Premier High Inc.Tst - Results to 30 Sept 1999
November 02 1999 - 11:47AM
UK Regulatory
RNS Number:1459A
Premier High Income Trust PLC
2 November 1999
PREMIER HIGH INCOME TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED INITIAL RESULTS
David Hankinson, Chairman of the Company, today commented:
The Company, which was incorporated on 12 March 1999, commenced investing on 7
June and was fully invested by mid July. In the period to the end of September
equity and bond markets have provided a difficult investment environment
resulting in a fall in the value of the Company's assets and hence the net
asset value per Ordinary share. However, within the context of a longer term
portfolio strategy the Directors are heartened to report that the initial aims
in respect of income have been achieved.
The Directors have today declared a First Interim Dividend of 1.8p net per
Ordinary share against a Prospectus Dividend Forecast of 7.25p net for the
first accounting period.
The Directors announce the unaudited statement of results for the period 12
March 1999 to 30 September 1999 as follows:
SUMMARISED STATEMENT OF TOTAL RETURN (incorporating the revenue account*)
12 March 1999 to 30 September 1999**
Revenue Capital Total
#'000 #'000 #'000
Losses on investments - (3,282) (3,282)
Exchange losses on capital items - (6) (6)
Dividends and interest 629 - 629
Other income 13 - 13
Investment management fee (28) (86) (114)
Other expenses (59) - (59)
----- ----- -----
Net return before finance
costs and taxation 555 (3,374) (2,819)
Interest payable and
similar charges (27) (83) (110)
----- ----- -----
Return on ordinary
activities
before taxation 528 (3,457) (2,929)
Taxation on
ordinary activities (60) 13 (47)
----- ----- -----
Return on ordinary
activities after
taxation for the period 468 (3,444) (2,976)
Appropriations in respect of
Zero Dividend Preference shares - (391) (391)
----- ----- -----
Return attributable to
Ordinary shareholders 468 (3,835) (3,367)
Dividend in respect of
Ordinary shares (350) - (350)
----- ----- -----
Transfer to reserves 118 (3,835) (3,717)
===== ===== =====
pence pence pence
Return per share:
Ordinary Share 2.40 (19.71) (17.31)
Zero Dividend Preference Share - 2.54 2.54
===== ===== =====
* The revenue column of this statement is the revenue account of the Company.
** The Company was incorporated on 12 March 1999 and commenced investing on 7
June 1999.
The accounts have been prepared on the basis of the accounting policies set
out in the Listing Particulars which have been delivered to the Registrar of
Companies.
SUMMARISED BALANCE SHEET
As at
30 September
1999
#'000
Investments 35,445
Net current assets 509
------
Total assets less current
liabilities 35,954
Creditors - amounts falling due
after more than one year (5,640)
------
Total net assets 30,314
======
Net asset value per share
at 30 September 1999 values:
Ordinary 74.10p
Zero Dividend Preference 102.45p
NOTE
1.The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.
2.The Directors have declared a first interim dividend of 1.8p net per
Ordinary share, payable on 30 November 1999 to the holders of Ordinary shares
on the Register at 12 November 1999.
3.The Placing document indicated that on the basis of the then current market
conditions, and bases and assumptions contained in that document, that net
dividends on the Ordinary shares in respect of the first accounting period to
30 June 2000 will not be less than 7.25p. On current projections and in the
absence of unforseen circumstances this forecast will be met.
4.The revenue return per Ordinary share is based on earnings of #468,000 on
19,455,570 Ordinary shares in issue throughout the period.
5. The capital return per Ordinary share is based on net capital losses of
#3,835,000 on 19,455,570 Ordinary shares in issue throughout the period.
6. An amount of #169,000 has been charged to capital in respect of management
fees and interest in accordance with accounting policy.
7. It is the intention of the Directors to conduct the affairs of the Company
so that it satisfies the conditions for approval as an investment trust
company set out in section 842 of the Income and Corporation Tax Act 1988.
8. There are 15,402,326 Zero Dividend Preference shares in issue. The Zero
Dividend Preference shareholders are entitled to receive 159.44p per share on
30 June 2005. In accordance with Financial Reporting Standard No:4, the
accrued compound growth entitlement of #391,000, which takes into account the
allocation of share issue expenses to the Zero Dividend Preference
shareholders, has been charged against the capital reserve.
The net asset value per Zero Dividend Preference share of 102.45p at 30
September 1999 has been calculated in accordance with the Articles of
Association.
For further information, please contact:
Mike O' Shea,
Premier Asset Management Plc - 01483 306090
END
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