PREMIER ENERGY AND WATER TRUST PLC Interim Management Statement for the Quarter ended 30 September 2013 Investment Objective The Company's investment objectives are to achieve a high income from its portfolio and to realise long-term growth in the capital value of the portfolio. The Company will seek to achieve these objectives by investing principally in the equity and equity related securities of companies operating primarily in the energy and water sectors, as well as other infrastructure investments. Financial Highlights Share price and NAV returns 30 September 30 June % change 2013 2013 Zero Dividend Preference share NAV 192.33p 189.23p +1.6% * Mid price 198.88p 193.63p +2.7% Ordinary share NAV* 149.61p 162.95p -8.2% Mid price 140.75p 133.50p +5.4% * Calculated in accordance with the Articles of Association Total return performance % change Quarter ended 30 September 2013 Total Assets * -1.5% Bloomberg World Utilities Index (£) -2.0% FTSE All Share +5.7% * Total return performance, adjusted for any dividends distributed and declared. Material Events and Transactions Half Year Report The half year report to 30 June 2013 was mailed to shareholders on 23 August 2013. Dividends On 1 August 2013 the Board announced that it had reviewed the revenue projection for the Company for the year ending 31 December 2013 and the current level of the revenue reserve. The Board said that it was committed to a progressive dividend strategy and intended to continue to distribute a base dividend that related to the level of earnings. The Board therefore proposed to increase the second interim base dividend for 2013 by 11.76% to 1.9p compared to the 1.7p per Ordinary share paid for the equivalent period in 2012. In addition, subject to unforeseen circumstances, the Board said it intended to run down the Company's substantial revenue reserve by making additional distributions of 0.75p per quarter and anticipated being in a position to maintain these additional distributions through to the Company's currently anticipated winding up date on 31 December 2015. The additional 0.75p per quarter distribution would commence with the second interim dividend payment in 2013. Accordingly the Company announced a second interim dividend for the year ending 31 December 2013 of 2.65p per Ordinary share comprised of a base dividend of 1.9p and an additional dividend of 0.75p. This second interim dividend was paid on 30 September 2013 to members on the register at the close of business on 30 August 2013. The Ordinary shares were marked ex-dividend on 28 August 2013. On 15 October 2013, the Company declared a third interim dividend for the year ending 31 December 2013 of 2.65p per Ordinary share comprised of a base dividend of 1.9p, compared to the 1.7p per Ordinary share paid in the equivalent period in 2012 and an additional dividend of 0.75p per Ordinary share in accordance with the policy announced in August 2013 to run down the Company's revenue reserve. This third interim dividend will be paid on 31 December 2013 to members on the register at the close of business on 29 November 2013. The Ordinary shares will be marked ex-dividend on 27 November 2013. LargestHoldings(% of Gross Assets) Company Country Valuation % of total OPG Power Ventures India 6.0% Fortune Oil China 5.2% China Everbright Intl. China 4.9% China Suntien Green Energy China 4.4% GDF Suez France 4.1% Ecofin Power & Water* UK 3.9% Qatar Electricity & Water Qatar 3.8% National Grid UK 3.7% Enersis Chile 3.6% Essar Energy PLC** India 3.4% * Holding in convertible bond ** Holding in both convertible bond and equity The Board is not aware of any significant events or transactions which have occurred since 30 September 2013 to the date of the publication of this statement which would have a material impact on the financial position of the Company. At 16 October 2013 the Zero Dividend Preference share NAV was 192.87p and the Ordinary share NAV was 165.44p. Further Information Daily prices, Company announcements, Report and Accounts and monthly fact sheets are available via www.premierfunds.co.uk. 18 October 2013 END -0- Oct/18/2013 10:11 GMT
PREMIER ENERGY AND WATER TRUST PLC: Interim Management Statement
Press spacebar to pause and continue. Press esc to stop.