8th Feb 2019 11:43
LONDON (Alliance News) - Independent Investment Trust PLC on Friday said its net asset value per share decreased by 12% in its most recently ended financial year.
The company's NAV per share fell to 537.4 pence as at November 30, from 610.2 pence at the same date a year earlier.
The stock was trading 0.4% higher on Friday at 576.32 pence a share.
The investment trust recorded a negative total NAV return of 10.8% in the year to the end of November 2018, compared to the FTSE All-Share Index and the FTSE World Index, which returned negative 1.5% and positive 6.0%, respectively.
"The downturn in our portfolio towards our year end reflected, to a greater degree, the worldwide downturn in equity markets," explained Chair Douglas McDougall.
The "disappointing" results have weighed upon the rating of the company's own shares, it noted, which moved from a premium of 7.2% at November 2017 to a discount of 1.2% at November 30 last year, producing a share price total return of negative 17.9%.
In the latter part of the company's financial year, its shares traded at a discount to NAV and the trust decided to buy back 100,000 at a discount of 2.5%.
Independent Investment Trust declared a final dividend of 5 pence per share, up 20% from 4p in 2017, making the total payout of 7p, up 17% from 6p paid the year before. In addition, the company proposed a special dividend of 3p, 50% higher than 2p paid in 2017.
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IIT.L