BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC: Interim Management Statement
BLACKROCK INCOME AND GROWTH INVESTMENT TRUST PLC: Interim Management Statement To the members of BlackRock Income and Growth Investment Trust plc
This interim management statement has been produced solely 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 on by any other party for any other reason.
This interim management statement relates to the period from 1 November 2012 to 31 January 2013, and contains information that covers this period, and up to the date of publication of this interim management statement.
The Company's objective is to provide growth in capital and income over the long term through investment in a diversified portfolio of principally UK listed equities.
Cumulative Performance(%) to 31 January 2013:
One Three Since One Three Five
Month Months 1 April 2012 Year Years Years Share price 10.8% 14.4% 21.3% 28.1% 34.1% 14.2% Net asset value 4.9% 6.5% 11.5% 14.9% 30.2% 8.3% FSTE All-Share Total Return 6.4% 9.3% 12.6% 16.3% 37.0% 31.8%
(all percentages with income reinvested)
Sources: BlackRock and Datastream
BlackRock took over the investment management of the Company with effect from 1 April 2012. All performance figures are on a total return basis.
Financial position and performance (including income) as at 31 January 2013 (unaudited)
Total assets (including income) (£m) 44.7 Short term borrowings (£m) 2.0 Net asset value per share (capital only) 153.74p Net asset value per share (cum income)* 157.48p Share price 156.75p Ordinary shares in issue*** 28,379,268 Actual gearing^ 5.1% Net yield** 3.3% Discount to cum income NAV 0.5%
* includes net revenue of 3.74 pence per share
** based on the final dividend of 3.30 pence per share in respect of the year ended 31 October 2011 and the interim dividend of 1.80 pence per share in respect of the year ended 31 October 2012
*** excludes 4,554,664 ordinary shares held in treasury ^ gearing is calculated using debt at par, less cash and cash equivalents as a percentage of net assets.
Material Events & Transactions
Material events or transactions, during the three months to 31 January 2013 and from 1 February 2013 to the date of the publication of this report are set out below. The Company was not involved in any material transactions during the period other than the purchase and sale of securities undertaken in the normal course of its business.
The final dividend in respect of the year ended 31 October 2012 of 3.45 pence per share was declared on 18 December 2012 and will be paid to shareholders on the register at the close of business on 15 February 2013 on 8 March 2013.
The Company announced its financial results for the year ended 31 October 2012 on 18 December 2012.
Annual General Meeting
At the Company's Annual General Meeting held on Wednesday, 6 February 2013, all resolutions were passed.
It was announced on 29 January 2013 that following the appointment of BlackRock Investment Management (UK) Limited ("BlackRock") as the Company's investment manager last year, the Board has decided to use its share buyback powers with the objective of ensuring that the Company's share price trades at or around NAV in normal market conditions. Any shares repurchased by the Company will be held in treasury, and may subsequently be reissued to satisfy market demand. The Board's current policy of not buying shares to hold in treasury at a discount of less than 4% will be amended to enable the Company to buy at any discount to estimated net asset value, including discounts of less than 4%. Any re-issue of treasury shares will only be at a premium to the estimated NAV at the time of issue.
Change in NAV and Share Price
For the period 1 November 2012 to 13 February 2013 the Company's NAV rose by 8.7% and the share price by 15.5% (all percentages with income reinvested).
The Board is not aware of any other material events or transactions, except as disclosed herein, occurring between 1 November 2012 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company.
Contact details: Kerry Higgins BlackRock Investment Management (UK) Limited Company Secretary Tel: 020 7743 1089
15 February 2013
Please note that more detailed performance information is available on the Investment Manager's website: www.blackrock.co.uk/brig. Neither the contents of the Manager's website nor the contents of any website accessible from hyperlinks on the Manager's website (or any other website) is incorporated into, or forms part of, this announcement.
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