INVESCO PERPETUAL ENHANCED INCOME LIMITED
(FORMERLY INVESCO LEVERAGED HIGH YIELD FUND LIMITED)
P.O. BOX 83 ORDNANCE HOUSE 31 PIER ROAD ST. HELIER JERSEY JE4 8PW
TELEPHONE: 01534 825200 FAX: 01534 825250 EMAIL: rh-jsy@itl.net
Interim Management Statement
for the Three Months ended 31 December 2013
Material Events
An Extraordinary General Meeting of the Company was held on 11 November 2013 at
which shareholders approved a resolution amending the Company's investment
policy to reduce the maximum limit of net borrowings to 50 per cent. of
shareholders' funds. Shareholders also approved a resolution to change the
Company's registered name to Invesco Perpetual Enhanced Income Limited,
consistent with the investment policy amendment.
Dividends
On 17 December 2013 the Directors of the Company announced a first interim
dividend of 1.25 pence per Ordinary share in respect of the three months to 31
December 2013. This dividend will be paid on 31 January 2014 to shareholders on
the register on 10 January 2014. The shares were quoted ex-dividend on
8 January 2013.
.
Performance - Total Return
3 Months 1 Year 3 Years 5 Years
Share Price 5.9% 20.6% 60.8% 293.7%
Net Asset Value 4.2% 12.2% 37.8% 229.5%
Merrill Lynch 3 Months Libor 0.1% 0.5% 2.3% 4.3%
Index
Source: Invesco/Thomson Reuters Datastream
.
Share Price and Discount
As at For the Three Months Ended 31-Dec-13
31-Dec -13 High Low Average
Ordinary Shares mid- 69.63 69.63 65.75 67.53
market price (pence)
Discount 5.2%
Source: Thomson Reuters Datastream
.
Assets and Gearing
31-Dec -13
Total Gross Assets (£m) 112.7
Cash (£m) 9.6
Borrowings (£m) 30.9
Net Asset Value - (pence) 73.5
Gross Borrowing 37.7%
Net Borrowing 26.1%
Gross Borrowing reflects the amount of gross borrowings by the Company
and takes no account of any cash balances. It is based on gross borrowings as a
percentage of shareholders' funds.
Net Borrowing reflects the amount of net borrowings invested, i.e. borrowings
less cash. It is based on net borrowings as a percentage of shareholders'
funds.
.
Geographical Breakdown
31-Dec -13
United Kingdom 40.4%
Europe Ex UK 43.8%
Americas 15.8%
.
Top Ten Holdings
Ranking Top Ten Coupon and Rate % of
Investments Portfolio
1 Lloyds Banking 6.385% 12 May 2020 4.6%
Group - Lloyds
TSB & LBG Capital 9% 15 Dec 2019
7.625% 22 Apr 2025
2 General Motors Warrants 10 Jul 2019 4.5%
Warrants 10 Jul 2016
Ord
3 Virgin Media 8.875% 15 Oct 2019 3.4%
Finance
6% 15 Apr 2021
7% 15 Jan 2018
4 UniCredit 8.5925% FRN Perpetual 3.2%
International
Bank 8.125% FRN Perpetual
5 Aviva 6.125% FRN Perpetual 3.1%
4.7291% FRN Perpetual
6.875% FRN 22 May 2038
6.125% FRN 05 Jul 2043
6 Santos Finance 8.25% FRN 22 Sep 2070 2.8%
7 UPC 9.5% 15 Mar 2021 2.7%
7.625% 15 Jan 2020
8 Societe Generale 8.875% FRN Perpetual 2.6%
8.75% Perpetual
7.875% FRN Perpetual
9 Enterprise Inns 6.5% 06 Dec 2018 (SNR) 2.5%
10 ENW Finance 5.875% 21 Jun 2021 2.5%
All investments are fixed interest bonds unless otherwise stated.
.
Changes to Share Capital
Ordinary Shares of 5p
each
Issued Treasury
As at 30-Sep-13 111,292,526 0
Ordinary shares bought 0 0
back
Ordinary shares issued 0 0
As at 31-Dec-13 111,292,526 0
The Company has authority to buy back shares for cancellation or to be held in
treasury within a specified limit. The Company expects to renew this authority
at the Annual General Meeting each year.
Since 31 December 2013, no ordinary shares were bought back and cancelled or
put into treasury and no ordinary shares were issued.
Administration
The Company's ordinary shares are listed on the London Stock Exchange and the
price is published in the Financial Times, The Daily Telegraph, The Times, The
Independent and The Evening Standard.
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 Perpetual Enhanced Income Limited
30 January 2014