AGM Statement
January 28 2004 - 12:07PM
UK Regulatory
RNS Number:7543U
Royal London Growth & Inc Trust PLC
28 January 2004
ROYAL LONDON GROWTH & INCOME TRUST PLC
The Company confirms that at today's Annual General Meeting all resolutions
set out in the Notice of the Meeting were duly passed.
At the Annual General Meeting, the following information was provided:-
Structure of the Trust - asset split as at 31 December 2003
Investments #138.2 million of which:
64.2% - UK Equities
35.8% - UK Fixed Income
Structure of the Trust - capital split as at 31 December 2003
Shareholders' & Stockholders' funds (70.4%) Geared Ordinary shares (44.7%)
Convertible Unsecured Loan Stock (55.3%)
Bank Loan (29.6%) Fixed rate bank debt (rate: 6.835%)
Equity Portfolio investments since September 2003
Xstrata*
PHS*
Weir
Travis Perkins*
IMI
Trinity Mirror*
Dairy Crest
Intercontinental Hotels*
Pilkington
Matalan
Johnson Press
British Airways
BAA*
Acambis
Crest Nicholson
Taylor Nelson Sofres
Granada
WPP
Galen
Bodycote
Aegis
*addition to existing holding
Exposure to significant sectors as at 31 December 2003
Sector % of fund Active position against the market %
Oil & Gas 12.9 1.09
Telecoms 9.5 0.06
Mining 4.6 0.62
Media 4.5 0.37
Life Assurance 3.3 0.69
Banks 19.7 (0.16)
Pharmaceuticals 9.6 (0.42)
General Retailers 3.0 (0.52)
Equity Portfolio - Ten largest holdings
Holding % Portfolio % Index
BP 8.2 7.7
HSBC 7.9 7.4
Vodafone 7.8 7.2
GlaxoSmithKline 6.7 5.9
Royal Bank of Scotland 5.1 3.7
Shell Transport & Trading 3.9 3.1
Diageo 2.4 1.8
Barclays Bank 2.2 2.5
AstraZeneca 2.2 3.5
BHP Biliton 2.2 0.9
TOTAL 48.6 43.7
Bond Portfolio - Ten largest holdings as at 31 December 2003
Holding % of bond portfolio
Scottish Life Finance 9% 4.1
Abbey National 10.375% 3.5
Midland Bank 8.625% 2.9
Edinburgh Investment Trust 11.5% 2.9
National Westminster 11.5% 2.5
Northern Rock 8.399% 2.5
JP Morgan Fleming Investment Trust 6.785% 2.4
Aggregate Industries 7.25% 2.3
Royal Bank of Scotland 7.375% 2.2
HBOS Capital Funding 6.461% 2.2
TOTAL 27.5
Bond Portfolio Ratings as at 31 December 2003
AAA 0%
AA 14%
A 29%
BBB 20%
Sub-Investment grade 2%
Unrated 35%
Bond Portfolio by sectors as at 31 December 2003
Sector %
Financials 29
Insurance 9
Investment Trusts 12
Property 17
Utility 4
Telecoms 1
Structured 11
Consumer Non-Cyclical 6
Consumer Cyclicals 4
Industrial 7
Copies of all resolutions passed as Special Business at the Meeting will be
submitted to the UK Listing Authority ("UKLA") shortly and will be available
for inspection at the UKLA's Document Viewing Facility, which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: 020 7676 1000
28 JANUARY 2004
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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