Premier High Inc.Tst - Results to 31/12/99
February 01 2000 - 8:49AM
UK Regulatory
RNS Number:7989E
Premier High Income Trust PLC
1 February 2000
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 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, the second quarter has seen some improvement
with the net asset value per Ordinary share increasing to 78.04p. 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 Second Interim Dividend of 1.80 p net per
Ordinary share against a Prospectus Dividend Forecast of 7.25p net for the
first accounting period to 30 June 2000.
The Directors announce the unaudited statement of results for the period 12
March 1999 to 31 December 1999 as follows:
SUMMARISED STATEMENT OF TOTAL RETURN (incorporating the revenue account*)
to 31 December 1999**
Revenue Capital Total
#'000 #'000 #'000
Losses on investments - (2,097) (2,097)
Exchange gains on capital items - 8 8
Dividends and interest 1,034 1,034
Other income 43 43
Investment management fee (50) (149) (199)
Other expenses (99) - (99)
----- ----- -----
Net return before finance 928 (2,238) (1,310)
costs and taxation
Interest payable and
similar charges (51) (152) (203)
----- ----- -----
Return on ordinary
activities
before taxation 877 (2,390) (1,513)
Taxation on
ordinary activities (98) 21 (77)
----- ----- -----
Return on ordinary
activities after
taxation for the period 779 (2,369) (1,590)
Appropriations in respect of
Zero Dividend Preference shares - (711) (711)
----- ----- -----
Return attributable to 779 (3,080) (2,301)
Ordinary shareholders
Dividend in respect of
Ordinary shares (700) - (700)
----- ----- -----
Transfer to/(from) reserves 79 (3,080) (3,001)
===== ===== =====
pence pence pence
Return per share:
Ordinary Share 4.01 (15.83) (11.82)
Zero Dividend Preference Share - 4.62 4.62
===== ===== =====
* 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
31 December
1999
#'000
Investments 35,841
Net current assets 1,151
------
Total assets less current
liabilities 36,992
Creditors - amounts falling due
after more than one year (5,642)
------
Total net assets 31,350
======
Net asset value per share
at 31 December 1999 values:
Ordinary 78.04p
Zero Dividend Preference 104.46P
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 second interim dividend of 1.80 p net per
Ordinary share, payable on 28 February 2000 1999 to the holders of Ordinary
shares on the Register at 11 February 2000.
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 #779,000 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
#3,080,000 on 19,455,570 Ordinary shares in issue throughout the period.
6. An amount of #301,000 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 #711,000 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 104.46p at 31
December 1999 has been calculated in accordance with the Articles of
Association.
For further information, please contact:
Mike O' Shea,
Premier Fund Managers Limited - 01483 306090
END
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