RNS Number:3975N
Close UK Index Growth Fund 2006
09 June 2005
CLOSE ASSETS FUNDS LIMITED
PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS
The directors announce the statement of results for the year ended 31 March 2005
as follows:-
ABOUT THE COMPANY
Close Assets Funds Limited is a Guernsey incorporated, closed ended, umbrella
investment company. Its issued share capital comprises two Management Shares
issued for administrative reasons, 50.5 million Zero Dividend Shares of the
Close UK Index Growth Fund 2006 and 24.5 million US Shares of the Close US Index
Growth Fund 2007. The Company has an unlimited life but the Zero Dividend Shares
will be redeemed on 15 November 2006 and the US Shares will be redeemed on 19
March 2007.
INVESTMENT OBJECTIVE AND POLICY
- CLOSE UK INDEX GROWTH FUND 2006
The investment objective of the Close UK Index Growth Fund 2006 is to provide
holders of Zero Dividend Shares with a maximum predetermined capital growth of
8.25% per annum over the period to the redemption date on 15 November 2006 by
investing in a portfolio of debt securities whose performance is based on the
performance of the FTSE 100 Index. The Zero Dividend Shares were issued on 15
November 2001 at a price of 100p, and have a maximum final capital entitlement
on the redemption date on 15 November 2006 of 148.64p provided that the FTSE 100
Index does not fall by 20% or more over the intervening period. If over that
period the FTSE 100 Index were to fall in excess of 20% then for each 1% fall in
excess of that 20% a holder's final entitlement will be reduced by approximately
4.955p. Accordingly, if over that period the FTSE 100 Index were to fall by 50%
or more then a holder would receive no final capital entitlement whatsoever. No
dividends are paid on the Zero Dividend Shares.
The Close UK Index Growth Fund 2006 is fully invested in nine Medium Term Notes
issued by Approved Financial Institutions with a capital repayment at maturity
linked to the performance of the FTSE 100 Index over the anticipated life of
this fund. At the time of writing all these notes carried an investment grade
credit rating.
INVESTMENT OBJECTIVE AND POLICY
- CLOSE US INDEX GROWTH FUND 2007
The investment objective of the Close US Index Growth Fund 2007 is to provide
holders of US Shares with a maximum predetermined capital growth of 8.1% per
annum over the period to the redemption date by investing in a portfolio of debt
securities whose performance is based on the performance of the S&P 500 Index.
The US Shares were issued on 18 March 2002 at a price of 100p, and have a
maximum final capital entitlement of 147.61p on 19 March 2007 provided that the
S&P 500 Index does not fall by 20 per cent or more over the intervening period.
If over that period the S&P 500 Index were to fall in excess of 20% then for
each 1% fall in excess of that 20% a holder's final entitlement will be reduced
by approximately 4.92p. Accordingly, if over that period the S&P 500 Index were
to fall by 50% or more then a holder would receive no final capital entitlement
whatsoever. No dividends are paid on the US Shares.
The US Shares are Sterling denominated and will not incur any currency risk
associated with the Sterling / US Dollar exchange rate. The Close US Index
Growth Fund 2007 is fully invested in six Medium Term Notes issued by Approved
Financial Institutions with a capital repayment at maturity linked to the
performance of the S & P 500 Index over the anticipated life of this fund. At
the time of writing, all these notes carried an investment grade credit rating.
CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2005
- CLOSE UK INDEX GROWTH FUND 2006
At launch, the net proceeds derived from the issue of Zero Dividend Shares of
the Fund were invested in a portfolio of debt securities at a price based on the
level of the FTSE 100 Index at the close of business on 14 November 2001, namely
5240.7. On 31 March 2005 the FTSE 100 Index closed at 4894.4, a fall of 6.6%
since launch and an increase of 11.6% over the reporting period.
Over the same periods, the total market value of the Fund rose by 29.5% and
23.3% respectively. As at the reporting date the Zero Dividend Shares of the
Fund were trading at a 1.7% premium to net asset value.
As the Fund's investment portfolio is based upon the FTSE 100 Index, it is
possible to show the potential capital entitlements available to holders of Zero
Dividend Shares based on the level of the FTSE 100 Index on the Fund's
winding-up date of 15 November 2006. These figures are for illustrative purposes
only and do not represent forecasts or take into account any unforeseen
circumstances.
As at 15 November 2006: Final FTSE
100 Index Level Net Asset Value
2620.4 0p
3149.2 50p
3678.1 100p
4192.6 148.6p
4894.4* 148.6p
* FTSE 100 Index level at the end of the reporting period
Since the financial year end, the FTSE 100 Index has risen approximately 2 per
cent as at 6 June, despite falling significantly during April. Equity indices
world-wide performed poorly in April on concern that the US economy, the world's
largest, may be waning, as highlighted by poor retail sales released that month.
However, the FTSE 100 Index recovered significantly over the next few weeks,
rising above 5000 at the beginning of June, and remaining around this
psychologically important barrier to date.
The Zero Dividend Shares of the Fund have benefited from this rise in the Index,
rising slightly since the financial year end.
CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2005
- CLOSE US INDEX GROWTH FUND 2007
At launch, the net proceeds derived from the issue of US Shares of the Fund were
invested in a portfolio of debt securities at a price based on the level of the
S & P 500 Index at the close of business on 15 March 2002, namely 1166.16. On 31
March 2005 the S & P 500 Index closed at 1180.59, an increase of 1.2% since
launch and 4.8% over the reporting period.
Over the same periods, the total market value of the Fund rose by 29.0% and
21.7% respectively. As at the reporting date the US Shares of the Fund were
trading at a 1.7% premium to net asset value.
As the Fund's investment portfolio is based upon the S&P 500 Index, it is
possible to show the potential capital entitlements available to holders of US
Shares based on the level of the S & P 500 Index on the Fund's winding-up date
of 19 March 2007. These figures are for illustrative purposes only and do not
represent forecasts or take into account any unforeseen circumstances.
As at 19 March 2007: Final S&P 500
Index Level Net Asset Value
583.1 0p
701.6 50p
820.1 100p
932.9 147.6p
1180.59* 147.6p
* S&P 500 Index level at the end of the reporting period
Since the financial year end, the S&P 500 Index has risen approximately 1 per
cent as at 6 June, despite a fall of more than 3% over one week in April.
Concern that economic growth in the US would slow more than forecast, as
highlighted by poor US retail sales figures, triggered a sell-off in mid-April.
Technology stocks also tumbled amidst poor results, exacerbating the Index's
decline. Since mid-April the Index has recovered well from this fall and has
made further gains.
The US Shares of the Fund have not, as yet, benefited from this rise in the
Index, falling very slightly since the financial year end.
Richard de la Rue
Chairman
STATEMENT OF OPERATIONS
for the year ended 31 March 2005
FUND 2006 FUND 2007 TOTAL
GBP GBP GBP
Operating expenses (353,307) (159,075) (512,382)
Net movement in unrealised appreciation
on investments 11,787,684 4,482,275 16,269,959
Net gain for the year 11,434,377 4,323,200 15,757,577
Net gain brought forward 4,636,834 3,242,222 7,879,056
Net gain carried forward 16,071,211 7,565,422 23,636,633
Pence Pence
Earnings per share for the year - Basic
and Diluted 22.64 17.65
In arriving at the results for the financial period, all amounts above relate to
continuing operations.
There are no recognised gains or losses for the period other than those
disclosed above.
STATEMENT OF OPERATIONS
for the year ended 31 March 2004
FUND 2006 FUND 2007 TOTAL
GBP GBP GBP
Operating expenses (354,273) (159,512) (513,785)
Net movement in unrealised
appreciation on investments 17,598,857 8,570,100 26,168,957
Net gain for the year 17,244,584 8,410,588 25,655,172
Net loss brought forward (12,607,750) (5,168,366) (17,776,116)
Net gain carried forward 4,636,834 3,242,222 7,879,056
Pence Pence
Earnings per share for the year -
Basic and Diluted 34.15 34.33
In arriving at the results for the financial period, all amounts above relate to
continuing operations.
There are no recognised gains or losses for the period other than those
disclosed above.
BALANCE SHEET
as at 31 March 2005
MANAGEMENT
FUND 2006 FUND 2007 FUND TOTAL
GBP GBP GBP GBP
NON-CURRENT ASSETS
Financial assets 63,723,742 30,772,500 - 94,496,242
CURRENT ASSETS
Debtors 10,267 6,487 2 16,756
Cash and cash equivalents 959,577 400,959 - 1,360,536
969,844 407,446 2 1,377,292
CURRENT LIABILITIES
Creditors - due within one (394,874) (94,524) - (489,398)
year
NET CURRENT ASSETS 574,970 312,922 2 887,894
NET ASSETS 64,298,712 31,085,422 2 95,384,136
SHAREHOLDERS' FUNDS
Share capital 5,050 2,450 2 7,502
Share premium 48,222,451 23,517,550 - 71,740,001
48,227,501 23,520,000 2 71,747,503
Retained earnings 16,071,211 7,565,422 - 23,636,633
TOTAL SHAREHOLDERS' FUNDS 64,298,712 31,085,422 2 95,384,136
SHARES IN ISSUE 50,500,000 24,500,000 2
Pence Pence Pence
NAV PER SHARE 127.32 126.88 100.00
BALANCE SHEET
as at 31 March 2004
MANAGEMENT
FUND 2006 FUND 2007 FUND TOTAL
GBP GBP GBP GBP
FIXED ASSETS
Financial assets at 51,936,058 26,290,225 - 78,226,283
valuation
CURRENT ASSETS
Debtors 13,072 6,752 2 19,826
Cash at bank 1,205,722 537,897 - 1,743,619
1,218,794 544,649 2 1,763,445
CURRENT LIABILITIES
Creditors - due within one (290,517) (72,652) - (363,169)
year
NET CURRENT ASSETS 928,277 471,997 2 1,400,276
NET ASSETS 52,864,335 26,762,222 2 79,626,559
SHAREHOLDERS' FUNDS
Share capital 5,050 2,450 2 7,502
Share premium 48,222,451 23,517,550 - 71,740,001
48,227,501 23,520,000 2 71,747,503
Retained earnings 4,636,834 3,242,222 - 7,879,056
52,864,335 26,762,222 2 79,626,559
SHARES IN ISSUE 50,500,000 24,500,000 2
Pence Pence Pence
NAV PER SHARE 104.68 109.23 100.00
STATEMENT OF CASH FLOW
for the year ended 31 March 2005
FUND 2006 FUND 2007 TOTAL
GBP GBP GBP
OPERATING ACTIVITIES
Bank interest received 47,799 24,928 72,727
Expenses paid (293,944) (161,866) (455,810)
Net cash outflow from operating (246,145) (136,938) (383,083)
activities
DECREASE IN CASH AND CASH EQUIVALENTS (246,145) (136,938) (383,083)
Opening cash balance 1,205,722 537,897 1,743,619
Closing cash balance 959,577 400,959 1,360,536
CASH MOVEMENT (246,145) (136,938) (383,083)
STATEMENT OF CASH FLOW
for the year ended 31 March 2004
FUND 2006 FUND 2007 TOTAL
GBP GBP GBP
OPERATING ACTIVITIES
Bank interest received 47,800 21,733 69,533
Expenses paid (303,408) (159,838) (463,246)
Net cash outflow from operating (255,608) (138,105) (393,713)
activities
DECREASE IN CASH AND CASH
EQUIVALENTS (255,608) (138,105) (393,713)
Opening cash balance 1,461,330 676,002 2,137,332
Closing cash balance 1,205,722 537,897 1,743,619
CASH MOVEMENT (255,608) (138,105) (393,713)
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2005
MANAGEMENT
FUND 2006 FUND 2007 FUND TOTAL
GBP GBP GBP GBP
Opening balance 52,864,335 26,762,222 2 79,626,559
Net gain for the year 11,434,377 4,323,200 - 15,757,577
Closing balance 64,298,712 31,085,422 2 95,384,136
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2004
MANAGEMENT
FUND 2006 FUND 2007 FUND TOTAL
GBP GBP GBP GBP
Opening balance 35,619,751 18,351,634 2 53,971,387
Gain for the year 17,244,584 8,410,588 - 25,655,172
Closing balance 52,864,335 26,762,222 2 79,626,559
This preliminary announcement and the report and financial statements for the
year ended 31 March 2005 have been prepared on the same basis as set out in the
prior year's audited financial statements.
For further information contact:
John R Le Prevost, for Company Secretary. Tel: Guernsey 01481 722260
For Close Assets Funds Limited
Anson Fund Managers Limited - Company Secretary
9 June 2005
This information is provided by RNS
The company news service from the London Stock Exchange
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