Interim Results
May 21 2004 - 12:23PM
UK Regulatory
RNS Number:9728Y
Collective Assets Trust PLC
21 May 2004
COLLECTIVE ASSETS TRUST PLC
To: RNS
From: Collective Assets Trust plc
Date: 21 May 2004
Interim Results (unaudited) for the six months to 30 April 2004
The Directors of Collective Assets Trust plc (CAT) are pleased to announce the
Company's interim results (unaudited) for the six months to 30 April 2004.
* Collective Assets Trust plc (CAT) is run to meet the requirements of
private individuals who wish to invest for the long term with the benefit of
professional investment management. At 30 April 2004 it had total assets of
#12.1 million.
* CAT's investment objective is to achieve capital growth. Income is a
secondary consideration. The Company seeks to achieve returns in excess of
its benchmark, the FTSE All-Share Index, principally by investing in other
investment companies at attractive discounts and in investment management
companies.
* The Board assesses CAT's performance over rolling three-year periods. Over
the three years to 30 April 2004 the net asset value per share fell by 8.0
per cent compared to the FTSE All-Share Index's fall of 22.0 per cent, an
outperformance of 18 per cent.
* The Company's net asset value per share increased by 2.3 per cent during
the last six months to 145.08p per share. This represents a 2.8 per cent
underperformance of the Company's benchmark, the FTSE All-Share Index.
* The share price at 30 April 2004 represented a premium of 2.7 per cent to
the net asset value at that date.
* The Company has experienced an increasing demand for its ISA and
Investment Plans. During the period the Company issued 1,502,622 new
Ordinary Shares and bought back for cancellation 35,000 Ordinary Shares,
raising a net amount of #2,185,285.
* On 9 March 2004, the Company announced that it had acquired the entire
issued share capital of Dumbarton Investment Company Limited. The
consideration for the acquisition was by the issue of 670,731 Ordinary
Shares, which are included in 1,502,622 new Ordinary Shares issued during
the period as referred to above. Dumbarton Investment Company Limited is a
private investment company which had estimated net assets of #1 million in
cash at the time of acquisition.
* The Company's unaudited statement of total return, balance sheet and
summarised statement of cash flows follow.
For further information contact:
Ian Rushbrook
Managing Director
Tel: 0131 465 1000
STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS ENDED 30 APRIL 2004 (unaudited)
Six months to
30 April 2004
Revenue Capital Total
Notes #'000 #'000 #'000
Gains on investments - 36 36
Gains on derivative arrangements - 14 14
Exchange differences - 40 40
Income 154 - 154
Management fees (3) (16) (19)
Other expenses (53) - (53)
______ ______ ______
Return attributable to ordinary shareholders 98 74 172
Dividends in respect of ordinary shares - - -
______ ______ ______
Transfer to reserves 98 74 172
______ ______ ______
Return per ordinary share 1 1.33p 1.00p 2.33p
Notes
1. Returns for the six months to 30 April 2004 have been calculated on a
weighted average of 7,386,647 shares in issue (30 April 2003: 6,144,852; 31
October 2003: 6,469,892).
STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS ENDED 30 APRIL 2004 (unaudited)
Six months to
30 April 2003
Revenue Capital Total
Notes #'000 #'000 #'000
Gains on investments - 84 84
Exchange differences - 22 22
Income 105 - 105
Management fees (2) (9) (11)
Other expenses (49) - (49)
______ ______ ______
Return attributable to ordinary shareholders 54 97 151
Dividends in respect of ordinary shares - - -
______ ______ ______
Transfer to reserves 54 97 151
______ ______ ______
Return per ordinary share 1 0.88p 1.58p 2.46p
STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS ENDED 30 APRIL 2004 (unaudited)
Year to
31 October 2003
Revenue Capital Total
Notes #'000 #'000 #'000
Gains on investments - 1,116 1,116
Exchange differences - 84 84
Income 210 - 210
Management fees (4) (23) (27)
Other expenses (103) - (103)
______ ______ ______
Return attributable to equity shareholders 103 1,177 1,280
Dividends in respect of ordinary shares (103) - (103)
______ ______ ______
Transfer to/(from) reserves - 1,177 1,177
______ ______ ______
Return per ordinary share 1 1.59p 18.19p 19.78p
BALANCE SHEET (unaudited) As at As at As at
30 April 30 April 31 October
2004 2003 2003
#'000 #'000 #'000
Investments
Equities 8,447 6,364 7,648
Fixed interest 845 784 885
Other investments 423 408 416
_____ _____ _____
9,715 7,556 8,949
Net current assets 2,368 688 783
______ _____ _____
Net assets 12,083 8,244 9,732
_____ _____ _____
Ordinary shareholders' funds 12,083 8,244 9,732
______ _____ _____
Net Asset Value per ordinary share 145.08p 126.15p 141.85p
______ _______ _______
Shares in issue at 30 April 2004 were 8,328,531, (30 April 2003: 6,535,127
October 2003: 6,860,909)
1. These are not full accounts in terms of Section 240 of the Companies
Act 1985. Full audited accounts for the year to 31 October 2003, which were
unqualified, have been lodged with the Registrar of Companies. No full
accounts in respect of any period after 31 October 2003 have been reported
on by the Company's auditors or delivered to the Registrar of Companies.
2. During the period the Directors allotted 1,502,622 ordinary shares
and bought for cancellation 35,000 ordinary shares raising a net amount of
#2,185,285.
3. The Interim Report will be posted to Shareholders during May 2004.
Copies will be available from the Company's registered office at 80 George
Street, Edinburgh EH2 3BU.
SUMMARISED STATEMENT OF CASH FLOWS (unaudited)
Six months to Six months to Year to
30 April 30 April 31 October
2004 2003 2003
#'000 #'000 #'000
Net cash inflow from operating activities 28 6 81
Capital expenditure and financial investment (730) 137 (210)
Equity dividends paid (103) (88) (88)
Financing 2,491 548 1,010
______ ______ ______
Increase in cash 1,686 603 793
______ ______ ______
This information is provided by RNS
The company news service from the London Stock Exchange
END
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