LAW DEBENTURE CORP PLC - Interim Management Statement
October 30 2013 - 9:42AM
PR Newswire (US)
The Law Debenture Corporation p.l.c. Interim Management Statement
for the nine months ended 30 September 2013 (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
On 23 July 2013 the Corporation replaced a $50 million guarantee provided by a
subsidiary company to the group's US trust company with capital raised through
a bank facility. Details were provided in the half yearly management report.
The interim dividend for 2013 of 4.5p was paid on 12 September 2013. 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 14 August 2013
Management fee (based on NAV) 0.30%
Performance fee No
Ongoing charges 0.45%
Trust statistics at 30 September 2013
Gross total assets £596m
NAV per ordinary share (cum income) 449.8p
NAV per ordinary share (ex income) 442.6p
Share price (code LWDB) 497.6p
Premium/(discount) (cum income) 10.6%
NAV (debt at fair value)
NAV per ordinary share (cum income) 444.4p
NAV per ordinary share (ex income) 437.2p
Group gearing - AIC (net) 5%
Group gearing - excluding 1%
fixed interest (net)
Yield 2.9%
Performance to 30 September 2013 9mths 1yr 3yrs 5yrs 10yrs
Share price (total 20.7% 28.7% 74.2% 122.3% 234.5%
return)
Net asset value (total 19.8% 24.9% 57.3% 111.8% 239.9%
return)
FTSE All-Share (total 14.6% 18.9% 33.4% 66.2% 140.2%
return)
Geographic breakdown at 30 September 2013
UK 72.3%
North America 7.5%
Europe 7.1%
Other Pacific 5.8%
UK Gilts 4.3%
Japan 3.0%
OEICs included
above:
Henderson Japan 2.6%
Capital Growth
Henderson Asia 2.2%
Pacific Capital
Growth
Baillie Gifford 1.9%
Pacific
First State Asia 1.7%
Pacific
Sector breakdown at 30 September 2013
Industrials 24.4%
Financials 12.6%
Consumer Goods 10.3%
Pooled Equity 10.3%
Investments
Oil & Gas 9.3%
Consumer Services 8.4%
Health Care 8.0%
Basic Materials 6.2%
UK Gilts 4.3%
Utilities 3.2%
Technology 2.5%
Telecommunications 0.5%
The UK Gilts holding is less than 5 years to maturity.
Top Ten Equity Holdings (excluding OEICs and Gilts) at 30 September 2013 as a
percentage of the portfolio
Senior 2.8%
GKN 2.8%
BP 2.3%
GlaxoSmithKline 2.1%
Royal Dutch Shell 1.9%
HSBC 1.8%
Amlin 1.8%
Rio Tinto 1.8%
Smith (DS) 1.7%
Interserve 1.6%
Contacts
Caroline Banszky Tim Fullwood
Managing Director Chief Financial Officer
Email: caroline.banszky@lawdeb.com Email: tim.fullwood@lawdeb.com
Tel: +44 (0)207 606 5451
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