Coronavirus Update

Investment Co PLC Dividend Declaration and Portfolio Update

This content has been sourced from: https://www.investegate.co.uk/investment-co-plc/rn...

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 (£)

%

 

 

 

 

 

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.