23rd Sep 2013 08:24
LONDON (Alliance News) - Dunedin Income Growth Investment Trust PLC Monday said its adjusted net asset value per share increased on the half-year, following a substantial increase it its net assets.
Dunedin Income Growth said its NAV per share was 279.36 on July 31, compared with 232.46 pence at the same time the previous year, after its net assets increased to GBP421.6 million, up 21%. The increase was partly attributed to "signs of life across Western economies and increased investor appetite for equities."
In a statement from the investment trust, managed by Jeremy Whitley and Ben Ritchie of Aberdeen Asset Managers Limited, Chairman Rory Macnamara said, "Recent crises have taught us that uncertainty is the friend of the long term investor and we will continue to look closely for any potential opportunities that may be thrown up by events. In the meantime your company is well placed to continue to grow its distributions to shareholders."
Dunedin Income Growth also said it has finished refinancing its banking facilities, which increased to GBP30 million from GBP20 million. Though it said it does not currently intend on increasing leverage or gearing, Dunedin said the increased facility gives it financial flexibility for a "modest" additional cost.
Dunedin Income Growth shares were Monday quoted at 271.98 pence, down 0.52 pence, or 0.2%.
By Samuel Agini; [email protected]; @samuelagini
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