Statistics at 16 January 2004

 

The unaudited Net Asset Values of New Fulcrum's two classes of share are as
follows:

 

                                        NAV in pence per       Share of net
                                                   share             assets
                                                                           
                                                                           
                                                                           
Participating Zero Preference Shares                                       
                                                                           
                                                                           
                                                                           
Accrued Entitlement                               144.80        �30,559,826
                                                                           
                                                                           
                                                                           
(There are 21,104,852 PZPs in                                              
issue.)                                                                    
                                                                           
                                                                           
                                                                           
Ordinary shares excluding revenue                  11.85         �2,733,304
reserves*                                                                  
                                                                           
                                                                           
                                                                           

 

The total of the revenue reserves brought forward at 30 April 2003 and the
unaudited net revenue after expenses and dividend paid in the 8 months ended 31
December 2003 amounted to �2,527,000.

 

Gearing                                                                    
                                                                           
                                                                           
                                                                           
Bank loan at 7.01 per cent fixed to 31/3/2005               �11,550,000    
                                                                           
Participating Zero Preference shares at 162p per share*     �34,189,860    
                                                                           
                                                            �45,739,860    
                                                                           
                                                                           
                                                                           
Total Assets at market value at 16 January 2004             �47,343,595    
                                                                           

 

 

* The accumulated revenue reserves of the Company, to the extent not previously
distributed, will form part of the assets available to the PZP shareholders in
the Company's subsidiary, New Fulcrum Securities plc, in the event that the
other assets of the Group are insufficient to meet their final capital
entitlement on 30 April 2005 (or their then current entitlement upon an earlier
winding-up of the Company).  The Directors will continue to monitor the
position of the Company with regard to the future payment of dividends on a
regular basis. The Participating Zero Dividend Preference shares are due to be
repaid at 162p per share, together with any participation entitlement, on 30
April 2005.

 



END