TIDMATY
RNS Number : 9061G
Athelney Trust PLC
26 July 2019
Athelney Trust PLC
Legal Entity Identifier:
213800ON67TJC7F4DL05
ATHELNEY TRUST PLC
THE SIX MONTHSED 30 JUNE 2019
CHAIRMAN'S STATEMENT AND BUSINESS REVIEW
I am pleased to present the unaudited interim results for
Athelney Trust plc (the 'Company' or the 'Trust') to shareholders,
reflecting very good comparative fund performance offset to some
extent by one-off costs that were incurred during the period,
arising from a General Meeting in January and work in response to
shareholder activity leading up to the AGM in April. In this
regard, since April we have returned to normal cost run-rates for
the Company that shareholders will recognise.
The key financial points of this period are:
-- The total return to shareholders, which is the increase in
net asset value (NAV) during the half year plus the dividend paid,
is 9.8 per cent.
-- Unaudited Net Asset Value (NAV) is 239p per share (31
December 2018: 225.9p, 30 June 2018: 264.2p), an increase of 5.8
per cent for the half year and a decrease of 9.5 per cent over the
past year.
-- Gross Revenue decreased by 15.9 per cent to GBP119,303
compared with the half year ended 30 June 2018 of GBP141,907 (full
year to 31 December 2018 GBP251,990).
-- Revenue return per ordinary share was 4.7p (31 December 2018: 9.9p, 30 June 2018: 5.8p).
-- A final dividend of 9.1p was paid in April 2019 (2018: final dividend 8.9p).
Board and Governance
I am delighted to report we have successfully negotiated an
agreement between Global Masters Fund Limited (GMF) and Robin Boyle
that reflects terms originally agreed by them in March 2010. This
was signed in July and 110,001 Boyle shares were sold at NAV, 239p
and we now expect the remaining shares controlled by Robin Boyle to
be sold over the next 12 months, as required by the agreement
between the two parties. GMF now holds 545,005 shares representing
25.26% of the issued share capital in the Company and Robin Boyle
now controls 339,054 shares representing 15.71% of the issued share
capital in Athelney Trust plc.
Robin Boyle is the founder of Athelney Trust plc and this sale
cements the long-standing agreement between the two major
shareholders; it also reflects Robin's stated intention at the AGM
to retire from an active role in the company. We wish him well in
his next chapter and applaud his record of 15 years progressive
dividend growth.
As this marks the successful end to our facilitated negotiation
between the parties, the Board have agreed that Frank Ashton is
Non-Executive Chairman at a base Non-Executive Director salary and
Dr Pohl, who is already Fund Manager has moved, in addition, to
Managing Director from Non-Executive Director and continues to
waive his director's salary.
I am very pleased to report the honour and recognition Dr Pohl
has received in being appointed a Member (AM) of the Order of
Australia (General Division), announced on 10 June 2019 in the
Queen's Birthday Honours List. Dr Pohl received the honour for his
service to the Australian finance sector and to the community.
I would also like to pay tribute to John Girdlestone who retired
as Company Secretary at the end of May after many years'
association with Robin Boyle and the Company. His efforts and
wisdom have been much appreciated by me and all current and past
directors. Debbie Warburton continues as Company Secretary.
As a result of the GM in January and the AGM in April there have
been a number of Director changes;
Dr Manny Pohl AM and Simon Moore were voted off the Board at the
GM and voted back on the Board at the AGM.
David Lawman and Paul Coffin were appointed by shareholders at
the GM, Paul Coffin resigned shortly afterwards and was replaced by
Frank Ashton. Jemma Jackson was voted off the Board at the GM, with
Helen Sachdev being appointed on the 11(th) February and voted off
the Board at the AGM. Both Jemma and Helen made enormous
contributions to the company in the short time they were on the
Board to which the Directors would like to express their
gratitude.
There has been no change to the board since the AGM and the
Directors in place at the time of signing these accounts are:
Frank Ashton - Chairman (Non-Executive)
Dr Manny Pohl AM - Managing Director and Fund Manager
Simon Moore - Non-Executive Director
David Lawman - Non-Executive Director
Performance
Dr Pohl has managed the portfolio since Robin Boyle's
resignation in September 2018 and the recent agreement with Robin
Boyle, provides certainty and security over the Trust's future and
its approach to portfolio management. Our fund has performed better
for movement in NAV than all three comparator indices - FTSE
SmallCap, FTSE AIM All-Share and FTSE Fledgling - for the months of
May (+0.04%) and June (+1.12%) which we believe reflects better
performance arising from the consolidation applied in earlier
months (see Fund Manager's Report for more detail).
Over the interim period the NAV improved by 5.80% (FTSE SmallCap
Index 8.34%, FTSE AIM All-Share Index 7.16% and FTSE Fledgling
Index minus 4.52%), which is commendable performance given the
adjustments that were made to reflect the new strategy and actions
taken after portfolio review by Dr Pohl. Those holdings exited in
full (or taken over) since September 2018 represent an average
uplift over purchase cost of 8.8%.
The share price is currently trading at a 3.9% discount and
although there has been a good deal of volatility in the first
quarter of the year associated with market volatility, we believe
we are now sailing in much calmer waters.
Gross revenue is reduced 15.9% compared to the same period 2018
and minus 7% compared to 2017. Some companies have moved the date
of their dividend payments; however, we are watching the expected
outcome for the full year carefully. Much can still happen both
positive and negative, in the remaining months of the year.
The Company has Retained Earnings of GBP352,000, equivalent to
more than twice cover of the last annual dividend. It is an
advantage for the investment trust shareholder to benefit from such
earnings or reserves.
We incurred an unusual amount of one-off costs in the period up
to the AGM relating to extra advisors' fees and company secretary
activity and we are very confident that the cost run-rate has
returned to more normal levels for a Trust of this size, with much
reduced chance of unexpected one-off costs being incurred.
Market Commentary
Global markets rebounded strongly during the past six months
after what was an aggressive fall in the fourth quarter of 2018.
The strength in US markets was initially driven by the Federal
Reserve's more dovish stance on interest rates, but this was
quickly followed by more neutral rhetoric related to trade tensions
with China.
The outlook for US interest rate hikes softened further in
March, and while there was some uncertainty related to both bond
markets and future economic conditions, equity markets responded
positively.
However, there was a rapid decline in May with markets selling
off as much as 6-7% on the back President Trump's renewed trade
talks with China. True to form, President Trump helped to resolve
the issues he had created, and markets then performed strongly,
reaching new record highs. The S&P 500 index was up by 17%
while the technology-heavy Nasdaq Composite index was up by 21%
over the past six months.
European markets also posted incrementally stronger returns over
the half; however short-to-medium term growth concerns are starting
to dominate market sentiment. Sterling has held up reasonably well
over the period, dropping just 2.6% to 23 July.
It is pleasing to note that UK equity markets fared particularly
well with the FTSE increasing by 10% over the six months, and UK
funds topped the sales charts in May, being the first time in two
years they had seen net influx.
Results
Gross revenue decreased to GBP119,303 compared to the same
period last year of GBP141,907.
Portfolio Review
Holdings of Close Bros, Gamma Communications, JD Sport,
Liontrust, LXI REIT and the National Grid were purchased for the
first time. Additional holdings of AEW UK REIT, Custodian REIT,
Hill & Smith, Lok n Store, Londonmetric, Murgitroyd, Randall
& Quillter, Regional REIT, Rightmove and Tritax Bigbox were
also acquired. Air Partner, Braemar Shipping, Capital &
Regional, Charles Taylor, Crest Nicholson, Epwin, F&C UK,
Fisher (James), Gattaca, Goodwin, Hansard Global, Harworth Group,
Hostelworld, Ibstock, KCOM, Kin & Carta, McColls, Ocean
Wilsons, Palace Finance, Park Group, PRS REIT, Quarto, Reach, Real
Estate Investors, River & Mercantile, Schroder European,
Schroder REIT, Town Centre Securities, TP ICAP, Wynnstay and XL
Media were sold. In addition, 1 shareholding was top-sliced to
provide capital for new purchases.
Corporate Activity
The holding of Dairy Crest was taken over at a capital profit of
31.8%.
Dividend
As is the Board's practice, consideration of a dividend will be
left until the final results are known.
Interim management report
The important events that have occurred during the period under
review and the key factors influencing the financial statements are
set out in the Chairman's Report. The Board considers that the
principal risks and uncertainties facing the Company remain the
same as those disclosed in the Annual Report for the year ended 31
December 2018 and are listed below.
Risks
The Company's assets consist mainly of listed securities and its
principal risks are therefore market-related. The Company is also
exposed to currency risk in respect of a small number of
investments held in overseas markets.
The major risks associated with the Company are listed below.
The Company has established a framework for managing these risks.
The directors have guidelines for the management of investments and
financial instruments.
-- Market risk arises from changes in interest rates, valuations
awarded to equities, movements in prices and the liquidity of
financial instruments.
-- Investment and strategic risk - incorrect investment
strategy, asset allocation, stock selection and the use of gearing
could all lead to poor returns for shareholders.
-- Regulatoryrisk - relevant legislation and regulations which
apply to the Company include the Companies Act 2006, the
Corporation
Tax Act 2010 ("CTA") and the Listing Rules of the Financial
Conduct Authority ("FCA"). The Company has noted the
recommendations of the UK Corporate Governance Code and its
statement of compliance appears on pages 20 to 29. A breach of the
CTA could result in the Company losing its status as an investment
company and becoming subject to capital gains tax, whilst a breach
of the Listing Rules might result in censure by the FCA. At each
Board meeting the status of the Company is considered and
discussed, so as to ensure that all regulations are being adhered
to by the Company and its service providers.
-- Operational risk- failure of the accounting systems or
disruption to its business, or that of other third-party service
providers, could lead to an inability to provide accurate reporting
and monitoring, leading to a loss of shareholders' confidence.
-- Financial - inadequate controls by the Fund Manager or other
third-party service providers could lead to misappropriation of
assets. Inappropriate accounting policies or failure to comply with
accounting standards could lead to misreporting or breaches of
regulations.
-- Liquidity Risk is the risk that the Company may have
difficulty in meeting obligations associated with financial
liabilities. The Company has no borrowings; therefore, there is no
exposure to interest rate changes. The Company is able to
reposition its investment portfolio when required so as to
accommodate liquidity needs.
Outlook
Boris Johnson was elected leader of the Conservative party on 23
July and is now the new Prime Minister. As a result, the likelihood
of a no-deal Brexit has increased, or so commentators believe.
Whether his stance softens as he moves in to Number 10, or whether
there is time to get any possible deal through Parliament in time
for his exit deadline of 31 October, only time will tell. Currency
and market volatility will no doubt follow each twist and turn.
Globally there are indications there is a loosening of monetary
policy; the Federal Reserve is perhaps setting up for quarter point
cut in interest rates next week (the first cut in nearly 10 years)
and US GDP figures will play into this. They are announced on
Friday and give us a good sense on how much the trade spat with
China has hit US output. In addition, the European Central Bank are
expected to announce a further rate reduction to -0.5% from -0.4%
on Thursday, and Russia is expected to drop rates by 25 basis
points on Friday.
This is against a backdrop of China's published growth rate
being the slowest for nearly 30 years and increasing tensions in
the Straits of Hormuz that already translate into higher oil
prices.
We are in this for the long haul and know that the large number
of undervalued stocks in the UK Smaller Companies sector represent
an opportunity for the long-term investor if supported by good
investment strategy and process. We look forward to continuing to
provide long term shareholder value for our current and future
investors.
Frank Ashton
FUND MANAGERS REPORT
We are pursuing a sector-by-sector review of the portfolio
inherited in September 2018. The consolidation of the exposure to
the Property sector has been completed; we have reduced exposure in
this sector to twelve companies while maintaining the same overall
weight, thereby providing the Company with a first-class exposure
to the sector and also ensuring we continue to have a few
high-yielding investments.
We have now turned our attention to the other sectors in the
portfolio where the focus will be to retain and consolidate our
holdings into those quality companies in the portfolio which are
unlikely to be disintermediated by technological change and able to
maintain or increase their dividend over the next five years.
As detailed elsewhere in this report, the number of stocks in
the portfolio has been reduced from approximately 80 to 54
resulting in a more concentrated and focused portfolio. As a
result, the Company realised capital profits before expenses
arising from the sale of investments in the sum of GBP72,881 (30
June 2018: loss of GBP60,940).
We will continue along this path, mindful that our investment
turnover should remain low while aiming to have no more than fifty
companies in the portfolio. Holdings in companies where there has
been a change to the industry structure, the business model, the
senior management team or the product/service offering will be sold
while companies which have an acceptable level of predictable
growth in the business's medium-term economic performance will be
added to the portfolio.
Investment discipline is a prerequisite for long-term success,
and we will ensure a consistent approach to investments during this
uncertain time. Notwithstanding the fact that the 2018 Annual
Report contained extensive information on our investment philosophy
and my approach to investing, I have decided to summarise this for
the benefit of the new shareholders and to ensure that we have a
succinct synopsis to which all shareholders can refer.
As far as portfolio investments are concerned, our investment
philosophy is clear:
I. The economics of a business drives long-term investment returns; and
II. Investing in high quality, growth businesses' that have the
ability to generate predictable, above-average economic returns
will produce superior investment performance over the
long-term.
In essence, this means that in assessing potential investments
we:
a) Value long-term potential, not just performance
b) Choose high-quality, growing businesses; and
c) Ignore temporary market turbulence.
The key attributes that will define our investments are:
(1) Organic Sales Growth: Quality franchises organically growing
sales above GDP growth that can do so (sustainably) because they
have a large, growing market opportunity and compelling competitive
advantage which will drive ongoing market share gains are
attractive.
(2) A Proven Track Record: This encompasses both the
management's capability and the strength of the business' model.
Generally, a firm that consistently delivers a Return on Equity of
greater than 15% indicates a Quality Franchise for us. Our
investment philosophy is built on the belief that a stock's
long-term return to shareholders is driven by the return on capital
of the underlying business.
(3) Company's future profits: In essence we are backing a proven
management team and a successful business model. Management are the
key decision makers regarding the company's strategy and its
competitive position in the marketplace and it is critical that we
have confidence in the company's ability to execute its strategy
and grow their earnings, even in a tough environment like the
current Brexit conundrum.
(4) Low Leverage: We require investments to operate with low
levels of debt, which ensure that they have sufficient resources to
execute on their strategy. An Interest Coverage above 4x provides
sufficient bandwidth in times of economic trouble. As a long-term
investor, capital preservation is the highest priority. There is
nothing that changes a management team's focus toward the short
term quicker than impending debt refinancing when market conditions
suddenly change for the worse. We need to be comfortable that this
will not happen and that the company has a strong enough balance
sheet so that it will retain optionality and can quickly and
efficiently execute its strategy over the long-term.
We are excited by the quality of the companies that meet the
above criteria and will continue to follow our stated investment
strategy and focus on delivering value for all shareholders through
time.
Dr Manny Pohl AM
HALF YEARLY INCOME STATEMENT
(INCORPORATING THE REVENUE ACCOUNT)
Audited
Year ended
Unaudited Unaudited 31 December
6 months ended 30 June 6 months ended 30 June
2019 2018 2018
Revenue Capital Total Revenue Capital Total Total
GBP GBP GBP GBP GBP GBP GBP
Profit/(Loss)
on investments
held at fair
value - 71,882 71,882 - (60,942) (60,942) (1,135,313)
Income from
investments 119,303 - 119,303 141,907 - 141,907 251,990
Investment
Management
expenses (1,780) (16,085) (17,865) (3,135) (30,076) (33,211) (56,480)
Other expenses (16,769) (127,218) (143,987) (13,863) (36,753) (50,616) (140,017)
Net return
on ordinary
activities
before
taxation 100,754 (71,421) 29,333 124,909 (127,771) (2,862) (1,079,820)
Taxation - - - - - - -
Net return
on ordinary
activities
after taxation 100,754 (71,421) 29,333 124,909 (127,771) (2,862) (1,079,820)
Dividends Paid:
Dividend (196,367) - (196,367) (192,051) - (192,051) (192,051)
Transferred
to reserves (95,613) (71,421) (167,034) (67,142) (127,771) (194,913) (887,769)
============ ========== =========== ============ ========== =========== ============
Return per
ordinary share 4.7p (3.3)p 1.4p 5.8p (5.9)p (0.1)p
The total column of this statement is the profit and loss
account of the Company prepared in accordance with Financial
Reporting Standards ("FRS"). The supplementary revenue return and
capital return columns are prepared in accordance with the
Statement of Recommended Practice issued in November 2014 and
updated in February 2018 with consequential amendments by the
Association of Investment Companies ("AIC SORP").
All revenue and capital items in the above statement derive from
continuing operations.
A separate Statement of Other Comprehensive Income has not been
prepared as all such gains and losses are included in the Income
Statement. The revenue column of the Income Statement includes all
income and expenses. The capital column accounts for the realised
profit or loss on investments and the management fees and other
costs charged to capital.
HALF-YEARLY STATEMENT OF CHANGES IN EQUITY
For the Six Months Ended 30 June 2019 (Unaudited)
Called-up Capital Capital Total
Share Share reserve reserve Retained Shareholders'
Capital Premium realised unrealised Earnings Funds
GBP GBP GBP GBP GBP GBP
Balance at 1 January
2019 539,470 881,087 1,855,088 1,157,686 440,322 4,873,653
Net gain on realisation
of investments - - 71,882 - - 71,882
Increase in unrealised
Appreciation - - - 449,760 - 449,760
Expenses allocated
to
Capital - - (143,303) - - (143,303)
Profit for the
period - - - - 100,754 100,754
Dividend paid in
year - - - - (196,367) (196,367)
Shareholders' Funds
at 30 June 2019 539,470 881,087 1,783,667 1,607,446 344,709 5,156,379
========== ======== ========== =========== ========== ==============
For the Six Months Ended 30 June 2018 (Unaudited)
Called-up Capital Capital Total
Share Share reserve Reserve Retained Shareholders'
Capital Premium realised Unrealised earnings Funds
GBP GBP GBP GBP GBP GBP
Balance at 1 January
2018 539,470 881,087 1,913,853 2,391,839 419,275 6,145,524
Net loss on realisation
of investments - - (60,942) - - (60,942)
Decrease in unrealised
Appreciation - - - (251,415) - (251,415)
Expenses allocated
to
Capital - - (66,829) - - (66,829)
Profit for the
year - - - - 124,909 124,909
Dividend paid in
year - - - - (192,051) (192,051)
Shareholders' Funds
at 30 June 2018 539,470 881,087 1,786,082 2,140,424 352,133 5,699,196
========== ======== ========== =========== ========== ==============
For the Year Ended 31 December 2018 (Audited)
Called-up Capital Capital Total
Share Share reserve Reserve Retained Shareholders'
Capital Premium realised Unrealised earnings Funds
GBP GBP GBP GBP GBP GBP
Balance at 1 January
2018 539,470 881,087 1,913,853 2,391,839 419,275 6,145,524
Net gains on realisation
of investments - - 98,840 - - 98,840
Decrease in unrealised
appreciation - - - (1,234,153) - (1,234,153)
Expenses allocated
to
Capital - - (157,605) - - (157,605)
Profit for the
year - - - - 213,098 213,098
Dividend paid in
year - - - - (192,051) (192,051)
Shareholders' Funds
at 31 December
2018 539,470 881,087 1,855,088 1,157,686 440,322 4,873,653
========== ======== ========== ============ ========== ==============
HALF YEARLY STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE
2019
Audited
Unaudited Unaudited 31 December
30 June 30 June
2019 2018 2018
GBP GBP GBP
Fixed assets
Investments held at
fair value through
profit and loss 5,033,637 5,612,641 4,648,238
---------- ---------- ------------
Current assets
Trade receivables 103,460 79,213 213,435
Cash at bank and in
hand 35,227 20,589 35,520
138,687 99,802 248,955
Creditors: amounts falling
due within one year (15,945) (13,247) (23,540)
---------- ---------- ------------
Net current assets 122,742 86,555 225,415
---------- ---------- ------------
Total assets less current
liabilities 5,156,379 5,699,196 4,873,653
Provisions for liabilities
and charges - - -
Net assets 5,156,379 5,699,196 4,873,653
========== ========== ============
Capital and reserves
Called up share capital 539,470 539,470 539,470
Share premium account 881,087 881,087 881,087
Other reserves (non
distributable)
Capital reserve - realised 1,783,667 1,786,082 1,855,088
Capital reserve - unrealised 1,607,446 2,140,424 1,157,686
Retained earnings 344,709 352,133 440,322
Shareholders' funds
- all equity 5,156,379 5,699,196 4,873,653
========== ========== ============
Net Asset Value per
share 239p 264.2p 225.9p
Number of shares in
issue 2,157,881 2,157,881 2,157,881
HALF YEARLY STATEMENT OF CASHFLOWS FOR THE SIX MONTHSING
30 JUNE 2019
Notes Unaudited Unaudited Audited
6 months 6 months
ended ended Year ended
30 June 31 December
30 June 2019 2018 2018
GBP GBP GBP
Cash flows from operating
activities
Net revenue return 100,754 124,909 213,098
Adjustments for:
Expenses charged to
capital (143,303) (66,829) (157,605)
(Decrease)/Increase
in creditors (7,595) (12,391) 299
Decrease/(Increase)
in debtors 109,975 77,585 (56,638)
Cash from operations 59,831 123,274 (846)
------------- ---------- ------------
Cash flows from investing
activities
Purchase of investments (1,475,968) (170,633) (581,051)
Proceeds from sales
of investments 1,612,211 212,341 764,179
Net cash used in investing
activities 136,243 41,681 183,128
------------- ---------- ------------
Equity dividends paid (196,367) (189,655) (192,051)
Net Decrease (293) (24,700) (9,769)
Cash at the beginning
of the period 35,520 45,289 45,289
Cash at the end of the
period 35,227 20,589 35,520
============= ========== ============
NOTES TO THE HALF YEARLY FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2019
1. Accounting Policies
a) Statement of Compliance
The Company's Financial Statements for the period ended 30 June
2019 have been prepared under UK Generally Accepted Accounting
Practice (UK GAAP) and the 2014 Statement of Recommended Practice,
'Financial Statements of Investment Trust Companies and Venture
Capital Trusts' issued in November 2014 and updated in February
2018 with consequential amendments ('the SORP') issued by the
Association of Investment Companies.
The financial statements have been prepared in accordance with
the accounting policies set out in the statutory accounts for the
year ended 31 December 2018.
b) Financial information
The financial information contained in this report does not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. The financial information for the period ended
30 June 2019 and 30 June 2018 have not been audited or reviewed by
the Company's Auditor pursuant to the Auditing Practices Board
guidance on such reviews. The information for the year to 31
December 2018 has been extracted from the latest published Annual
Report and Financial Statements, which have been lodged with the
Registrar of Companies, contained an unqualified auditor's report
and did not contain a statement required under Section 498(2) or
(3) of the Companies Act 2006.
c) Going concern
The Company's assets consist mainly of equity shares in
companies which, in most circumstances, are realisable within a
short timescale. The Directors believe that the Company has
adequate resources to continue in operational existence for the
foreseeable future. Accordingly, they continue to adopt the going
concern basis in preparing the accounts.
2. To the best of our knowledge and belief there are no related
party transactions within the meaning required by the Disclosure
and Transparency Rules 4.2.8R (disclosure of related party
transactions and changes therein).
3. Taxation
The tax charge for the six months to 30 June 2019 is nil (year
to 31 December 2018: nil; six months to 30 June 2018: nil).
The Company has an effective tax rate of 0% for the year ending
31 December 2019. The estimated effective tax rate is 0% as
investment gains are exempt from tax owing to the Company's status
as an Investment Trust and there is expected to be an excess of
management expenses over taxable income.
4. The calculation of earnings per share for the six months
ended 30 June 2019 is based on the attributable return on ordinary
activities after taxation and on the weighted average number of
shares in issue during the period.
6 months ended 30 June 6 months ended 30 June
2019 (Unaudited) 2018 (Unaudited)
Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP
Attributable
return
on
ordinary
activities
after taxation 100,754 (71,421) 29,333 124,909 (127,771) (2,862)
Weighted average
number of shares 2,157,881 2,157,881
Return per
ordinary
share 4.7p (3.3)p 1.4p 5.8p (5.9)p (0.1)p
12 months ended 31 December
2018 (Audited)
Revenue Capital Total
GBP GBP GBP
Attributable
return
on
ordinary
activities
after taxation 213,098 (1,292,918) (1,079,820)
Weighted average
number of shares 2,157,881
Return per
ordinary
share 9.9p (59.9)p (50.0)p
5. Return per ordinary share is calculated by dividing the
attributable return on ordinary activities after taxation, by the
weighted average number of shares in issue at 30 June 2019 of
2,157,881 (30 June 2018: 2,157,881 and 31 December 2018:
2,157,881).
6. Net Assets Value per Share is calculated by dividing the net
assets by the weighted average number of shares in issue at 30 June
2019 of 2,157,881 (30 June 2018: 2,157,881 and 31 December 2018:
2,157,881).
7. Financial Instruments
Fair value hierarchy
The fair value hierarchy consists of the following three
classifications:
Classification A - Quoted prices in active markets for identical
assets or liabilities.
Quoted in an active market in this context means quoted prices
are readily and regularly available and those prices represent
actual and regularly occurring market transactions on an arm's
length basis.
Classification B - The price of a recent transaction for an
identical asset, where quoted prices are unavailable.
The price of a recent transaction for an identical asset
provides evidence of fair value as long as there has not been a
significant change in economic circumstances or a significant lapse
of time since the transaction took place. If it can be demonstrated
that the last transaction price is not a good estimate of fair
value (e.g. because it reflects the amount that an entity would
receive or pay in a forced transaction, involuntary liquidation or
distress sale), that price is adjusted.
Classification C - Inputs for the asset or liability that are
based on observable market data and unobservable market data, to
estimate what the transaction price would have been on the
measurement data in an arm's length exchange motivated by normal
business considerations.
The Company only holds classification A investments (2018:
classification A investments only).
8. Copies of the Half Yearly Financial Statements for the six
months ended 30 June 2019 will be available on the Company's
website www.athelneytrust.co.uk as soon as practicable.
For further information:
Debbie Warburton
Company Secretary
01326 378 288
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July 26, 2019 08:41 ET (12:41 GMT)
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