exposure to Healthcare, Logistics, Industrial, PRS
and Supermarkets, all of which have performed well through the
COVID 19 crisis. Conversely the Trust remains underweight in
Central London offices and all non-food retail sectors. As we
approach the Brexit deadline, investors should also recognise that
70% of the Trusts assets are denominated in currencies other than
Sterling." At the Board meeting earlier in the day the Board noted
and reaffirmed the Chairman's comments in the 2019/20 Annual Report
that the company benefited from a healthy level of revenue reserves
(equating to approximately 14p per share) that can be used to
supplement the company's dividend payments in the event of any
short to medium term fall in earnings.
For further information please contact:
Jemima Rail
Link Company Matters
Tel: 020 7954 9797
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END
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July 28, 2020 13:02 ET (17:02 GMT)
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