Rights and Issues says 2016 proved to be a very strange year. the UK market rose by 12.5% and the small cap market by 11% but, once the fall in sterling following the June referendum result is factored in, a more sombre picture emerges. By contrast, the net asset value of the fund’s Income shares increased by 29.5% to 2002.2p. Total equity hit a new record at just below GBP180m.
During the year, the capital structure was re-organised and, in December, the share buy-back programme commenced. This potentially amounts to GBP15m and will continue until February 2018.
The final income dividend proposed is 20p making 30p for the year, excluding special dividend, in accordance with previous indications.
Unfortunately, there is no statement from the manager in the results announcement.
RIII : Another good year of performance for Rights and Issues