RNS Number:8979S
PSolve Alternatives PCC Ltd
22 April 2008
FOR IMMEDIATE RELEASE
RELEASED BY HSBC SECURITIES SERVICES (GUERNSEY) LIMITED
PSOLVE ALTERNATIVES PCC LIMITED
22 April 2008
PRELIMINARY ANNOUNCEMENT APPROVED BY THE BOARD OF DIRECTORS ON 22 APRIL 2008
THE BOARD OF DIRECTORS OF PSOLVE ALTERNATIVES PCC LIMITED ANNOUNCE AUDITED
RESULTS FOR THE YEAR ENDED 31ST DECEMBER, 2007.
BALANCE SHEET
as at 31 December 2007
2007 2006
� �
Non Current Assets
Investments held at fair value 20,479,472 24,079,897
Current Assets
Cash and cash equivalents 28,614 909,541
Debtors and prepayments 3,470,037 49,392
3,498,651 958,933
Current Liabilities
Bank overdraft (2,786,097) -
Forward foreign currency contracts (227,385) (99,250)
Creditors and accrued expenses (232,341) (125,264)
(3,245,823) (224,514)
Net Current Assets 252,828 734,419
Net Assets 20,732,300 24,814,316
Equity
Share capital and share premium - 24,108,882
Special reserve 17,721,479 -
Other reserves 3,010,821 705,434
Net Assets Attributable to Equity Shareholders 20,732,300 24,814,316
Net Asset Value Per Ordinary Share * �1.0995 �1.0087
*Based on the net asset value at the year end divided by the number of ordinary shares in issue of 18,855,439
(2006: 24,600,900).
INCOME STATEMENT
for the year ended 31 December 2007
30 November 2005 to
2007 31 December 2006
� �
Income
Net realised loss on disposal of investments held at fair value (497,319) (4,291)
Movement in unrealised gain/(loss) on investments held at fair 3,038,405 (1,315,633)
value
Net foreign exchange gains 410,744 2,442,626
Interest income 80,632 46,615
3,032,462 1,169,317
Expenditure
Management fees 373,770 271,953
Performance fees 104,713 -
Custodian fees 19,178 13,773
Directors' fees and expenses 76,596 69,069
Administration fees 65,543 38,100
Audit fees 15,036 13,245
Brokerage fees 10,969 16,292
Interest and bank charges 13,191 16,907
Legal and professional fees 13,111 -
Listing fees 20,968 16,288
Miscellaneous expenses 11,317 5,350
Registrar and transfer fees 2,683 2,906
727,075 463,883
Profit for the year/period 2,305,387 705,434
Return per ordinary share �0.1017 �0.0287
The Company has no other gains or losses other than the return for the year. All items derive from continuing
activities.
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2007
30 November 2005 to
2007 31 December 2006
� �
Opening balance 24,814,316 -
Net proceeds from issue of shares - 24,108,882
Redemption of shares (6,239,958) -
Repurchase of own shares (147,445) -
Profit for the year/period 2,305,387 705,434
Closing Balance 20,732,300 24,814,316
CASHFLOW STATEMENT
for the year ended 31 December 2007
30 November 2005 to
2007 31 December 2006
� �
Net cash outflow from operating activities (491,077) (341,396)
Investing activities
Purchase of investments (4,220,916) (25,869,111)
Sale of investments 6,893,493 469,290
Realised gains from forward foreign currency contracts 718,780 2,826,199
Net cash inflow/(outflow) from investing activities 3,391,357 (22,573,622)
Net cash inflow/(outflow) before financing 2,900,280 (22,915,018)
Financing activities
Issue of shares - 24,600,900
Redemption of shares (6,239,958) -
Repurchase of own shares (147,445) -
Costs related to issue of shares - (492,018)
Net cash (outflow)/inflow from financing activities (6,387,403) 24,108,882
Net (decrease)/increase in cash and cash equivalents (3,487,123) 1,193,864
Exchange movements (179,901) (284,323)
Movement in cash and cash equivalents in the year/period (3,667,024) 909,541
Cash and cash equivalents at beginning of year/period 909,541 -
Cash and cash equivalents at end of year/period (2,757,483) 909,541
Reconciliation of profit for year/period to net cash outflow
from operating activities
Net profit before taxation 2,305,387 705,434
Gains/(losses) on investments held at fair value (2,541,086) 1,319,924
Exchange (gains) (410,744) (2,442,626)
Decrease/(increase) in debtors and accrued income 48,289 (49,392)
Increase in creditors 107,077 125,264
(491,077) (341,396)
Cash flows from operating activities include
Interest received 82,472 44,413
Interest paid (302) (4,327)
CHAIRMAN'S STATEMENT
for the year ended 31 December 2007
I am pleased to present shareholders with the Annual Report & Audited Financial
Statements for the year ended 31 December 2007. The Cell returned +9.15% for the
period. However, performance since 31 January 2008 has been extremely
disappointing given the 7.62% write down of Focus Capital Investors Fund ("Focus
"), details of which are contained in the Manager's Report.
The net asset value (NAV) performed strongly particularly in the first seven
months of the year rising from 100.87p at 1 January 2007 to 112.53p at 31 July
2007, which represented an increase of +11.56%. Unfortunately the Cell's
position in Shooter Multi Strategy Fund contributed to the negative returns in
the last quarter of the year fully costing the fund 2% in October 2007. The
Cell's share price increased for the reporting period from 91.75p to 111p an
increase of +20.98%. The Cell's share price as at 31 December 2007 was at a
premium of 0.82% to NAV.
The Board offered the redemption facility to shareholders for three consecutive
quarters from 31 January 2007 to 30 September 2007 as the shares traded at a
discount of more than 3% to NAV. Shareholders had previously redeemed 26.94% of
the issued share capital and redemptions for a further 1.96% have been tendered
for redemption based on the NAV for 31 March 2008. The Directors further advise
shareholders that they themselves will not be tendering any shares for
redemption.
Earlier in the year, the discount control measures available to the Board were
enhanced by the resolutions passed at the EGM of the Company on 15 January 2007.
The resolutions renewed the Company's authority to buyback shares of up to
14.99% of its ordinary share capital and an amendment to the Articles of
Association allowed the Company to repurchase shares into Treasury.
In November 2007, the Company purchased 135,000 shares for Treasury at a
discount to NAV of 3.2%, representing 0.74% of the issued share capital
(18,119,057 shares) following redemptions based on NAV for 31 March 2008. There
have been no further buybacks since the Company's year end.
Outlook
We are naturally disappointed with the Cell's performance for the first quarter
of 2008. The write down of Focus has seen the portfolio decrease in value by
circa �1.5million since 31 January 2008. The net asset value of the Cell at 29
February 2008 fell to 99.24 pence per share, a decline of 6.4%.
As announced to the market on 19 March, the Board is continuing to explore a
number of strategic options.
The Board expects to report further to shareholders prior to the forthcoming
Annual General Meeting of the Company.
Christopher P Spencer
22 April 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
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