PCX Principle Cap.

 

TIDMPCX 
 
RNS Number : 8255K 
Principle Capital Holdings S.A. 
27 April 2010 
 
                        Principle Capital Holdings S.A. 
              ("Principle Capital", the "Company" or the "Group") 
 
                                 Trading Update 
 
Principle Capital, the asset management and fund and trust administration group, 
today provides a trading update in advance of its results for the year ended 31 
December 2009 which are expected to be issued in June 2010. 
 
Turnover and profit before tax for the year ended 31 December 2009 are expected 
to be below the GBP11.2 million and GBP1.89 million achieved respectively for 
the year ended 31 December 2008, partly as a reduction in performance fees 
payable and partly due to an increase in operating expenses.  The Company will 
be reviewing its net assets including goodwill as part of the normal audit 
process.  During the year the Group's holding in South African Property 
Opportunities plc was sold and Principle Capital Investment Trust plc was taken 
private at the end of 2009.  Accordingly the Group now no longer holds any 
listed investments. 
 
Fee earning assets under management at the year end were approximately $1.17 
billion (allowing for certain cross holdings between the funds) (31 December 
2008: $1.12 billion).  Trading since 31 December 2009 has been satisfactory. 
The management contract with South African Property Opportunities plc ("SAPRO") 
will end in October 2010 and the Group has been taking action to reduce its 
overhead to minimise the impact of the lost revenue from this contract. 
Shareholders will also be aware that the Group's 52% owned subsidiary, Proteus 
Property Partners Limited, has lodged a claim against SAPRO in respect of a 
performance fee due to it of GBP5,101,304.  SAPRO has claimed that this fee is 
not due.  Proteus has commenced proceedings against SAPRO and will pursue this 
claim vigorously. 
 
The Group will comment in more detail on trading when the annual results for the 
year ended 31 December 2009 are announced in June 2010. 
 
 
For information, please contact: 
+-------------------------+--------------------+ 
| Pelham Bell Pottinger   | +44 (0)7812 345    | 
| Olly Scott              | 205                | 
+-------------------------+--------------------+ 
| Principle Capital       | +44 (0)20 7240     | 
| Jonathan Sieff          | 3222               | 
+-------------------------+--------------------+ 
| Singer Capital Markets  | +44 (0)20 3205     | 
| Jeff Keating            | 7500               | 
+-------------------------+--------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTLFFSVSTIRFII 
 

Principle Cap. (LSE:PCX)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024

Principle Cap. (LSE:PCX)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024