Law Debenture Corp PLC Interim Management Statement (5283V)

TIDMLWDB

RNS Number : 5283V

Law Debenture Corp PLC

28 October 2014

The Law Debenture Corporation p.l.c. Interim Management Statement

for the nine months ended 30 September 2014 (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, agency solutions, pension trusts, corporate services (including agent for service of process) whistle blowing services and governance 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 2014 of 4.7p was paid on 12 September 2014. 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                          13 August 2014 
   Management fee (based on NAV)         0.30% 
   Performance fee                                             No 
   Ongoing charges                                      0.47%

Trust statistics at 30 September 2014

   Gross total assets                                   GBP627m

NAV per ordinary share (cum income) 475.5p

   NAV per ordinary share (ex income)   467.4p 
   Share price (code LWDB)                        515.5p 
   Premium/(discount) (cum income)         8.4%

NAV (debt at fair value)

NAV per ordinary share (cum income) 467.4p

   NAV per ordinary share (ex income)   459.2p 
   Group gearing - AIC (net)                            5% 
   Yield                                                               3.0%

Performance to 30 September 2014 9mths 1yr 3yrs 5yrs 10yrs

 
 Share price (total 
  return)                  0.3%   6.6%   65.0%   122.0%   234.6% 
 Net asset value (total 
  return)                  1.0%   8.5%   66.3%    99.9%   223.0% 
 FTSE All-Share (total 
  return)                  0.6%   6.1%   47.9%    59.1%   120.2% 
 
   Geographic breakdown at 30 September 2014          Sector breakdown at 30 September 2014 
 
 UK                         73.2% 
 North America               9.0% 
 Europe                      6.5% 
 Other Pacific               6.3% 
 Japan                       2.8% 
 Other                       2.2% 
 
 Pooled Equity Investments 
  include: 
 Henderson Japan 
  Capital Growth             2.4% 
 Henderson Asia 
  Pacific Capital 
  Growth                     2.2% 
 Baillie Gifford 
  Pacific                    2.1% 
 First State Asia 
  Pacific                    1.9% 
 Templeton Emerging 
  Markets Investment 
  Trust                      1.5% 
 Industrials                    24.5% 
 Financials                     12.5% 
 Pooled Equity 
  Investments                   12.4% 
 Consumer Goods                 10.5% 
 Oil & Gas                      10.4% 
 Basic Materials                 8.7% 
 Consumer Services               8.2% 
 Health Care                     8.2% 
 Utilities                       2.2% 
 Technology                      2.0% 
 Telecommunications              0.4%

Top Ten Equity Holdings (excluding Pooled Equity Investments) at 30 September 2014 as a percentage of the portfolio

 
 BP                     2.7% 
 Senior                 2.6% 
 Royal Dutch Shell      2.5% 
 GKN                    2.4% 
 Rio Tinto              2.2% 
 HSBC                       2.0% 
 Velocys                    1.8% 
 Amlin                      1.8% 
 GlaxoSmithKline            1.8% 
 Glencore                   1.5%

Contacts

 
 Caroline Banszky                       Tim Fullwood 
 Managing Director                      Chief Financial Officer 
 Email: caroline.banszky@lawdeb.co.uk   Email: tim.fullwood@lawdeb.co.uk 
 Tel: +44 (0)207 606 
  5451

This information is provided by RNS

The company news service from the London Stock Exchange

END

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