Trading Update
April 27 2010 - 2:00AM
UK Regulatory
TIDMPCX
RNS Number : 8255K
Principle Capital Holdings S.A.
27 April 2010
Principle Capital Holdings S.A.
("Principle Capital", the "Company" or the "Group")
Trading Update
Principle Capital, the asset management and fund and trust administration group,
today provides a trading update in advance of its results for the year ended 31
December 2009 which are expected to be issued in June 2010.
Turnover and profit before tax for the year ended 31 December 2009 are expected
to be below the GBP11.2 million and GBP1.89 million achieved respectively for
the year ended 31 December 2008, partly as a reduction in performance fees
payable and partly due to an increase in operating expenses. The Company will
be reviewing its net assets including goodwill as part of the normal audit
process. During the year the Group's holding in South African Property
Opportunities plc was sold and Principle Capital Investment Trust plc was taken
private at the end of 2009. Accordingly the Group now no longer holds any
listed investments.
Fee earning assets under management at the year end were approximately $1.17
billion (allowing for certain cross holdings between the funds) (31 December
2008: $1.12 billion). Trading since 31 December 2009 has been satisfactory.
The management contract with South African Property Opportunities plc ("SAPRO")
will end in October 2010 and the Group has been taking action to reduce its
overhead to minimise the impact of the lost revenue from this contract.
Shareholders will also be aware that the Group's 52% owned subsidiary, Proteus
Property Partners Limited, has lodged a claim against SAPRO in respect of a
performance fee due to it of GBP5,101,304. SAPRO has claimed that this fee is
not due. Proteus has commenced proceedings against SAPRO and will pursue this
claim vigorously.
The Group will comment in more detail on trading when the annual results for the
year ended 31 December 2009 are announced in June 2010.
For information, please contact:
+-------------------------+--------------------+
| Pelham Bell Pottinger | +44 (0)7812 345 |
| Olly Scott | 205 |
+-------------------------+--------------------+
| Principle Capital | +44 (0)20 7240 |
| Jonathan Sieff | 3222 |
+-------------------------+--------------------+
| Singer Capital Markets | +44 (0)20 3205 |
| Jeff Keating | 7500 |
+-------------------------+--------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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