RNS Number:8904S
Cater Allen Equity Growth Fund Ld
23 October 2000
Cater Allen
Equity Growth
Fund Limited
Unaudited Interim Statement
Six months to 27th July 2000
Directors' Report
The Directors present their report for the period ended 27th July 2000. The
Company is limited by shares and was incorporated in Jersey, Channel Islands on
4th September 1979.
ACTIVITIES
The main aim of the Company is to provide investors with long term capital
growth from a portfolio of equity share investments. The Participating
Redeemable Shares ("Participating Shares") are listed on the London Stock
Exchange.
DIRECTORS
The Directors, all of whom have served throughout the period, are listed on page
one.
With the exception of Mr J.P. Norfolk, who is a director of Cater Allen
Investment Management (C.I.) Limited, which by Management Agreements dated 6th
September 1979, 1st October 1981 and 22nd February 1982 was appointed Manager to
the Company, and who is also a Director of Cater Allen Trust Company (Jersey)
Limited, which by an Administration Agreement dated 4th August 1999 was
appointed Administrator to the Company. There were no other contracts of
significance existing during or at the end of the period under review in which a
Director was materially interested.
DIRECTORS' SHAREHOLDINGS
According to the Register of Directors' Interests, none of the Directors are
beneficially interested in Participating Shares of the Company with the
exception of Mr I.D. Cameron who has an interest in 6,002 shares. These
interests have not changed since 27th July 2000.
DIVIDENDS
The Directors of the Company have not declared an Interim Dividend in respect of
the half year ended 27th July 2000. Subsequently the net income earned in the
full year ending 1st February 2001 will be distributed by way of a dividend at
the end of February 2001.
DISTRIBUTOR STATUS
The Company has been certified for the purposes of Chapter V of Part XVII of the
U.K. Income Corporation Taxes Act 1988 ("Offshore Funds") as a "distributing
fund" in respect of the "account" periods ended 28th January 1998 and
provisionally for 30th January 1999 and 31st January 2000.
RESPONSIBILITY OF THE DIRECTORS
Jersey Company Law requires the Directors to prepare accounts covering a period
of not more than eighteen months starting from the date of the last accounts or
the date of the Company's incorporation. The accounts must be in accordance
with generally accepted accounting principles and show a true and fair view of
the Company's profit or loss for the period, and the state of the Company's
affairs at the end of the period.
As with the exercise of their other duties, the Directors must, in preparing the
accounts, act honestly and in good faith, with a view to the best interest of
the Company, and with the care, diligence and skill that a reasonably prudent
person would exercise were he in their position.
The Directors are responsible for ensuring the Company maintains adequate
accounting records explaining its transactions and disclosing its financial
position from which proper accounts can be prepared.
By Order of the Board,
Cater Allen Trust Company (Jersey) Limited,
Cater Allen House,
Commercial Street,
St Helier, Jersey JE4 8UP,
Channel Islands
Secretary
1st September 2000
Investment Adviser's Report
The fireworks which illuminated the start of the Millennium year singularly
failed to spark the interest of equity markets during the first half of 2000.
Since the end of January, conventional markets have generally performed
disappointingly and have struggled to make any headway in the face of two
interest rate rises, concern over continued inflationary pressures in the
economy and a substantial de-rating of the formerly high flying
telecommunications and technology "TTM" sectors. The sell-off in the TTM
sectors fuelled a search for value and encouraged investors to revisit the theme
of "old economy" stocks. Defensive sectors such as utilities and insurance
prospered while oil stocks strengthened in response to rising commodity prices.
The direction of interest rates and inflation, both here and in the United
States, remain the foremost issues. The consensus view is that UK rates will
peak this year, although the explosive rise in the price of oil does cast a
cloud over the inflation scene. Traditionally quiet, the first half of the
summer has seen markets consolidate in a narrow trading range with volatile
share price movements exacerbated by thin volumes. Valuations have also been
under pressure from a general downgrading of estimates for corporate earnings,
principally as a result of lower projections for domestic economic growth.
In line with the underlying markets, the Equity Growth Fund has experienced a
period of consolidation after the strong performance during 1999. For the six
months ended 27th July 2000, the share price has fallen by 3.8% against a rise
of 0.2% in the FTSE All Share Index. In line with our policy of trying to
identify future growth stocks, the Fund is involved in several nascent
technology businesses and some of these have suffered in the present climate.
However, we have attempted to balance this position with investments in
companies with solid asset backing and proven management, and this has been a
useful counter to the more aggressive stance which we adopted in the latter half
of last year. For the twelve month period since 29th July 1999, the Equity
Growth Fund has seen its share price grow by 33.8% against an increase of 6.2%
in the All Share Index and 3.8% in the FTSE 100 Index.
For the future, we feel that the peak for interest rates is not too far distant
but that the scope for a major fall in rates is commensurately small. As a
result, the potential for market outperformance relies increasingly on the
ability of companies to generate earnings growth. We remain focused on trying
to identity such situations for investment by the Fund.
Panmure Gordon Investments Limited
10th August 2000
Accounts
BALANCE SHEET
27-Jul-00 29-Jul-99
Assets # #
Investments 10,220,919 7,898,699
Cash and deposits 784,431 128,194
Income receivable 16,130 6,921
Debtors 20,434 14,328
11,041,914 8,048,142
Liabilities
Creditors and accrued liabilities 65,944 14,848
Net assets #10,975,970 #8,033,294
Shareholders' Equity
Share capital 11,165 11,033
Capital reserves 8,252,823 5,388,691
Share premium 2,640,256 2,548,689
Revenue reserves 71,726 84,881
#10,975,970 #8,033,294
I.D. Cameron, Director
P.J. Morgan, Director
Approved by the board of Directors
1st September 2000
Accounts
REVENUE ACCOUNT
27-Jul-00 30-Jul-99
Income # #
Deposit interest 10,480 2,917
Investment income 141,906 137,070
152,386 139,987
Expenditure
Administration expenses 7,800 6,500
Audit fee 2,210 2,210
Custodian fee 5,254 4,050
Directors' fees 2,600 2,600
Management fee 66,886 38,852
Registrar's fee 780 780
#85,530 #54,992
Net revenue for the period 66,856 84,995
Net equalisation 294 (3,165)
Net revenue brought forward 4,576 3,051
Net revenue carried forward #71,726 #84,881
The Investment Portfolios
at 27th July 2000
Holding Security Market Value Net Assets
# %
Equities
Banks
40,000 Allied Irish Bank Ord
Eur0.32 226,060 2.09
25,000 Northern Rock Ord #0.25 81,875 0.75
Beverages
30,000 Allied Domecq Ord #0.25 166,375 1.52
Chemicals
40,000 Johnson Mathey Ord #1 381,800 3.48
5,500 Bayer AG Ord NPV 155,161 1.40
Construction & Building Materials
15,000 Gleeson (M.I) Group Ord #0.10 93,750 0.85
30,000 Hanson Ord #2.00 130,989 1.19
Electronic & Electric Equipment
40,000 NXT Plc Ord #0.25 351,000 5.02
272,727 Emess Ord #0.25 95,454 0.87
33,300 Invensys Ord #0.25 125,724 1.15
Engineering & Machinery
60,000 Morgan Crucible Co Ord #0.25 152,100 1.39
60,000 FKI Ord #0.10 136,050 1.24
50,000 Enodis Ord #0.50 114,000 1.04
3,800 Turbo Genset Inc Class 'A'
Com NPV (UK List) 81,320 0.74
71,429 Corac Group Ord #0.01 50,000 0.46
Food Producers & Processors
30,000 Unilever Ord #0.014 204,500 1.86
General Retailers
200,000 Partridge Fine Arts Ord #0.10 128,000 1.17
35,000 Great Universal Stores Ord #0.25 148,358 1.35
Information Technology Hardware
5,556 ARC International Plc Ord
(Placing) 50,004 0.46
Investment Companies
70,000 Thomson Clive Investments
Ord #0.50 567,000 5.17
25,000 Net Investor Ord #0.001 46,750 0.43
Leisure, Entertainment & Hotels
75,000 Hilton Group Ord #0.10 174,750 1.59
Life Assurance
69,000 CGNU Ord #0.25 720,705 6.57
30,000 Sun Life & Provincial Ord #0.001 150,000 1.37
Media & Photography
425,000 Osprey Communications Ord #0.25 38,250 0.35
20,000 Pearson Ord #0.25 401,800 3.66
35,000 Reed International Ord #0.125 183,488 1.67
8,433 British Sky Broadcasting Ord
#0.50 104,527 0.95
Mining
45,000 Lonmin Ord #1.00 369,675 3.37
30,000 Rio Tinto Plc Ord #0.10 (Regd) 312,300 2.85
6,000 Anglo American $0.50 193,890 1.77
Oil & Gas
30,000 Enterprise Oil Ord #0.25 141,300 1.29
90,000 Shell Transport & Trading Ord
#0.25 (Regd) 472,050 4.30
80,000 Lasmo Ord #0.25 104,400 0.95
Pharmaceuticals
60,000 K.S. Biomedix Holdings Ord #0.02 402,000 3.66
30,000 Powerject Pharmaceuticals 148,500 1.35
Ord #0.10
6,000 Shire Pharmaceuticals Group
ADR EA CNV INTO 3 Ord #5.00 230,465 2.10
Real Estate
75,000 London Merchant Securities
Ord #27.4390 141,375 1.29
Restaurants & Pubs
25,000 Bass Ord #0.28 173,625 1.58
Software & Computer Services
35,000 GEO Interactive Media Group
Ltd Ord ILS 0.01 411,250 3.75
2,500 Equant NV Ord NLG 0.02
(French Line) 66,188 0.60
3,500 Autonomy Corporation Ord #0.01 34,620 0.32
Speciality & Other Finance
181,000 E-Prime Financial Ord #0.005 11,313 0.10
22,000 Peel Hunt Ord #0.10 60,500 0.55
Support Services
600,000 Aukett Associates Ord #0.01 108,000 0.98
Telecommunications Services
25,000 Cable and Wireless Ord #0.25 306,125 2.79
Transport
50,000 Northgate Ord #0.05 234,000 2.13
Overseas Equities
Canadian
15,000 Xenes Group Inc Com NPV 38,886 0.35
USA
120,000 Blairmore Holdings Inc. NPV 481,104 4.38
Jersey
30,000 PMG Eagle Fund Limited 321,564 2.93
#10,220,919 93.12
Cash and other Net Assets 755,051 6.88
Total Net Assets #10,975,970 100.00%
Fund Features
Price and Dividend Performance Record
Highest Lowest Dividends
Offer Price Bid Price paid
Year # # p
1990 5.24 3.73 9.3
1991 4.77 3.52 15.0
1992 4.56 3.18 14.0
1993 6.31 4.23 11.0
1994 6.31 4.98 8.5
1995 6.62 4.91 6.5
1996 7.46 6.26 6.5
1997 7.81 6.62 8.0
1998 8.45 7.12 9.0
1999 8.83 6.48 7.0
2000 12.81 7.81 9.0
On a reinvestment basis the Equity Growth Fund has produced a total return of
34.85% for the twelve months to 27th July 1999.
Net Asset History
Participating Net Assets per
Shares Participating
Date Net Assets in Issue share
# #
30th January 1992 6,967,627 1,806,105 3.86
30th July 1992 5,964,130 1,688,744 3.53
28th January 1993 6,022,655 1,404,787 4.29
29th July 1993 6,694,181 1,344,980 4.97
27th January 1994 7,856,917 1,347,013 5.83
28th July 1994 7,086,304 1,330,052 5.33
26th January 1995 6,688,533 1,319,844 5.07
27th July 1995 6,932,893 1,264,183 5.49
1st February 1996 7,916,110 1,231,431 6.43
31st July 1996 8,154,608 1,242,145 6.56
30th January 1997 8,638,400 1,274,259 6.78
31st July 1997 8,618,540 1,258,609 6.85
29th January 1998 8,725,683 1,247,364 7.00
30th July 1998 8,527,308 1,169,090 7.29
28th January 1999 7,528,286 1,128,795 6.67
29th July 1999 8,033,294 1,003,272 8.00
27th January 2000 11,496,426 1,011,163 11.37
27th July 2000 10,975,970 1,011,766 10.85
Please contact Tim Ford or Chris Curtis if you would like more information on
the Equity Growth Fund or other services of the Cater Allen Group of Companies
in Jersey.
N.B. Past performance is not a guide to the future, the price of shares and the
income from them can go down as well as up.
Funds under Management
GILT AND FIXED INCOME FUNDS LIMITED
Euro Income Bond Fund (*)
The Fund is invested primarily in securities, bonds, notes or negotiable
instruments issued or guaranteed by sovereign or corporate borrowers within the
OECD. The Fund aims to pay an attractive level of income while seeking to
protect the capital value of the shares.
Minimum investment: Eur6,000 or equivalent.
Gilt Income Fund (*)
The Fund seeks to offer capital security whilst aiming to pay a high level of
income, from investment in British Government Securities.
Minimum investment: #5,000.
High Yield Gilt Fund (2000) (*)
The Fund offers a higher level of income than is usually associated with an
investment in Gilts, but at the expense of a diminution in capital.
Minimum investment: #5,000.
ACCUMULATION FUNDS LIMITED
Sterling Money Fund
The Fund is invested in a diversified range of high quality money market
investments to produce a wholesale money market return. This Fund operates as a
roll up Fund. Any income received on the Fund's investments will be accumulated
within the Fund and will not be distributed.
Minimum investment: #50,000.
US Dollar Money Fund
The Fund is invested in a diversified range of high quality money market
investments to produce a wholesale money market return. This Fund operates as a
roll up Fund. Any income received on the Fund's investments will be accumulated
within the Fund and will not be distributed.
Minimum investment: US $100,000.
FOUNDATION FUNDS LIMITED
Balanced Income and Growth Fund (*)
The Fund aims to provide long term 'real growth' of both capital and income,
combined with an above average yield. The Fund is invested in a balanced
portfolio of high quality ordinary shares, fixed interest stocks, convertible
securities and collective investment funds.
Minimum investments #5,000.
High Income Bond Fund (GBP) (*)
The Fund's objective is to offer a high level of income combined with the
security associated with a portfolio of high quality fixed interest investments.
The Fund is invested in Eurobonds and other fixed interest securities issued by
governments and corporate bodies with a high credit rating, including British
Government Securities.
Minimum investment: #5,000.
EQUITY GROWTH FUND LIMITED (*)
The Fund aims to provide investors with long term capital growth from a
diversified portfolio of mainly British equities of predominantly smaller
companies and special situations.
Minimum investment: 100 shares.
(*) Monthly investment scheme available.
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