Interim Management Statement
January 24 2008 - 10:50AM
UK Regulatory
Framlington Income & Capital Trust PLC
Second interim management statement for the year ending 31 March 2008
To the members of Framlington Income & Capital Trust PLC
This is the Trust's second interim management statement for the year ending 31
March 2008 and covers the period to 24 January 2008. This statement has been
produced to comply with the requirements of the Disclosure and Transparency
Rules issued by the UKLA and should not be relied upon by any other party or
for any other purpose.
Investment objective
The objective of the Trust is to produce above average capital growth for the
capital shareholder and above average income for the income shareholder over
the life of the Trust.
Benchmark
The board has agreed that, in considering the extent to which this objective is
being achieved by the Trust, the returns of the FTSE All-Share, FTSE 350 Higher
Yield and FTSE SmallCap (excluding investment companies) indices will be used
as reference points.
Capital structure
The Trust has two classes of share capital: income shares and capital shares.
The different rights of each class of share give the Trust inherent gearing. It
also has borrowings: 12.6% debenture stock 2008 and two bank loans, which
together amount to �32.8 million. The Trust's articles of association provide
that between April and September 2008 capital shareholders will decide by
extraordinary resolution whether the Trust should be wound up.
Material events
There have not been any material events during the period 1 October 2007 to the
date of publication of this statement.
A second interim dividend in respect of the year ending 31 March 2008, of 1.75
pence per share, was paid on 14 December 2007 to income shareholders on the
register on 30 November 2007.
A third interim dividend in respect of the year ending 31 March 2008, of 1.75
pence per share, will be paid on 29 February 2008 to income shareholders on the
register on 1 February 2008.
There have not been any changes in the Trust's share capital, which remains as
39,134,832 income shares and 24,830,091 capital shares.
Material transactions
There have not been any material transactions during the period. As previously
stated, the Board intends that the Trust should remain relatively fully
invested until near the end of its projected life in September 2008.
Financial position
NAV and total assets at 31 December 2007
31 December 2007 30 September 2007 31 March 2007
Net asset value per share* 32.33p 32.75p 33.26p
Income share 256.92p 276.57p 295.88p
Capital share
Net assets �76.4 million �81.5 million �86.5 million
*including adjustment for 5 pence per share premium payable to income
shareholders on winding up
Ten largest holdings at 31 December 2007
Value at
31.12.07
�000s
BP $0.25 8,142
HSBC Holdings ord $0.50 5,253
GlaxoSmithKline ord 25p 4,473
BG Group ord 10p 4,018
British American Tobacco ord 25p 3,733
Weir Group ord 12.5p 2,828
Vodafone Group ord $0.11 3/7 2,815
BT Group ord 5p 2,727
Royal Bank of Scotland Group ord 25p 2,606
National Grid ord 11 17/43p 2,562
Sector allocation at 31 December 2007
Oil & Gas %
Basic materials 15.0
Industrials 2.7
Consumer goods 20.3
Health care 8.2
Consumer services 6.3
Telecommunications 4.7
Utilities 5.5
Financials 7.6
Technology 29.2
0.5
Financial performance
Performance for the period to 31 December 2007
Three months to 31 Six months to 30 Year to 31 March
December 2007 September 2007 2007
% % %
Portfolio -2.9 -1.0 +14.3
FTSE All-Share -0.3 +2.7 +11.2
FT SmallCap ex Inv. -12.4 -8.8 +15.1
Cos.
FT 350 Higher Yield -1.6 +2.3 +7.7
Company information
Year end: 31 March
Results: final results to 31 March 2008 announced May 2008
Dividends paid: Second interim dividend 2008 paid 14 December 2007
Third interim dividend 2008 to be paid 29 February 2008
Final dividend 2008 to be paid 1 August 2008
Debenture interest paid: 31 March 2008, 30 September 2008
Further information on the Trust, including the annual report and accounts for
the year ended 31 March 2007 and the interim report for the six months ended 30
September 2007, is available from the Manager's website www.axaframlington.com
By order of the board
AXA Framlington Investment Management Limited
Secretary
24 January 2008
END
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