RNS Number:3743E
PSolve Alternatives PCC Ltd
24 September 2007
FOR IMMEDIATE RELEASE
RELEASED BY HSBC SECURITIES SERVICES (GUERNSEY) LIMITED
PSOLVE ALTERNATIVES PCC LIMITED
PRELIMINARY ANNOUNCEMENT
APPROVED BY THE BOARD OF DIRECTORS ON 24 SEPTEMBER 2007
THE BOARD OF DIRECTORS OF PSOLVE ALTERNATIVES PCC LIMITED ANNOUNCE UNAUDITED
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2007.
UNAUDITED BALANCE SHEET
as at 30 June 2007
30 June 2007 31 December 2006
# #
Non Current Assets
Investments held at fair value 25,222,709 24,079,897
Current Assets
Cash and cash equivalents 2,047,816 909,541
Forward foreign currency contracts 6,270 -
Debtors and prepayments 11,186 49,392
2,065,272 958,933
Current Liabilities
Forward foreign currency contracts - (99,250)
Creditors and accrued expenses (304,746) (125,264)
(304,746) (224,514)
Net Current Assets 1,760,526 734,419
Net Assets 26,983,235 24,814,316
Equity
Share capital and share premium 24,108,882 24,108,882
Reserves 2,874,353 705,434
Net Assets Attributable to Equity Shareholders 26,983,235 24,814,316
Net Asset Value Per Ordinary Share* #1.0968 #1.0087
*Based on the net asset value at the period end divided by the number of ordinary shares in issue of
24,600,900.
UNAUDITED INCOME STATEMENT
for the six months ended 30 June 2007
1 January 2007 30 November 2005
to to
30 June 2007 31 December 2006
# #
Income
Net realised loss on disposal of investments held at fair (196,233) (4,291)
value
Movement in unrealised gain/(loss) on investments held at 2,276,296 (1,315,633)
fair value
Net foreign exchange gains 569,620 2,442,626
Interest income 29,539 46,615
2,679,222 1,169,317
Expenditure
Management fees 195,754 271,953
Performance fees 172,182 -
Custodian fees 9,816 13,773
Directors' fees and expenses 48,484 69,069
Administration fees 28,339 38,100
Audit fees 6,376 13,245
Registrar and transfer agent fees 1,092 2,906
Interest and bank charges 5,255 16,907
Legal and professional fees 11,263 -
Listing fees 17,458 16,288
Brokerage fees 10,969 16,292
Miscellaneous expenses 3,315 5,350
510,303 463,883
Profit for the period 2,168,919 705,434
Return per ordinary share #0.0882 #0.0287
The Company has no other gains or losses other than the return for the period.
All items derive from continuing activities.
UNAUDITED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 June 2007
1 January 2007 30 November 2005
to to
30 June 2007 31 December 2006
# #
Opening balance 24,814,316 -
Net proceeds from issue of shares - 24,108,882
Profit for the period 2,168,919 705,434
Closing balance 26,983,235 24,814,316
UNAUDITED CASHFLOW STATEMENT
for the six months ended 30 June 2007
1 January 2007 30 November 2005
to to
30 June 2007 31 December 2006
# #
Net cash outflow from operating activities (263,076) (341,396)
Investing activities
Purchase of investments (3,250,066) (25,869,111)
Sale of investments 4,187,317 469,290
Realised gains from forward foreign currency contracts 689,227 2,826,199
Net cash inflow/(outflow) from investing activities 1,626,478 (22,573,622)
Net cash inflow/(outflow) before financing 1,363,402 (22,915,018)
Financing activities
Issue of shares - 24,600,900
Costs related to issue of shares - (492,018)
Net cash inflow from financing activities - 24,108,882
Net increase in cash and cash equivalents 1,363,402 1,193,864
Exchange movements (225,127) (284,323)
Movement in cash and cash equivalents in the period 1,138,275 909,541
Cash and cash equivalents at beginning of period 909,541 -
Cash and cash equivalents at end of period 2,047,816 909,541
Reconciliation of profit for period to net cash outflow
Net profit before taxation 2,168,919 705,434
(Gains)/losses on investments held at fair value (2,080,063) 1,319,924
Exchange gains (569,620) (2,442,626)
Decrease/(increase) in debtors and accrued income 38,206 (49,392)
Increase in creditors 179,482 125,264
(263,076) (341,396)
Cash flows from operating activities include
Interest received 28,719 44,413
Interest paid (208) (4,327)
CHAIRMAN'S STATEMENT
for the six months ended 30 June 2007
I am pleased to present shareholders with this interim report for the 6 month
period to 30 June 2007. The returns for this period are encouraging having
surpassed the performance of the previous reporting period to 31 December 2006.
The net asset value ("NAV") has increased from 100.87p at 1 January 2007 to
109.68p at 30 June 2007, which represents an increase of +8.73% and the Cell's
share price increased from 91.75p to 102.88p, representing an increase of
+12.13% for the same period. The Cell's share price at 30 June 2007 was at a
discount of 6.20% to NAV.
The Board offered the redemption facility to shareholders for the quarter to 30
June 2007, the third consecutive quarter as the shares continued to trade at a
discount of more than 3% to NAV. Shareholders had previously redeemed 11.96% of
the issued share capital based on the 30 June 2007 NAV calculation and
redemptions for a further 12.31% have been tendered for redemption, based on NAV
for 30 September 2007. The Directors will not be tendering any of their shares
for redemption.
The Board remains very aware that the share price of the ordinary shares
continues to trade at a discount to NAV. A combination of continued positive NAV
performance together with low trading volumes and adverse market conditions has
contributed to the current discount level. The Directors will closely monitor
secondary market activity in conjunction with our corporate advisers and
continue to take an active role in the discount control process.
The discount control measures were renewed by the Resolutions passed at the EGM
back in January allowing the company to buyback shares of 14.99% annually and
enhanced by an amendment to the Articles allowing the company to purchase shares
into treasury.
The ongoing outlook remains positive. The NAV has continued to perform
consistently post the Motherrock write down in July/August 2006 with positive
returns of +15.42% posted for the period 1 October 2006 to 30 June 2007.
The Board continues to review, with the Manager, ways of promoting the company
more effectively to enhance the liquidity. The appointment of Winterflood
Securities Ltd as corporate broker to the fund will considerably assist in
driving this process forward. The intention is to raise the Company's profile,
improve liquidity and broaden the shareholder base. The Board is fully aware of
the need to maintain the Company at an economic size. The Directors continue to
be confident that the Company and Manager can achieve the investment objectives
set out in the prospectus.
Christopher P Spencer
September 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
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