Law Debenture Corp PLC AIC sector (5701Y)
May 09 2019 - 11:20AM
UK Regulatory
TIDMLWDB
RNS Number : 5701Y
Law Debenture Corp PLC
09 May 2019
The Law Debenture Corporation p.l.c.
Law Debenture Reclassified to AIC'S UK Equity Income Sector
The Law Debenture Corporation p.l.c. ("Law Debenture") is
pleased to announce that it has been reclassified by the
Association of Investment Companies ("AIC") from the Global Sector
to the UK Equity Income Sector.
When the Global sector was first constituted, Law Debenture's
portfolio composition was more comparable to others in the sector.
By the end of November 2018, the overall UK weighting of the global
sector was c.32%, while Law Debenture's has remained consistent at
over 70%. This has meant that Law Debenture's performance
characteristics have deviated significantly from the wider
sector.
With a firm focus on both a steadily increasing dividend and
long-term capital growth in real terms, an income sector provides a
better reflection of the trust's objectives. Our 2018 dividend
increased by 9.2% compared to 2017, with the trust delivering an
annualised dividend growth of 4.5% over the past ten years(1) .
The combination of these two factors, taking into account Law
Debenture's long-held UK bias, makes the UK Equity Income Sector a
more natural home for the trust moving forwards. The Board believes
there will be significant advantages to investors in being part of
a sector where peer comparisons can more meaningfully be drawn.
The AIC's reclassification will not have an impact on the
Company's long-standing investment strategy or its approach to
portfolio construction.
Denis Jackson, CEO of Law Debenture, commented:
"As noted in the 2018 Annual Report, with the majority of our
portfolio in UK stocks, our performance is more closely linked to
the performance of UK markets than it is to broader global markets.
Indeed, the FTSE Actuaries All-Share Index remains the benchmark
against which our investment performance is measured.
We therefore welcome this decision and believe it to be to the
benefit of all stakeholders - not least investors, for whom gauging
our progress will now be more straightforward. Our unwavering
commitment to delivering long-term income and capital growth
remains unchanged, as does the investment strategy so capably
executed by James Henderson and Laura Foll of Janus Henderson."
9 May 2019
For further information, please contact:
The Law Debenture Corporation +44 (0)20 7606 5451
Denis Jackson, Chief Executive Officer denis.jackson@lawdeb.com
Katie Thorpe, Chief Financial Officer katie.thorpe@lawdeb.com
Tulchan Communications (Financial PR) +44 (0)20 7353 4200
Elizabeth Snow
David Allchurch Lawdebenture@tulchangroup.com
About Law Debenture
We are an investment trust and a leading provider of independent
professional services.
From its origins in 1889, Law Debenture has diversified to
become a group with a unique range of activities in the financial
and professional services sectors. The group has two distinct areas
of business.
Investment trust
Our portfolio of investments is managed by James Henderson of
Janus Henderson Investors.
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 Actuaries All-Share Index
Total Return through investing in a diversified portfolio of
stocks.
Independent professional services
We are a leading provider of independent professional services,
built on three excellent foundations: our Pension, Corporate Trust
and Corporate Services businesses. We operate globally, with
offices in the UK, Dublin, New York, Delaware, Hong Kong, the
Channel Islands and the Cayman Islands.
Companies, agencies, organisations and individuals throughout
the world rely upon Law Debenture to carry out our duties with the
independence and professionalism upon which our reputation is
built.
Registered office: Fifth Floor, 100 Wood Street, London EC2V
7EX.
LEI number - 2138006E39QX7XV6PP21
(1 Calculated on a total return basis assuming dividend
re-investment between 31 December 2008 and 31 December 2018)
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END
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