RNS Number:1445U
F&C Private Equity Trust PLC
30 March 2007
To: Stock Exchange For immediate release:
30 March 2007
PLEASE NOTE THE ANNOUNCEMENT BELOW REPLACES THE ANNOUNCEMENT RNS 1152U RELEASED
TO THE MARKET AT 14:45 ON FRIDAY 30TH MARCH 2007.
The only change is the date in Note 2. which said 29 May 2007 where in fact it
should read 25 May 2007.
F&C Private Equity Trust plc
Preliminary results for the seventeen months to 31 December 2006
* NAV total return for the three month period of 15.5 per cent for the A
shares;
* NAV total return for the three month period of 5.0 per cent for the B
shares*;
* NAV total return for the seventeen month period of 36.8 per cent for the A
shares;
* NAV total return for the seventeen month period of 36.7 per cent for the B
shares*;
* A share special dividends of 7.5 pence and 15.5 pence paid;
* A share revenue dividends of 1.0 pence paid;
* B share revenue dividends of 2.1 pence paid and 0.4 pence declared;
* #49.8 million added to net assets by the acquisition of the assets of
Discovery Trust plc in August 2005;
* Conversion of #50.6 million from C to B shares;
* Realisation of private equity investments of #36.1 million during the
period;
* New investment in private equity investments of #63.0 million during the
period.
* Based on fully diluted NAV
Chairman's Statement
The Company has again made good progress and I am pleased to report excellent
returns for our shareholders. As previously intimated the Company has changed
its year end to the 31 December and this 'annual' report covers the 17 Month
period to the end of December 2006. Over this period the net asset value ("NAV
") return to the A shareholders has been 36.8% and to the B shareholders 36.7%.
The corresponding share price total returns have been 49.2% and 54.1%,
reflecting the narrowing of the discount in both classes.
The A pool, which retains the original realisation mandate, is fairly small now
with #17m of net assets at 31 December giving a NAV per A share of 25.43p. A
special dividend of 7.5p was paid on 14 April 2006, another special dividend of
15.5p was paid on 20 October 2006 and an ordinary dividend of 1.0p per A share
was paid on 19 January 2007. The A pool still has a small number of investments
with potential and we expect a fair proportion of these to be realised during
2007. Shareholders will realise that this is now a very concentrated portfolio
and future returns may be correspondingly volatile. It is expected that further
special dividends can be paid over the next year.
The basic NAV per B share at 31 December 2006 was 178.71p. After adjustment for
the possible future dilution arising from the exercise of management warrants
the fully diluted NAV per B share at 31 December was 178.06p. The B pool now has
net assets of #129.2m. The Directors are recommending an ordinary final
dividend of 0.4p per share which, together with the interim dividend of 2.1p
paid on 19 January 2007, makes a total dividend of 2.5p per B share for the 17
month period.
In August 2005, the Company acquired the assets of Discovery Trust, almost
doubling the size of the continuation investment pool. The C share pool, which
was established to enable the orderly sell down of fledgling and AiM listed
shares and the transfer of the proceeds gradually to the B pool, was completely
merged into the B pool at the final conversion on 26th September 2006. The
increased scale of the B pool has proved helpful to your manager in constructing
and maintaining a distinctive international portfolio of private equity
investments. The share price rating of the B pool has also improved with this
additional scale.
The Company has outstanding undrawn commitments of #145m, which will be drawn
down over the next 5 years. With cash or near cash resources in the B pool of
#18m and unutilised borrowing capacity of up to 20% of total assets (to be
increased to 30% subject to shareholder approval) the Company is well placed to
continue to benefit from the private equity sector's growth.
The period under review has seen a sustained period of enhanced value for
private equity investments and a considerable expansion in the size of the asset
class internationally. This has been accompanied by a rise in its public
profile. This public scrutiny has not always been from well informed quarters
and much of the negative commentary surrounding private equity managers and
their tactics appears, from our perspective, to be unfounded and unfair.
Shareholders can be confident that your Board and Manager do not back 'asset
strippers' or 'locusts' and have no intention of doing so. The additional focus
and incentive which private equity managers bring to their investee companies
must be creative of value for ultimate shareholders such as us to benefit, but
it also usually benefits other stakeholders in these enterprises. The UK is the
leading country in Europe for private equity. The sector is a top performing
component of a successful financial services industry, and our shareholders
should continue to benefit from this association.
The outlook for our private equity investments is not independent of the wider
fortunes of the global economy and stockmarket conditions. These are in turn
influenced directly by confidence within the business communities which manage
and invest in private companies. At present the managements of private companies
and private equity funds in which we invest are confident that it will be
possible to make strong returns in 2007.
For most of this period the Company has been under the management of F&C Asset
Management plc, although with the same managers as previously. I am pleased to
report that this transition has proved entirely satisfactory to the Company. The
greater resources in all areas are already proving beneficial.
The European Advocate General's views on the question of VAT on management fees
were made available last month. These were generally supportive of the
Association of Investment Companies in its claim that VAT had been wrongly
claimed from Investment Trusts domiciled in the UK. The final judgement from the
European Court of justice is not due until June, but if the case is ultimately
successful there will be a reduction in your Company's running costs, as well as
a one-off benefit from the recovery of VAT already paid.
At the AGM of the Company in December, Sir James McKinnon stood down from the
Board. He joined at the time of the acquisition of Discovery Trust and during
his short time on the Board made a very valuable contribution.
David Simpson
Manager's Review
Our Investment Approach
This review covers an exceptionally busy period for the private equity industry,
in which we have been very much involved. Our Company has an evergreen mandate,
meaning that the proceeds of disposals must be continually reinvested to lay the
foundations of future returns. It is necessary for us to plan several years
ahead if we are to maintain appropriate levels of growth for shareholders.
Unusually amongst investment asset classes private equity is essentially long
term in nature. This is because the value creating changes which private equity
practitioners make to investee companies take time to bear fruit. Occasionally
these changes and associated value uplifts are achieved ahead of plan and this
can enhance returns, but it is also the case that changes in the business
environment or obstacles to successful implementation of agreed plans can extend
holding periods and erode returns. Most of the funds in our portfolio are
planning to hold companies for about 4 years before selling and therefore
patience is required.
Because of these extended timelines the final performance of a private equity
fund cannot be definitely assessed for several years; however, an interim
assessment is almost always necessary to determine whether to continue backing a
particular manager when its fund raising for the next fund takes place, usually
within 3 years of the immediate predecessor fund. Interim assessment of immature
funds is a key task of the fund of funds manager, but one which can only be
sensibly done with the reference points derived from experience. This
application of judgement based on both quantitative and qualitative factors is
also critical in assessing the future performance of emerging management groups
where the investment case is, by definition, a much less certain proposition.
Our policy follows the dual track of continuing to back strong performers whilst
seeking out newer groups who have a good chance of delivering sector leading
returns in the future. Persistence of outperformance is particularly marked in
private equity investment - for good reasons of franchises providing competitive
advantage in deal sourcing and execution - compared with other short term and
innately more efficient investment asset classes. This means that identifying
management groups with potential can underwrite outperformance well into the
future.
The growth of private equity globally is continually widening the opportunities
to invest. Each new market has its own characteristics and these are often not
easily appreciated by outsiders, meaning that appropriately equipped, locally
based specialists usually have a major advantage. In recent years our portfolio
has broadened considerably, most notably into Continental Europe. There we have
benefited from the expansion of the use of private equity to finance the growth
of smaller and medium sized companies. Each geographic market in our favoured
mid market tier is distinct, but there are common trends and a clear move
towards European wide best practice in the way these firms operate -
particularly in process. It is part of our job to assess not only individual
groups but the markets in which they operate, determining whether there really
are substantive opportunities to make good risk adjusted returns or merely
unfounded hope.
During this period we have continued to back funds and to make co-investments
that are predominantly involved in the mid market. This is because we see this
tier as offering persistent inefficiencies which should continue to provide
excellent opportunities for the foreseeable future. The major expansion in
private equity both in Europe and in the USA has disproportionately favoured the
larger, so called mega funds, that are typically doing deals in the Euro1bn +
enterprise value category. The increase in the capital available for mid market
funds has been far less marked and it is our view that it is not out of balance
with the number of suitable investment opportunities available.
Our activities over the reporting period can be summarised under the following
headings;
New Fund Commitments
We have reinforced a number of existing relationships in the UK market through
new fund commitments to Primary Capital III (#8m), LGV 5 (#5m), Inflexion 2006
Buy-out fund (#10m), RJD Partners II (#8m), Dunedin Buy-Out Fund II (#5m) and
Piper Private Equity IV (#4m). We have deepened our European relationships with
follow on commitments to Chequers Capital XV (France Euro7.5m) and DBAG V (Germany
Euro8m). New relationships have been established with Ibersuizas (Spain & Portugal
Euro5m), Gilde Buyout Fund III (Benelux Euro5m) and Alto Capital II (Italy Euro3m). We
have made fresh commitments to successor Pan European funds including Candover
2005 (Euro15m), TDR Capital II (Euro10m), Hutton Collins Capital Partners II
(mezzanine Euro10m) and Mezzanine Management IV (Euro7m). We have also made a
commitment to specialists Alchemy, through their Special Situations Fund (#5m).
We are deliberately retaining an exposure to the world's largest private equity
market in the US and we have once again backed Bluepoint Capital, the Cleveland
based mid market fund, in their second fund ($10m) and initiated an investment
with crossover fund specialists from Baltimore, Camden Strategic Partners III
($5m). After several years of consideration we have made a first commitment to
an Asian Fund, AIF Asia III ($5m) managed by an accomplished Hong Kong based
team.
The venture capital sub sector of private equity has had a difficult recent
past, but our stance is to continue to support the leaders in this field and
highly selectively to open up new relationships. This should leave us well
placed as the sector continues its recovery. Accordingly new commitments have
been made to our longstanding contacts at SEP III (#7.5m) and to Amsterdam based
Life Science Partners III (Euro5m).
Secondaries
As the private equity market has grown so have the opportunities to acquire
secondary positions in pre-existing funds. If these can be sourced at
appropriate prices and they have an investment focus and management team
consistent with the remainder of our portfolio then there can be a very
effective and rapid contribution to performance. This is due to the truncation
of the early years of a fund's life when returns can be modest or even negative.
Through different contacts in the market we have been able to source and execute
several secondary deals. In each case the funds have been partially drawn, the
focus of the fund is complementary to the remainder of our portfolio, the
management team strong and the price paid has been at or below asset value. We
have acquired secondary positions in the following funds: August Equity IV
(#15m), Brown Brothers Harriman 1818 II ($5m), Alto Capital I (Euro10m), HFP
(Inflexion #3m) and Argan Capital (Euro10m). Secondaries now account for
approximately 15% of the B pool portfolio.
Co-investments
The Company has always had the ability to invest directly in private companies
either alongside the managers we are backing through funds or with others whom
we know well. During the year the limit for direct investment was increased from
25% to 33% and this has given us valuable additional scope to construct a
properly diversified portfolio of co-investments. Six such direct private
equity investments have been made during the period covered by the report. #1.5m
was invested in Equidebt (RJD Partners Lead), a Stratford-on-Avon based debt
collection agency and buyer of bought debt, giving F&C PET a 6.7% equity stake.
We have recently added to this investment through an additional investment of
#0.75m in loan stock. We have participated in two other RJD led investments; #2m
invested in LMS, a market leading provider of remortgage conveyancing for 6.5%
of the company and #2m into European Boating Holidays, a boating holidays
company for 15.5%. We have invested #1.1m in Viking Moorings (Inflexion lead),
the market leader in the North Sea for moorings for oil rigs for 10% of the
company. Stirling Square Capital Partners were the lead for two co-investments:
Whittan, a manufacturer of metal pallet racking systems and lockers where we
have invested #2.5m for 6.0%; and 3si, the market leader in cash security
systems, based in Valley Forge, where we have invested $4.2m for 6.5%.
Realisations
Realisations totalled #36.1m over the period. The largest of these was Gondola
Holdings, the parent company of Pizza Express. This company was a co-investment
made with TDR Capital in 2003. The business was rejuvenated and then relisted on
the stockmarket before being acquired by Cinven in December 2006. F&C PET's
total proceeds, including #6.8m received after the year end, were #10m,
representing an investment multiple of 4.0X and an IRR of 65%. Other major
realisations included #4.6m from engineering company, Acertec, which was listed
on AIM (Candover 1997 Fund), #2.8m from JJI Lighting (International Mezzanine),
#1.7m from Securistyle (August Equity IV), #1.4m from ACIS (Inflexion), #1.2m
from Eurotaxglass (Hicks Muse Fund IV) and #1.0m from machinery company GAM
(Nmas1). There were many smaller distributions from other funds reflecting a
buoyant exit environment internationally.
New Investments
New investments amounted to #63m. These were made by a wide variety of funds and
include the co-investments described above. Some of the larger ones illustrate
the diversity of the underlying portfolio which is being established. In the UK
we now have exposure to Rixonway Kitchens (#1.3m August Equity IV), DX/SMS, a
private mail company ( #0.9m Candover 2005), Parasol, an employment agency
(#0.7m Inflexion), James Hull, a specialist dentist ( #0.6m Hutton Collins),
Tobar, a vendor of toys and gifts ( #0.5m Primary III) and WFEL, a manufacturer
of temporary bridges ( #0.5m Dunedin Buy-out Fund II) amongst many others. In
Europe we have holdings of #1m in Italian boat builder Feretti (Candover 2005),
#0.4m in French catering company HBI (Elior) (Chequers) and #0.4m in German
medical products company, BSN (Montagu III).
Valuation changes
Over the period there have been uplifts amounting to over #40m. These reflect
both uplifts in valuation and premiums to carrying value achieved on exit. The
individually most significant ones represent a mixture of older holdings and
newer ones as well as a spread between UK and European and US investments. As
noted above Gondola has been a highly successful co-investment and over the
period this accounts for #7.6m of uplift. The DM&E Railroad, a longstanding US
investment, has traded very strongly and an uplift of #7.0m is included, most of
this accruing to the A pool. The combined investments of the now almost fully
liquidated Candover 1997 Fund contributed #3.5m. #3.5m was also accrued from TDR
Capital. Our secondary purchase of August Equity IV contributed #3.3m,
reflecting a strong fundamental performance, successful realisations and an
advantageous acquisition price. The co-investment with Stirling Square, GDT, our
aerospace components company is also trading well and an uplift of #2.2m has
been made. LGV 4 has also performed well and has recently announced the sale of
restaurant company Tragus to Blackstone achieving a 5.4x investment multiple,
contributing to an uplift of #1.4m. Our European funds have contributed strongly
with uplifts of #1.3m from Nmas1 and #1.0m from Chequers. There have also been
some downgrades over the period, but these mainly relate to the start up costs
of new funds where the early years suffer slightly from the J Curve effect.
Exchange rate impact has been adverse to the extent of #3.6m, entirely due to
the pronounced depreciation of the dollar.
Outlook
The Company begins 2007 with a well diversified portfolio of funds giving an
underlying portfolio of over 200 companies. The co-investment portfolio is
performing well and further realisations from here are expected during the year.
The fund portfolio is maturing and this will continue to build value over the
next few years. The successful fund relationships will be reinforced with new
commitments and new funds which add to the portfolio's strength will also be
added. The Company has outstanding undrawn commitments of #145m, which will be
drawn down over the next 5 years. With cash or near cash resources in the B
pool of #18m and unutilised borrowing capacity of up to 20% of total assets (to
be increased to 30% subject to shareholder approval) the Company is well placed
to continue to benefit from the private equity sector's growth.
Hamish Mair
For more information, please contact:
Hamish Mair 0131 718 1184
Martin Cassels 0131 718 1095
hamish.mair@fandc.com / martin.cassels@fandc.com
F&C PRIVATE EQUITY TRUST PLC
Income Statement for the
seventeen months ended 31 December 2006
Unaudited
Revenue Capital Total
#'000 #'000 #'000
Gains on investments - 34,622 34,622
Currency losses - (58) (58)
Income - franked 527 - 527
- unfranked 4,344 - 4,344
Investment management fee (509) (1,532) (2,041)
Other expenses (857) (505) (1,362)
_______ _______ _______
Net return before finance costs and taxation 3,505 32,527 36,032
Interest payable and similar charges (31) (93) (124)
_______ _______ _______
Return on ordinary activities before taxation 3,474 32,434 35,908
Taxation on ordinary activities (941) 483 (458)
_______ _______ _______
Return on ordinary activities after taxation 2,533 32,917 35,450
_______ _______ _______
Returns per A share - Basic 1.05p 9.31p 10.36p
Returns per B share - Basic 3.21p 46.85p 50.06p
Returns per B share - Fully diluted 3.20p 46.70p 49.90p
F&C PRIVATE EQUITY TRUST PLC
Income Statement for
year ended 31 July 2005
Audited
(Restated)
Revenue Capital Total
#'000 #'000 #'000
Gains on investments - 19,535 19,535
Currency gains - 56 56
Income - franked 182 - 182
- unfranked 2,870 - 2,870
Investment management fee (170) (510) (680)
Other expenses (334) - (334)
_______ _______ _______
Net return before finance costs and taxation 2,548 19,081 21,629
Interest payable and similar charges (17) (49) (66)
_______ _______ _______
Return on ordinary activities before taxation 2,531 19,032 21,563
Taxation on ordinary activities (707) 168 (539)
_______ _______ _______
Return on ordinary activities after taxation 1,824 19,200 21,024
_______ _______ _______
Returns per A share 1.58p 12.78p 14.36p
Returns per B share 1.96p 27.05p 29.07p
F&C PRIVATE EQUITY TRUST PLC
BALANCE SHEET
As at 31 December 2006 As at 31 July 2005
(unaudited) (audited and restated)
#000 #000 #000 #000
Investments at fair value
Listed on recognised exchanges 23,922 9,210
Unlisted 116,354 65,434
_______ _______
140,276 74,644
Current assets
Debtors 416 108
Cash at bank 6,764 9,210
_______ _______
7,180 9,318
Creditors
Amounts falling due within one year (1,223) (1,123)
_______ _______
Net current assets 5,957 8,195
_______ _______
Net assets 146,233 82,839
_______ _______
Capital and reserves
Called up ordinary capital 1,394 1,063
Special distributable capital reserve 40,000 40,000
Special distributable revenue reserve 38,363 10,061
Capital redemption reserve 664 -
Capital reserve 63,146 30,229
Revenue reserve 2,666 1,486
_______ _______
Total shareholders' funds 146,233 82,839
_______ _______
Net asset value per A share - Basic 25.43p 46.76p
Net asset value per B share - Basic 178.71p 131.37p
Net asset value per B share - Fully
diluted 178.06p 131.37p
F&C PRIVATE EQUITY TRUST PLC
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Seventeen months ended Year ended
31 December 2006 31 July 2005
(Restated)
Opening shareholders' funds (as previously 76,641 66,928
reported)
Adjustment mid to bid (186) -
Dividends accrued added back 6,384 7,575
_______ _______
Adjusted shareholders' funds 82,839 74,503
Return on ordinary activities after taxation 35,450 21,024
Dividends paid (21,813) (12,688)
Issue of C shares 49,757 -
_______ _______
Closing shareholders' funds 146,233 82,839
_______ _______
F&C PRIVATE EQUITY TRUST PLC
CASH FLOW STATEMENT
Seventeen months to Year to
31 December 2006 31 July 2005
(unaudited) (audited and restated)
#000 #000 #000 #000
Operating activities
Net dividends and interest received from 3,919 3,233
investments
Interest received from deposits 819 348
Investment management fee (1,507) (765)
Cash paid to and on behalf of directors (138) (72)
Bank charges (4) (4)
Other cash payments (1,260) (167)
_______ _______
Net cash inflow from operating activities 1,829 2,573
Servicing of finance
Interest paid (124) (68)
_______ _______
Net cash outflow from servicing of finance (124) (68)
Taxation
Corporation tax paid (312) (1,528)
_______ _______
Net cash outflow from taxation (312) (1,528)
Capital expenditure and financial
investment
Payments to acquire investments (135,888) (18,243)
Receipts from disposal of investments 150,304 25,471
Cash transferred from acquisition of 3,558 -
Discovery Trust
_______ _______
Net cash inflow from capital expenditure 17,974 7,228
and financial investment
Equity dividends paid (21,813) (12,688)
_______ _______
Net cash outflow (2,446) (4,483)
_______ _______
Decrease in cash (2,446) (4,483)
_______ _______
Notes
1. The results, which were approved by the Board on 30 March
2007, have been prepared in accordance with applicable accounting standards and
the AIC's Statement of Recommended Practice "Financial Statements of Investment
Trust Companies" issued in December 2005. The changes affecting the Company
relate to the adoption of FRS 21 "Events after the Balance Sheet Date", FRS 25 "
Financial Instruments Disclosure and Presentation" and FRS 26 "Financial
Instruments Measurement". Reconciliations of these changes are set out in note
6.
With the exception of the changes above, this preliminary announcement has been
prepared on the same basis as set out in the annual report for the year ended 31
July 2005.
2. The Board has proposed a final A dividend of nil (2005 -
1.2p) and a final B dividend of 0.4p (2005 - 1.4p) payable on 15 June 2007 to
shareholders on the Register on 25 May 2007.
3. Returns per A share are based on the average number of
shares in issue during the period of 67,084,807.
Returns per B share are based on the following number of shares in issue during
the period:-
Basic 56,929,847
Fully diluted 57,121,844
Basic net asset value per A share is based on 67,084,807 shares in issue at the
end of the period.
Basic net asset value per B share is based on 72,282,273 shares in issue at the
end of the period.
Fully diluted net asset value per B share is based on 73,301,034 shares in issue
at the end of the period.
4. These are not full statutory accounts in terms of Section 240 of the
Companies Act 1985. The full audited accounts for the year to 31 July 2005,
which were unqualified, have been lodged with the Registrar of Companies. The
statutory accounts for the seventeen months to 31 December 2006 will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting which will be held at the offices of F&C Asset Management plc, 80 George
Street, Edinburgh, EH2 3BU on 29 May 2007 at 12 noon.
5. The report and accounts for the year will be sent to shareholders and
will be available for inspection at the Company's registered office, 80 George
Street, Edinburgh EH2 3BU.
6a) Restatement of balances as at and for the year ended 31 July 2005.
There have been a number of changes to financial reporting standards that came
into effect from 1 January 2005. The principal ones affecting the Company are
the requirement to value quoted investments at fair value and only reflect
dividends when paid to shareholders. The effect of these changes in policy is
set out below:
(Audited) Effect of transition to Restated 31 July
Previously revised UK GAAP 2005
reported 31
July 2005
#'000 #'000 #'000
Notes
Investments 1 74,830 (186) 74,644
Net current assets 1,811 6,384 8,195
Net assets 76,641 6,198 82,839
Capital and reserves
Called up share capital 1,063 - 1,063
Special distributable capital reserve 40,000 - 40,000
Special distributable revenue reserve 5,030 - 5,030
Capital reserve 1 30,415 (186) 30,229
Revenue reserve 2 133 6,384 6,517
Shareholders' funds 76,641 6,198 82,839
Notes to the reconciliation
1. Investments are designated as held at fair value under FRS 26 and are
carried at bid prices where quoted. The total fair value of investments was
#74,644,000. Previously they were carried at mid prices. The aggregate
difference, being a revaluation downwards of #186,000, also decreases the
Capital Reserve.
2. No provision has been made for the final dividend on the A and B Shares for
the year ended 31 July 2005 of #6,384,000. Under FRS 21 dividends are not
accounted for until they have been paid. The aggregate amount of #6,384,000
increases the revenue reserve.
6b) Restatement of the Income Statement for the year ended 31 July 2005
(Audited) Effect of As restated
Previously change in
reported policy
#'000 #'000 #'000
Notes
Gains/(losses) on investments
- realised 1 2,991 - 2,991
- unrealised 16,730 (186) 16,544
Currency gains 2 56 - 56
Income
- franked 182 - 182
- unfranked 2,870 - 2,870
Investment management fee (680) - (680)
Other expenses (334) - (334)
Net Return before finance costs and taxation 21,815 (186) 21,629
Finance costs (66) - (66)
Return on ordinary activities before taxation 21,749 (186) 21,563
Taxation (539) - (539)
Return on ordinary activities after taxation 1 21,210 (186) 21,024
Dividends in respect of ordinary shares 2 (11,497) 11,497 -
Transfer to reserves 9,713 11,311 21,024
Notes to the reconciliation
1. The investments at 31 July 2005 are required to be valued at fair value
following the adoption of FRS 26. The value differs from the previous valuation
by #186,000.
2. Under FRS 21 dividends are not accounted for until they are paid and are
shown through the Reconciliation of Movements in Shareholders' Funds rather than
through the Income Statement.
6c) Restatement of balances as at and for the year ended 31 July 2004
(Audited) Effect of Restated 31 July
Previously transition to 2004
reported 31 revised UK GAAP
July 2004
#'000 #'000 #'000
Notes
Investments 1 61,728 (115) 61,613
Net current assets 5,200 7,575 12,775
Net assets 66,928 7,575 74,388
Capital and reserves
Called up ordinary share capital 1,063 - 1,063
Special distributable capital reserve 40,000 - 40,000
Special distributable revenue reserve 14,757 - 14,757
Capital reserve 11,029 (115) 11,029
Revenue reserve 2 79 7,575 7,654
Shareholders' funds 66,928 7,575 74,388
Notes to the reconciliation
1. Investments are designated as held at fair value under FRS 26 and are
carried at bid prices where quoted. The total fair value of investments was
#61,728,000. Previously they were carried at mid prices. The aggregate
difference, being a reduction in the value of #115,000 also decreases the
Capital Reserve.
2. No provision has been made for the final dividend on the A and B Shares
for the year ended 31 July 2004. Under FRS 21 dividends are not accounted for
until they have been paid. The aggregate amount of #7,575,000 increases the
revenue reserve
This information is provided by RNS
The company news service from the London Stock Exchange
END
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