TIDMLWDB
RNS Number : 5014K
Law Debenture Corp PLC
04 January 2021
The Law Debenture Corporation p.l.c.
Net Asset Value as at 31 December 2020
The Law Debenture Corporation p.l.c. announces that its Net
Asset Value ("NAV") with borrowings at par and including the fair
value of IPS business(1) on 31 December 2020 was 695.81 pence per
share (cum income) which excludes the proposed 2020 third interim
dividend of 6.5 pence as the shares went ex-dividend on 24 December
2020.
The fair value of the IPS business is consistent with the most
recent formal valuation at 30 June 2020. The fair value at 31
December 2020 is currently being calculated and will be published
as part of our audited results. This, along with other year-end
adjustments, will result in a slight variance between the NAV we
have and the final audited NAV we will disclose in our Annual
Report and Accounts.
With the Corporation's long term debt stated at fair value, the
NAV was 651.64 pence per share (cum income). The mid-market price
at the close of business on 31 December 2020 was 690.00 pence per
share. The third interim dividend will be paid on 28 January 2021
to holders on the register at the record date of 29 December
2020.
Net Asset Value Excluding Income (pence) Including Income (pence)
NAV with debt at par 689.72 695.81
------------------------ ------------------------
NAV with debt at fair value 645.55 651.64
------------------------ ------------------------
Performance
1 year 3 years 5 years 10 years
% % % %
NAV total return (with debt at par) (2) 0.6 12.2 54.4 140.5
------------------------------------------------ ------ ------- ------- --------
NAV total return (with debt at fair value) (2) -1.2 9.7 48.2 127.3
------------------------------------------------ ------ ------- ------- --------
FTSE Actuaries All-Share Index Total Return (3) -9.8 -2.7 28.5 71.9
------------------------------------------------ ------ ------- ------- --------
Share price total return (3) 12.9 24.3 67.3 174.8
------------------------------------------------ ------ ------- ------- --------
Change in Retail Price Index (4) 0.9 6.4 13.0 29.4
------------------------------------------------ ------ ------- ------- --------
(1) The fair value of the IPS business is consistent with the
most recent formal valuation at 30 June 2020. The fair value at 31
December 2020 is currently being calculated and will be published
as part of our audited results. This, along with other year-end
adjustments, will result in a slight variance between the NAV we
have and the final audited NAV we will disclose in our Annual
Report and Accounts.
(2) NAV is calculated in accordance with the Association of
Investment Companies (AIC) methodology, based on performance data
held by Law Debenture including fair value of IPS business and
long-term borrowings. NAV is shown with debt measured at par and
with debt measured at fair value.
(3) Source: Refinitiv.
(4) Source: Bloomberg, subject to latest published RPI; November
2020.
Geographical Split of investment portfolio
Region % of portfolio % of portfolio
31 December 2020 31 December 2019
UK 82.2 80.7
Europe 10.0 7.8
North America 5.4 8.3
Japan 1.1 1.1
Other 0.4 1.2
Other Pacific 0.9 0.9
----------------- -----------------
TOTAL 100 100
----------------- -----------------
Full Portfolio Listing
Law Debenture will now be publishing details of its full
investment portfolio monthly. As at 31 December 2020 the portfolio
comprised as follows:
Holding Name Location Sector Industry GBP000 %
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Ceres Power UK Oil & Gas distribution 24,198 2.99
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Glaxosmithkline UK Health Care Pharmaceuticals & biotechnology 22,479 2.78
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rio Tinto UK Basic Materials Mining 20,513 2.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Herald Investment Trust UK Financials Equity investment instruments 17,506 2.17
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Dutch Shell UK Oil & Gas Oil & gas producers 15,743 1.94
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BP UK Oil & Gas Oil & gas producers 14,524 1.79
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prudential Corp UK Financials Life insurance/assurance 12,581 1.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
National Grid UK Utilities Gas, water & multiutilities 12,189 1.50
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morgan Advanced Materials UK Industrials Electronic & electrical equipment 11,974 1.48
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
HSBC UK Financials Banks 11,881 1.46
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
ITM Power plc UK Oil & Gas distribution 11,488 1.42
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Severn Trent UK Utilities Gas, water & multiutilities 11,440 1.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Accsys Technologies UK Industrials Construction & materials 11,131 1.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Aviva UK Financials Life insurance/assurance 11,008 1.36
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Anglo American UK Basic Materials Mining 10,910 1.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Relx UK Consumer Services Media 10,755 1.33
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BHP UK Basic Materials Mining 10,588 1.30
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith (DS) UK Industrials General industrials 10,548 1.30
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Royal Mail UK Industrials Industrial transportation 10,466 1.29
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Direct Line Insurance UK Financials Nonlife insurance 10,368 1.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Land Securities UK Financials Real estate investment trusts 10,254 1.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Dunelm UK Consumer Services General retailers 10,068 1.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hipgnosis Songs Fund UK Financials Equity investment instruments 10,035 1.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
M & G UK Financials Financial services 9,898 1.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Rolls Royce UK Industrials Aerospace & defence 9,401 1.16
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hill & Smith UK Industrials Industrial engineering 9,372 1.15
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Toyota Motor Japan Consumer Goods Automobiles & parts 9,297 1.15
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
NatWest UK Financials Banks 9,213 1.14
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hiscox UK Financials Nonlife insurance 8,991 1.11
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BAE Systems UK Industrials Aerospace & defence 8,798 1.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Chartered UK Financials Banks 8,784 1.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IP Group plc UK Financials Financial services 8,765 1.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Urban Logistics REIT UK Financials Real estate investment trusts 8,730 1.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
AFC Energy UK Oil & Gas Alternative Energy 8,580 1.06
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Standard Life Aberdeen UK Financials Financial services 8,457 1.04
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mondi UK Basic Materials Forestry & paper 8,168 1.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Caterpillar USA Industrials Industrial engineering 7,982 0.98
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Johnson Service UK Industrials Support services 7,953 0.98
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cummins USA Industrials Industrial engineering 7,801 0.96
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Lloyds Banking Group UK Financials Banks 7,652 0.94
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Senior UK Industrials Aerospace & defence 7,576 0.93
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Croda UK Basic Materials Chemicals 7,561 0.93
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Balfour Beatty UK Industrials Construction & materials 7,469 0.92
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Real estate investments &
St Modwen Properties UK Financials services 7,400 0.91
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Barclays PLC UK Financials Banks 7,261 0.89
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Applied Materials USA Technology Technology hardware & equipment 7,253 0.89
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Smith & Nephew UK Health Care Health care equipment & services 7,097 0.87
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Scottish Oriental Small Co Pacific Financials Equity investment instruments 7,077 0.87
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marks and Spencer UK Consumer Services General retailers 6,951 0.86
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Irish Continental Ireland Consumer Services Travel & leisure 6,949 0.86
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
General Motors USA Consumer Goods Automobiles & parts 6,849 0.84
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Watkin Jones UK Consumer Goods construction 6,815 0.84
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Provident Financial UK Financials Financial services 6,780 0.84
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Elementis UK Basic Materials Chemicals 6,732 0.83
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marshalls UK Industrials Construction & materials 6,728 0.83
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Linde Germany Basic Materials Chemicals 6,627 0.82
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Chesnara UK Financials Life insurance/assurance 6,115 0.75
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tesco UK Consumer Goods Food & Drug Retailers 6,016 0.74
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Spectris UK Industrials Electronic & electrical equipment 5,988 0.74
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Euromoney UK Consumer Services Media 5,891 0.73
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ryanair Ireland Consumer Services Travel & leisure 5,807 0.72
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
EQTEC Ireland Utilities Electricity 5,667 0.70
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bristol-Myers Squibb USA Health Care Pharmaceuticals & biotechnology 5,666 0.70
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Consolidated
Airlines UK Consumer Services Travel & leisure 5,493 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Gibson Energy Canada Oil & Gas Oil & gas producers 5,491 0.68
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
TT Electronics UK Industrials Electronic & electrical equipment 5,472 0.67
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Household goods & home
Taylor Wimpey UK Consumer Goods construction 5,301 0.65
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Hammerson UK Financials Real estate investment trusts 5,201 0.64
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
IMI UK Industrials Industrial engineering 5,097 0.63
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ibstock UK Industrials Construction & materials 4,951 0.61
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Halfords UK Consumer Services General retailers 4,806 0.59
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
British American Tobacco UK Consumer Goods Tobacco 4,739 0.58
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SigmaRoc UK Industrials Construction & materials 4,729 0.58
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Meggitt UK Industrials Aerospace & defence 4,665 0.57
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Boku UK Industrials Support services 4,571 0.56
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
SSE UK Utilities Electricity 4,499 0.55
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Studio Retail Group plc UK Consumer Services General retailers 4,402 0.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unilever UK Consumer Goods Personal goods 4,392 0.54
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vodafone UK Telecommunications Mobile telecommunications 4,233 0.52
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Koninklijke DSM Netherlands Basic Materials Chemicals 4,193 0.52
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oxford Sciences Innovation UKULM Financials Financial services 4,077 0.50
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Weir Group UK Industrials Industrial engineering 3,979 0.49
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
BT Group PLC UK Telecommunications Fixed Line Telecommunications 3,968 0.49
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Muenchener Rueckver Germany Financials Nonlife insurance 3,845 0.47
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Simec Atlantis Energy UK Utilities Electricity 3,794 0.47
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
International Personal Finance UK Financials Financial services 3,790 0.47
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Bawag Austria Financials Banks 3,670 0.45
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Grit Real Estate Income Other Financials Real estate investment trusts 3,624 0.45
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Foresight Solar UK Financials Equity investment instruments 3,570 0.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Telecom Italia RSP Italy Telecommunications Mobile telecommunications 3,559 0.44
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Nestle Switzerland Consumer Goods Food producers 3,507 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Phoenix Group Holdings UK Financials Life insurance/assurance 3,503 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Prosus Netherlands Technology Software & computer services 3,502 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Babcock UK Industrials Aerospace & defence 3,488 0.43
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Indus Gas UK Oil & Gas Oil & gas producers 3,346 0.41
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
UniCredit Italy Financials Banks 3,122 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Redde Northgate UK Industrials Support services 3,105 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Cellnex Telecom Sau Spain Telecommunications Mobile telecommunications 3,095 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carnival UK Consumer Services Travel & leisure 3,076 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Roche Switzerland Health Care Pharmaceuticals & biotechnology 3,064 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Schlumberger USA Oil & Gas distribution 3,048 0.38
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Allied Minds UK Financials Financial services 3,006 0.37
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Sig Combibloc Switzerland Industrials General industrials 2,900 0.36
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Vivendi France Consumer Services Media 2,765 0.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Marstons UK Consumer Services Travel & leisure 2,759 0.34
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Worldline France Industrials Support services 2,612 0.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Amundi France Financials Financial services 2,579 0.32
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ilika UK Oil & Gas Alternative Energy 2,499 0.31
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Mirriad Advertising UK Consumer Services Media 2,328 0.29
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Novo-Nordisk Denmark Health Care Pharmaceuticals & biotechnology 2,294 0.28
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Augean UK Industrials Support services 2,137 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Total (Fra) France Oil & Gas Oil & gas producers 2,124 0.26
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
ASML Netherlands Technology Technology hardware & equipment 1,931 0.24
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Faurecia France Consumer Goods Automobiles & parts 1,886 0.23
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Nexi Italy Industrials Support services 1,828 0.23
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Morses Club UK Financials Financial services 1,795 0.22
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
CNH Industrial UK Industrials Industrial engineering 1,742 0.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Moncler Italy Consumer Goods Personal goods 1,740 0.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Ricardo UK Industrials Support services 1,710 0.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Velocys UK Oil & Gas distribution 1,679 0.21
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Grifols, S.A. Spain Health Care Pharmaceuticals & biotechnology 1,447 0.18
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Kier UK Industrials Construction & materials 1,425 0.18
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Centrica UK Utilities Gas, water & multiutilities 1,396 0.17
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Brockhaus Capital Management Germany Financials Financial services 743 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Premier Oil UK Oil & Gas Oil & gas producers 736 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Renold UK Industrials Industrial engineering 734 0.09
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Eddie Stobart Logistics UK Industrials Industrial transportation 639 0.08
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Tullow Oil UK Oil & Gas Oil & gas producers 591 0.07
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Unlisted UK Other Other 213 0.03
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Carclo UK Basic Materials Chemicals 198 0.02
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Providence Resources UK Oil & Gas Oil & gas producers 156 0.02
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Oil equipment services &
Now Inc USA Oil & Gas distribution 66 0.01
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Better Cap UK Financials Equity investment instruments 25 0.00
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Permanent TSB Ireland Financials Banks 3 0.00
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Fastjet (delisted) UK Consumer Services Travel & leisure 0.00
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Interserve (delisted) UK Industrials Support services 0.00
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
Koninklijke KPN Netherlands Telecommunications Fixed Line Telecommunications 0.00
---------------------------------- ------------ ------------------- --------------------------------- ------ ----
In accordance with listing rule 15.6.8, The Law Debenture
Corporation p.l.c. announces that it has no investments in other UK
listed investment companies that require to be disclosed.
Released by The Law Debenture Corporation p.l.c., 8th Floor, 100
Bishopsgate, London, EC2N 4AG (contact Alison Skerritt-Black,
Company Secretariat, 020 7606 5451).
The Law Debenture Corporation p.l.c. LEI number -
2138006E39QX7XV6PP21
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END
NAVBLGDBCDGDGBS
(END) Dow Jones Newswires
January 04, 2021 11:31 ET (16:31 GMT)
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