Guinness Flght Gd IG - Second Interim Results
17 12월 1999 - 12:34AM
UK Regulatory
RNS Number:6684C
Guinness Flight Geared Inc&Gwth Tst
16 December 1999
PRELIMINARY ANNOUNCEMENT OF RESULTS FOR ELEVEN MONTHS TO 30 SEPTEMBER 1999
Chairman's Statement
This second interim report for the Company represents my first opportunity to
write to shareholders following its merger with The City of Oxford Investment
Trust. The merger and successful fund raising which accompanied it has
brought in a number of new shareholders to the Company. I am delighted to
welcome them.
In this report we are covering the Company's accounting period since flotation
to 30 September 1999. Post tax revenues were #2.29m which has allowed a
transfer to reserves of #166,618 after dividend payments to ordinary and
income shareholders. The dividends paid are in line with the assumptions of
the initial prospectus, being 10p per geared ordinary share and 7.17p per
income share.
Since the Company's structure includes a level of debt there are a number of
ways to view the asset performance. We believe under normal circumstances it
is most correct to look at the return on total assets including debt, and in
future we will report returns in this way. However because of the
reorganisation taking place over the balance sheet date of 30 September strict
comparison on this basis during this specific period would be misleading.
If we then turn to the net asset performance of the geared ordinary shares,
this showed a rise of 29.51% to 98.61p from an initial asset value of 76.14p,
after launch expenses. This represents a good start in a period more
memorable for its volatility than for its economic or corporate news. For
much of the time higher yielding companies, the core portion of the equity
portfolio, have had to face a competitive trading environment together with
weak support from institutional investors. The offsetting benefit has been
that at crucial investment periods we have been able to acquire stocks
cheaply. Hence the Company was fully invested when value orientated stocks
rebounded strongly in the first half of 1999. The subsequent setback, while
disappointing in itself, has again allowed the new funds raised on the merger
to be invested at good prices.
The split capital portfolio which makes up 30% of the Company's total assets
is now largely in place. This has been achieved in the main by building
holdings in some of the many undervalued instruments that predominate in the
sector. We have also participated in some of the more attractive new issues
that have led the split capital sector to expand so rapidly in the last year.
The combined portfolio is now 95% invested. Its current positioning is skewed
away from the more speculative areas of the market where ratings have reached
very demanding levels, in favour of certain consumer and manufacturing
sectors. Here lack of buying interest from many institutional investors has
resulted in company valuations being well below their underlying worth.
Continued steady economic growth next year, with possibly less pressure on
interest rates, should enable these companies to return to favour.
Fred Carr
16 December 1999
STATEMENT OF TOTAL RETURN (incorporating the Revenue Account)
for the period 29 October 1998 to 30 September 1999
(Unaudited)
Period Ended
30 September 1999
Revenue Capital Total
# # #
Gains on
investments - 2,448,077 2,448,077
Income 3,260,824 - 3,260,824
Investment management
fee (123,557) (288,299) (411,856)
Other expenses (90,955) - (90,955)
-------- --------- ---------
Net return before
finance costs and
taxation 3,046,312 2,159,778 5,206,090
Interest payable (331,820) (774,246) (1,106,066)
--------- --------- ---------
Return on
ordinary activities
before taxation 2,714,492 1,385,532 4,100,024
Tax on ordinary
activities (425,580) 94,986 (330,594)
-------- --------- ---------
Return on ordinary
activities after
taxation 2,288,912 1,480,518 3,769,430
Dividends and other
appropriations
in respect of non-equity
shares (1,636,426) (1,151,999) (2,788,425)
-------- ------- ---------
Return attributable to
Geared Ordinary
shareholders 652,486 328,519 981,005
Interim dividends paid
to Geared Ordinary
shareholders (605,000) - (605,000)
-------- --------- ---------
Transfer to
Reserves 47,486 328,519 376,005
======== ========= =========
Return per Geared
Ordinary share 10.78p 5.43p 16.21p
Return per
Income share 7.73p - 7.73p
Interim dividends paid
per Geared Ordinary
share 10.00p
Interim dividends paid
per Income share 7.165257p
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
AS AT 30 SEPTEMBER 1999
Proforma
Balance Sheet
at 8.10.99
Listed Investments 100,599,422 119,554,862
Current Assets:
Debtors 40,387,486
Cash at bank 2,009,762
----------
42,397,248
Creditors: amounts
falling due within
one year 19,072,334
----------
Net Current Assets 23,324,914 34,415,643
----------- -----------
123,924,336 153,970,505
Creditors: amounts falling
due after more than one
year - Bank Loan (18,150,000) (47,550,000)
----------- -----------
Net assets 105,774,336 106,420,505
----------- -----------
CAPITAL AND RESERVES
Called up share
capital 5,152,182 5,152,182
Share premium 98,975,018 98,975,018
Redemption reserve 1,151,999 1,191,155
Capital reserve
-realised (428,767) (234,700)
Capital reserve
-unrealised 757,286 1,170,232
Revenue reserve 166,618 166,618
----------- -----------
Total shareholders' 105,774,336 106,420,505
Funds =========== ===========
Net asset value per
Income Share (excluding
income) 100.00p 100.00p
Net asset value per
Zero Dividend
Preference Share 107.62p 107.81p
Net asset value per
Geared Ordinary Share
(excluding income) 98.61p 102.11p
END
IR CCACPQDDDFBD
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