ISRAS Investment Company Ltd.

Net Asset Value • Jan 31, 2013

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RNS Number : 8563W

Investment Company PLC

31 January 2013

THE INVESTMENT COMPANY PLC

Interim Management Statement

The Directors are pleased to announce that the unaudited Net Asset Value per ordinary share at 31st December 2012 was 381.4p.  This compares with the audited end-year NAV at 31st March 2012 of 315.98p and the unaudited figure at the half year 30th September 2012 of 357.5p.

There have been very few changes in the company's portfolio in recent months.  Sadly the manufacturer of the iconic London Taxi, Manganese Bronze Holdings plc, went into administration and we have written down to zero our holding (first purchased in 1979) of just over 40% of its 8¼% preference share issue which had a book value of £232,217.  This was valued last September at only £145,400, but nevertheless that was 7.65p per ordinary share.

However holdings of Lloyds Banking Group Enhanced Capital Notes and other Bank prior charges such as the NatWest 9% preference shares (up 20% over three months) have been attracting retail interest as financial advisors at last get around to noticing that it is better to own some of these Bank securities than it is to deposit cash at derisory rates of interest.  This has pushed up prices to the benefit of our asset value.

The Directors continue to investigate developments which might mitigate dependence on the shrinking constituency of investments available to the company under its present policy.

31st January 2013

This information is provided by RNS

The company news service from the London Stock Exchange

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