Perpetual Income & Growth Investment Trust plc
Interim Management Statement
for the Three Months ended 31 December2008
Material Events
On 11 November 2008, an application was made to the UK Listing Authority and
the London Stock Exchange for the block listing of 7,500,000 ordinary shares of
10p each in the Company for issue in due course.
With effect from 4 December 2008, Mr Bob Yerbury was appointed as a
Non-Executive Director of the Company. With a degree from Cambridge University
and having qualified as an Actuary at Equity & Law Life Assurance Society, he
began his investment career in 1969, initially as an analyst and later as a
fund manager. He has 39 years' investment experience and is the Chief
Investment Officer of Invesco Perpetual.
Dividends
On 17 November, the Directors declared the first interim dividend for the year
ending 31 March 2009 of 3.3p per Ordinary Share. The interim dividend was paid
on 29 December 2008 to Ordinary Shareholders on the register on 12 December
2008.
Performance - Total Return
3 Months 1 Year 3 Years 5 Years
Share Price -1.3% -15.0% -3.6% 47.4%
Net Asset Value -6.0% -24.4% -6.9% 45.0%
FTSE All-Share Index -10.2% -29.9% -13.8% 18.7%
Source: Fundamental Data
Share Price and Discount
For the Three Months Ended 31 Dec 2008
As at 31 Dec 2008 High Low Average
Ordinary shares mid- 199.75p 211.00p 170.50 190.9p
market price (pence)
Discount -1.0%
Subscription shares 32.50p 39.00p 24.25 31.0p
mid-market price
(pence)
Source: Datastream
Assets and Gearing
31 Dec 2008 30 Sep 2008 Change
Total Gross Assets (£m) 495.5 518.7 -4.5%
of which cash (£m) - -
Borrowings (£m) 74.8 67.5
Cum income Net Asset Value - diluted 201.9 *214.4 -5.9%
(pence)
Actual Gearing 118 115
Asset Gearing 118 117
*- ex dividend
`Actual Gearing' reflects loans drawn down, whereas `Asset Gearing' reflects
the amount of loans invested in the portfolio. A figure of 100 means that the
Trust has no gearing.
Sector Breakdown of Portfolio
31 Dec 2008 30 Sep 2008
Utilities 17.8% 18.8%
Consumer Goods 17.8% 17.9%
Oil & Gas 15.5% 13.4%
Health Care 12.7% 11.3%
Consumer Services 10.3% 10.1%
Telecommunications 8.4% 6.6%
Financial 7.7% 7.6%
Industrials 7.3% 10.4%
Technology 2.0% 2.5%
Basic Materials 0.5% 1.4%
Top Ten Holding
Ranking Investment % of Bought/Sold Ranking at
Portfolio
Now in Period 30 Sep 2008
1 Imperial Tobacco 5.9% S 1
2 British Energy 5.2% B/S 3
3 BG 5.0% B/S 6
4 AstraZeneca 5.0% B/S 12
5 BP 4.9% B/S 7
6 GlaxoSmithKline 4.9% S 4
7 Vodafone 4.9% B/S 14
8 British American 4.8% S 2
Tobacco
9 Reynolds American 4.8% B/S 5
(US Common Stock)
10 Tesco 4.2% B/S 13
All Ordinary shares unless otherwise stated.
Changes to Share Capital
Ordinary Shares of 10p Subscription
each Shares
Issued Treasury
As at 30 Sep 2008 207,276,080 0 17,720,924
Ordinary shares bought 0 0 n/a
back
Ordinary shares issued 1,128,540 0 n/a
Subscription shares 0 0
exercised
As at 31 Dec 2008 208,404,620 0 17,720,924
The Company has authority to buy back shares (for cancellation or into
treasury) and to issue new shares (disapplying pre-emption rights), in each
case within specified limits. The Company expects to renew these authorities
each year.
Price and Performance
The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Financial Times under `Investment Companies' and in
the Daily Telegraph under `Investment Trusts'.
The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com.
Further information can be obtained from Invesco Perpetual as follows:
Free Investor Helpline: 0800 085 8677
Internet address: www.invescoperpetual.co.uk/investmenttrusts
The information provided in this statement should not be considered as a
financial promotion.
Interim management statements are expected to be published in January and July
each year.
For and on behalf of
Invesco Asset Management Limited
26 January 2009
Registered Office
30 Finsbury Square, London, EC2A 1AG
Telephone: 020 7065 4000
Facsimile: 020 7065 3166
Registered in England No 3156676
An Investment Company under Section 833
of the Companies Act 2006