RNS Number : 8833B
PSolve Alternatives PCC Ltd
22 August 2008
FOR IMMEDIATE RELEASE
PSOLVE ALTERNATIVES PCC LIMITED - INTERIM RESULTS
22 AUGUST 2008
APPROVED BY THE BOARD OF DIRECTORS ON 21 AUGUST 2008
THE BOARD OF DIRECTORS OF PSOLVE ALTERNATIVES PCC LIMITED ANNOUNCE UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2008.
UNAUDITED BALANCE SHEET
as at 30 JUNE 2008
30 June 2008
31 December 2007
�
�
Non Current Assets
Investments held at fair value
15,335,880
20,479,472
Current Assets
Cash and cash equivalents
1,760,379
28,614
Debtors and prepayments
837,581
3,470,037
2,597,960
3,498,651
Current Liabilities
Bank overdraft
-
(2,786,097)
Forward foreign currency contracts
(10,402)
(227,385)
Creditors and accrued expenses
(314,573)
(232,341)
(324,975)
(3,245,823)
Net Current Assets
2,272,985
252,828
Net Assets
17,608,865
20,732,300
Equity
Share capital
-
-
Share premium
-
-
Special reserve
16,805,770
17,721,479
Other reserves
803,095
3,010,821
Net Assets Attributable to Equity Shareholders
17,608,865
20,732,300
Net Asset Value Per Ordinary Share*
�0.9791
�1.0995
*Based on the net asset value at the period end divided by the number of ordinary shares in issue of 17,984,057 (2007: 18,855,439).
UNAUDITED INCOME STATEMENT
for the six months ended 30 June 2008
30 June 2008
30 June 2007
�
�
Income
Net realised loss on disposal of investments held at fair value
(674,412)
(196,233)
Movement in unrealised (loss)/gain on investments held at fair value
(1,483,166)
2,276,296
Net foreign exchange gains
214,032
569,620
Interest income
4,403
29,539
(1,939,143)
2,679,222
Expenditure
Management fees
135,419
195,754
Performance fees
-
172,182
Custodian fees
9,000
9,816
Directors' fees and expenses
27,312
48,484
Administration fees
23,230
28,339
Audit fees
9,712
6,376
Brokerage fees
12,206
10,969
Interest and bank charges
24,627
5,255
Legal and professional fees
2,403
11,263
Listing fees
3,621
17,458
Miscellaneous expenses
18,730
3,315
Registrar and transfer agent fees
2,323
1,092
268,583
510,303
(Loss)/profit for the period
(2,207,726)
2,168,919
Return per ordinary share
�(0.1228)
�0.0882
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 2008
30 June 2008
30 June 2007
�
�
Opening balance
20,732,300
24,814,316
Redemption of shares
(915,709)
-
(Loss)/profit for the period
(2,207,726)
2,168,919
Closing balance
17,608,865
26,983,235
UNAUDITED CASHFLOW STATEMENT
for the six months ended 30 June 2008
30 June 2008
30 June 2007
�
�
Net cash outflow from operating activities
(429,803)
(263,076)
Investing activities
Purchase of investments
236,310
(3,250,066)
Sale of investments
5,630,015
4,187,317
Realised gains from forward foreign currency contracts
278,985
689,227
Net cash inflow from investing activities
6,145,310
1,626,478
Net cash inflow before financing
5,715,507
1,363,402
Financing activities
Redemption of shares
(915,709)
-
Net cash outflow from financing activities
(915,709)
-
Net increase in cash and cash equivalents
4,799,798
1,363,402
Exchange movements
(281,936)
(225,127)
Movement in cash and cash equivalents during the period
4,517,862
1,138,275
Cash and cash equivalents at beginning of the period
(2,757,483)
909,541
Cash and cash equivalents at end of the period
1,760,379
2,047,816
Reconciliation of (loss)/profit for period to net cash outflow
Net (loss)/profit before taxation
(2,207,726)
2,168,919
Losses/(gains) on investments held at fair value
2,157,578
(2,080,063)
Exchange gains
(214,032)
(569,620)
(Increase)/decrease in debtors and accrued income
(12,063)
38,206
(Decrease)/increase in creditors
(153,560)
179,482
(429,803)
(263,076)
Cash flows from operating activities include
Interest received
3,161
28,719
Interest paid
(27,401)
(208)
CHAIRMAN'S STATEMENT
for the six months ended 30 June 2008
In the first six months to 30 June 2008 the Cell's Net Asset Value (NAV) per share declined by -11.07%. Performance has been extremely
disappointing given the write down of Focus Capital Investors Fund, which was fully documented in the Company's Financial Statements for the
year ended 31 December 2007.
The NAV declined in the period under review falling from 110.10p at 1 January 2008 to 97.91p at 30 June 2008, which represented a decrease
of -11.07%. Unfortunately the Cell's position in Focus Capital Investors Fund contributed to the negative returns in the first quarter of
the year fully costing the fund 7.62% in February alone. The Cell's share price also fell for the period from 111.00p to 92.25p a decline of
-16.89%. The Cell's share price as at 30 June was at a discount of 5.78% to NAV.
The Board further advises shareholders that all resolutions were duly passed at the Annual General Meeting of the Company held on 31 July
2008.
Outlook
As announced to the market on 31 July 2008, the Directors have now concluded their investigations concerning the Cell's strategic review
and believe that the interest of shareholders would be best served by putting proposals to the shareholders of the Cell to liquidate the
Cell and return cash (less the costs of the liquidation).
The Board further advised shareholders that the nature of the investments in the Cell's portfolio would result in shareholders receiving
more than one payment of their cash entitlement over a period of time. Provided that the resolution to liquidate the Cell is approved by
shareholders, it is expected that the first payment, representing a significant majority of the value of the portfolio, would be made in
October 2008.
Further details of the liquidation proposals will be included in a circular to shareholders expected to be dispatched at the beginning of
September 2008. The circular will comprise a notice of an Extraordinary General Meeting of the Company expected to be held by the end of
September 2008. Shareholders will be asked to approve a resolution to wind up the Cell and to appoint liquidators.
Christopher P Spencer
August 2008
Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/8833B_-2008-8-22.pdf
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR IIFSATFIFFIT
Psolve Alternatives Pcc (LSE:PSV)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Psolve Alternatives Pcc (LSE:PSV)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
