Gearing policy

Gearing

This is the ability of the Company to borrow money to magnify the potential returns on its portfolio, and relies on the fact that stock market returns have exceeded the cost of borrowing over the longer term. The Company currently has two debenture stocks in issue: a 9.875% debenture stock 2017 for £25 million and a 5.5% debenture stock 2021 for £38 million. The Company also has in place a 4.05% private placement note for £50m, for repayment in September 2028.

Liquidity and borrowings are managed with the aim of increasing returns to shareholders. The Company's gearing range may fluctuate between 0% and 30%, based on the current balance sheet structure, with an absolute limit of 50%.

© Temple Bar Investment Trust PLC

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