Interim Management Statement (1037I)
09 June 2011 - 12:41AM
UK Regulatory
TIDMEQPI TIDMEQPC
RNS Number : 1037I
Equity Partnership Inv Co PLC
08 June 2011
The Equity Partnership Investment Company PLC
(Registered in the Isle of Man, registered number 103447C)
Registered Office:
IOMA House
Hope Street
Douglas
Isle of Man
IM1 1AP
__________________________
Interim Management Statement - 4 months to 31 May 2011
(unaudited)
This statement has been prepared to provide additional
information to
shareholders as a body to meet the relevant requirements of the
UK Listing
Authority's Disclosure and Transparency Rules. It should not be
relied upon by any party for any purpose other than as stated
above.
The Company is subject to the Companies Acts 1931 to 2004 (Isle
of Man).
Material Events
Dividend payment
On 25 February 2011 the Company paid the second interim dividend
payment in respect of the year ended 31 July 2011 of 3.2688 pence
per share to all eligible Income shareholders on the register at 28
January 2011.
On 27 May 2011 the Company paid the third interim dividend
payment in respect of the year ended 31 July 2011 of 3.2688 pence
per share to all eligible Income shareholders on the register at 3
May 2011.
During the period the Company purchased 563,000 of its own
Income Shares at an average price of 105.1 pence per share.
During the period the Company's subsidiary purchased 238,000 of
its own Zero Dividend Preference shares at an average price of
137.0 pence per share.
Investment Objective
The Company's objective is to provide Income Shareholders with a
high starting yield (defined as 10.0% with annual rises in line
with the Retail Price Index ("RPI")) and generate long term value
for Capital Shareholders in excess of 3% per annum over the risk
free rate of return (defined as Libor).
Performance Summary
Over the four month period, the Company's net asset value
produced a return of -21.7%, net of all fees. The closing net asset
value of the Capital Shares as at 31 May 2011 was GBP15.5 million
or 38.57 pence per share. At the close of business on 31 May 2011,
the mid market price of the Capital Shares on the London Stock
Exchange was 28.62 pence per share, representing a discount of
25.8%.
The net asset value of the income shares at 31 May 2011 was
GBP17.4 million, or 99.95 pence per share. At the close of business
on 31 May 2011, the mid market price of the Income Shares was
101.10 pence per share, representing a premium of 1.15%.
The performance of EPIC Plc's NAV per Capital Share for the four
months to 31 May 2011 was as follows:
Month Performance
February 2011 (3.31)%
March 2011 (3.84)%
April 2011 (0.35)%
May 2011 (15.58)%
Market Update & Performance Review
Over the period the Capital Share NAV fell by 21.78% while over
the same period the FTSE All Share Index rose by 2.52%.
The Company continues to work towards fulfilling its obligations
on 31 July 2011 by progressively increasing the liquidity of the
company's assets.
For full details please see EPIC's April Quarterly Factsheet on
the Company's website (www.epicip.com).
Top 5 Holdings (shown as % of portfolio)
Largest Investments as at 31 May 2011 %
---------------------------------------------------------- ---------
EPE Special Opportunities 7.5% Convertibles* 17.57%
Alpha Real Estate GmBH 8% February 2010* 6.16%
Encore Oil Plc 5.62%
EPE Special Opportunities Plc 3.87%
Whittard Sterling Term Loan* 2.64%
Total of Largest 5 Holdings 35.86%
---------------------------------------------------------- ---------
Other investments 2.39%
Sterling Liquidity Fund and term deposits 61.75%
---------------------------------------------------------- ---------
100.00%
========================================================== =========
* - denotes debt instruments, principal. Epic Plc classifies
debt instruments separately from equity and interest owing
to the differing risk characteristics and security of these
asset classes. Epic Plc may also hold equity in these companies.
For further information contact:
Cynthia Edwards
Tel: +44 (0) 1624 681250
IOMA Fund and Investment Management Limited
Nathan Brown
Tel: +44 (0) 207 260 1000
Numis Securities Limited
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
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