Rights & Issues.
Half-year Report
RIGHTS AND ISSUES INVESTMENT TRUST PLC
For the six months ended 30th June 2018
A copy of the Company's Half Yearly Financial Report for the six months ended 30th June 2018 will shortly be available to view and download from www.maitlandgroup.com/investments-trusts/rights-and-issues-investment-trust-plc/. Neither the contents of this website nor the contents of any website accessible from hyperlinks on this website (or any other website) is incorporated into or forms part of this announcement.
Printed copies of the Report will be sent to shareholders shortly. Additional copies may be obtained from the Corporate Secretary – Maitland Administration services Limited, Springfield Lodge, Colchester Road, Chelmsford, Essex CM2 5PW.
INTERIM DIVIDEND
An interim dividend of 10.50p per share has been approved by the Board and is payable on 28th September 2018 to shareholders on the register as at 31st August 2018 (ex-dividend 30th August 2018).
The following text is copied from the Half Yearly Financial Report.
CHAIRMAN’S STATEMENT
Markets have stalled in 2018 with a 0.5% fall in the FTSE All-Share Index in the six months. UK Smaller Companies performed marginally better with a 1.5% increase in the relevant indices.
The Trust again made progress with the net asset value of the income shares increasing by 4.9% to 2487.9p. Total equity again exceeds £200m despite significant expenditure on share repurchases.
The share buy-back programme has continued in the half year with a further £5.8m of purchases and the issued equity has now been reduced by over 10% since commencement of the programme.
The interim income dividend is being raised by 2.4% to 10.5p.
Brexit remains the dominating political consideration in the UK and, even at this late stage in the exit process, it is unclear what end state will result.
Dr D. M. BRAMWELL
Chairman
27th July 2018
You can view or download copies of the Half Yearly and the Annual Reports from our website at www.maitlandgroup.com/investment-trusts/rights-and-issues-investment-trust-plc/
The Half Yearly Report will be posted to shareholders and copies are available at the registered office of the Company.
Risks and uncertainties
Cautionary statement
This Half Yearly Report contains forward-looking statements that involve risk and uncertainty. These have been made by the Directors in good faith based on the information available to them at the time of their approval of this Report. Due to the inherent uncertainties, including stock market risk factor, actual results may differ materially from those expressed or implied by these forward-looking statements.
There are a number of potential risks and uncertainties which could have a material impact on the Company’s performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results. The Company’s results continue to be exposed to market price risk. Further information on the principal long-term risks and uncertainties of the Company is included in the latest Annual Report.
STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30th June 2018
| Six months ended 30th June 2018 | Six months ended 30th June 2017 | ||||||
| Notes | Revenue £'000 |
Capital £'000 |
Total £'000 |
Revenue £'000 |
Capital £'000 |
Total £'000 |
|
| Investment income | 2 | 1,814 | – | 1,814 | 1,359 | – | 1,359 |
| Other operating income | 2 | 8 | – | 8 | 1 | – | 1 |
| Total income | 1,822 | – | 1,822 | 1,360 | – | 1,360 | |
| Gains on fair value through profit or loss assets | – | 8,873 | 8,873 | – | 30,968 | 30,968 | |
| Gains on subsidiary holding | – | – | – | – | – | – | |
| 1,822 | 8,873 | 10,695 | 1,360 | 30,968 | 32,328 | ||
| Expenses | |||||||
| Investment management fee | – | – | – | – | – | – | |
| Other expenses | 395 | 44 | 439 | 372 | 45 | 417 | |
| 395 | 44 | 439 | 372 | 45 | 417 | ||
| Profit before tax | 1,427 | 8,829 | 10,256 | 988 | 30,923 | 31,911 | |
| Tax – | – | – | – | – | – | ||
| Profit for the period | 1,427 | 8,829 | 10,256 | 988 | 30,923 | 31,911 | |
| Earnings per share | |||||||
| Return per Income | |||||||
| Share | 17.30p | 107.30p | 124.60p | 11.20p | 351.00p | 362.20p | |
Return per share is calculated using the weighted average number of Income shares in issue during the period ended 30th June 2018 of 8,228,933 (2017: 8,810,500).
The total column of this statement represents the Statement of Comprehensive Income, prepared in accordance with International Financial Reporting Standards as adopted by the EU. The supplementary revenue return and capital return columns are both prepared under guidance published by the Association of Investment Companies. All items in the above statement are those of the single entity and derive from continuing operations.
The profit for the period disclosed above represents the Company’s total Comprehensive Income. The Company does not have any other Comprehensive Income.
An interim dividend of 10.50p (2017: 10.25p) per share and amounting to £845,870 (calculated as at 26th July 2018 (2017: £884,000) is payable on 28th September 2018 to shareholders on the register as at 31st August 2018 (ex-dividend 30th August 2018).