Premier High Inc.Tst - Results to 31/3/2000
May 02 2000 - 10:24AM
UK Regulatory
RNS Number:8751J
Premier High Income Trust PLC
2 May 2000
PREMIER HIGH INCOME TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED INITIAL RESULTS
David Hankinson, Chairman of the Company, today commented:
The quarter ended 31 March 2000 saw a further decline in the net asset value
of the Ordinary shares, reflecting investors' continuing preference for lower
yielding growth stocks rather than the higher yielding equities which form the
major part of the Company's portfolio.
Some comfort can be derived from the relative performance of the equity
portfolio against benchmarks and the recent correction in "new economy" stocks
also gives encouragement.
Revenue flows to the Company have remained strong and the Directors have today
announced a Third Interim Dividend of 1.80p net per Ordinary share, bringing
the the total so far (10 months) to 5.40p net. This compares to a Prospectus
dividend forecast for the first accounting period to 30 June 2000 (13 months)
of 7.25p net.
The Directors announce the unaudited statement of results for the period 12
March 1999 to 31 March 2000 as follows:
SUMMARISED STATEMENT OF TOTAL RETURN (incorporating the revenue account*)
to 31 March 2000**
Revenue Capital Total
#'000 #'000 #'000
Losses on investments - (3,318) (3,318)
Exchange gains on capital items - 4 4
Dividends and interest 1,552 - 1,552
Other income 63 - 63
Investment management fee (70) (211) (281)
Other expenses (138) - (138)
----- ----- -----
Net return before finance
costs and taxation 1,407 (3,525) (2,118)
Interest payable and
similar charges (74) (222) (296)
----- ----- -----
Return on ordinary
activities
before taxation 1,333 (3,747) (2,414)
Taxation on
ordinary activities (93) 93 -
----- ----- -----
Return on ordinary
activities after
taxation for the period 1,240 (3,654) (2,414)
Appropriations in respect of
Zero Dividend Preference shares - (1,035) (1,035)
----- ----- -----
Return attributable to
Ordinary shareholders 1,240 (4,689) (3,449)
Dividend in respect of
Ordinary shares (1,050) - (1,050)
----- ----- -----
Transfer to/(from) reserves 190 (4,689) (4,499)
===== ===== =====
pence pence pence
Return per share:
Ordinary Share 6.37 (24.10) (17.73)
Zero Dividend Preference Share - 6.72 6.72
===== ===== =====
* 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 March 2000
#'000
Investments 34,804
Net current assets 1,015
------
Total assets less current
liabilities 35,819
Creditors - amounts falling due
after more than one year (5,643)
------
Total net assets 30,176
======
Net asset value per share
at 31 March 2000 values:
Ordinary 69.83p
Zero Dividend Preference 106.48p
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 third interim dividend of 1.80 p net per
Ordinary share, payable on 31 May 2000 to the holders of Ordinary shares on
the Register at 12 May 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 #1,240,000 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
#4,689,000 on 19,455,570 Ordinary shares in issue throughout the period.
6. An amount of #433,000 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 Taxes 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 #1,035,000 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 106.48p at 31 March
2000 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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