LWDB Law Debenture Corporation Plc

 
TIDMLWDB 
 
The Law Debenture Corporation p.l.c. Interim Management Statement 
 
     for the nine months ended 30 September 2012 (including subsidiaries) 
 
Company history 
 
From its origins in 1889, Law Debenture has diversified to become a group with 
a unique range of activities in the financial services sector. The group 
divides into two distinct complementary areas of business. 
 
Firstly, we are a global investment trust, listed on the London Stock Exchange. 
Our portfolio of investments is managed by Henderson Global Investors Limited 
under a contract terminable by either side on 6 months' notice. 
 
Secondly, we are a leading provider of independent fiduciary services. Our 
activities are corporate trusts, treasury management and structured finance 
administration, pension trusts, corporate services (including agent for service 
of process) board effectiveness and whistle blowing services. We have offices 
in London, Sunderland, New York, Delaware, Hong Kong and the Channel Islands. 
 
Fund objective 
 
Our objective is to achieve long term capital growth in real terms and steadily 
increasing income. The aim is to achieve a higher rate of total return than the 
FTSE All-Share Index through investing in a portfolio diversified both 
geographically and by industry. 
 
Company Information 
 
The interim dividend for 2012 of 4.5p was paid on 13 September 2012. There are 
no other material events or transactions to report. 
 
Trust information 
 
Sector Global Growth 
 
Benchmark FTSE All-Share index 
 
Trust type Conventional (Ords) 
 
Launch date December 1889 
 
Financial year end 31 December 
 
Dividend payment April, September 
 
Last ex div date 08 August 2012 
 
Management fee (based on NAV) 0.30% 
 
Performance fee No 
 
Total expense ratio (TER) 0.49% 
 
Trust statistics at 30 September 2012 
 
Gross total assets GBP472m 
 
NAV per ordinary share (cum income) 367.8p 
 
NAV per ordinary share (ex income) 361.5p 
 
Share price (code LWDB) 398.4p 
 
Premium/(discount) (cum income) 8.3% 
 
Group gearing - AIC (net) 106% 
 
Group gearing - excluding 100% 
 
fixed interest (net) 
 
Yield 3.5% 
 
Performance to 30 Sept 2012  9mths     1yr     3yrs   5yrs  10yrs 
 
Share price (total            23.7%    20.3%   61.8%  34.0% 211.3% 
return) 
 
Net asset value (total        14.8%    22.7%   47.5%  31.0% 226.0% 
return) 
 
FTSE All-Share (total          8.2%    17.2%   26.1%   8.7% 135.7% 
return) 
 
Geographic breakdown at 30 September 2012 
 
UK                   68.3% 
 
North America         7.7% 
 
UK Gilts              7.5% 
 
Europe                6.9% 
 
Other Pacific         6.9% 
 
Japan                 2.7% 
 
 
 
OEICs included 
above: 
 
Henderson Asia        2.4% 
Pacific Capital 
Growth 
 
Henderson Japan       2.4% 
Capital Growth 
 
Baillie Gifford       2.1% 
Pacific 
 
First State Asia      2.0% 
Pacific 
 
 
Sectoral breakdown at 30 September 2012 
 
Industrials              22.5% 
 
Financials               11.4% 
 
Consumer Goods           11.1% 
 
Oil & Gas                10.2% 
 
Pooled Equity            10.2% 
Investments 
 
Health Care               7.9% 
 
UK Gilts                  7.5% 
 
Consumer Services         6.3% 
 
Utilities                 4.4% 
 
Basic Materials           3.9% 
 
Technology                2.6% 
 
Telecommunications        2.0% 
 
The UK Gilts holdings are all less than 5 years to maturity. 
 
Top Ten Equity Holdings (excluding OEICs and Gilts) at 30 September 2012 as a 
percentage of the portfolio 
 
Senior                    3.5% 
 
BP                        2.5% 
 
Royal Dutch Shell         2.4% 
 
GlaxoSmithKline           2.3% 
 
GKN                       2.1% 
 
Amlin                     1.9% 
 
Smith (DS)                1.8% 
 
HSBC                      1.6% 
 
Interserve                1.5% 
 
Hill & Smith              1.5% 
 
Contacts 
 
Caroline Banszky              Tim Fullwood 
 
Managing Director             Chief Financial Officer 
 
Email:                        Email: 
caroline.banszky@lawdeb.co.uk tim.fullwood@lawdeb.co.uk 
 
Tel: +44 (0)207 606 5451 
 
 
 
END 
 

Law Debenture (LSE:LWDB)
Historical Stock Chart
From Jun 2024 to Jul 2024

Law Debenture (LSE:LWDB)
Historical Stock Chart
From Jul 2023 to Jul 2024