RNS Number : 9513Z
Premier Renewable Energy Fund Ltd
25 July 2008
Premier Renewable Energy Fund Limited (the "Company")
Half Yearly Financial Report
For period 26 October 2007 to 31 May 2008
INVESTMENT OBJECTIVE AND POLICY
The objective of Premier Renewable Energy Fund Limited (the "Company") is to provide shareholders with an attractive overall return to
be achieved primarily through long term capital growth.
The Company's investment policy is to invest principally in companies that generate power from renewable energy sources, or that will be
beneficiaries of the anticipated growth in this sector.
CAPITAL STRUCTURE
Summary
The Company is a split-capital closed-ended investment company, which was incorporated in Guernsey on 26 October 2007. The Company was
launched in connection with a scheme of reconstruction and voluntary winding up of European Utilities Trust plc. The Company's capital
consists of Ordinary shares and Zero Coupon Preference ("ZCP") shares, both of which are traded on the London Stock Exchange and were
admitted to listing on 4 February 2008.
Ordinary shares
Holders of Ordinary shares are entitled to all the net income of the Company to be distributed. On a winding up, after satisfying all
liabilities of the Company, including the payment of the accrued capital entitlement due to the holders of ZCP shares (if any are in issue),
the holders of Ordinary shares will be entitled to all of the remaining assets of the Company. Holders of Ordinary shares are entitled to
attend and vote at all general meetings of the Company.
ZCP shares
ZCP shares carry no entitlement to income distributions to be made by the Company. The ZCP shares will not pay dividends but will have
a final capital entitlement at the end of their life on 31 December 2010 of 392.00p. The predetermined capital entitlement of a ZCP share
is not guaranteed and is dependent upon the Company's gross assets being sufficient on 31 December 2010 to meet the final capital
entitlement of the ZCP shares. The ZCP Shares have the right to receive notice of and attend, but shall not have the right to vote at, any
general meeting. Under the Articles of Association, the Company is obliged to redeem all of the ZCP shares on 31 December 2010 (if such
redemption has not already been effected).
DURATION
The Company does not have a fixed life and is intended as a long-term investment vehicle. The Directors, however, consider that it is
appropriate that shareholders have the opportunity to consider the continuation of the Company at appropriate intervals. Consequently at
the annual general meeting of the Company to be held in 2014 the Directors will propose a resolution that the Company continue as currently
constituted. In the event that this resolution is not passed the Board will be required to formulate proposals to be put to shareholders to
reorganise, reconstruct or wind-up the Company. If the resolution is passed the Company will continue its operations and a similar
resolution will be put to shareholders every three years thereafter.
CHAIRMAN*S STATEMENT & INTERIM MANAGEMENT REPORT
For the period 26 October 2007 to 31 May 2008
Dear Shareholder
The first half of the year has been a profoundly difficult one for equity investors. The collapse in sub prime mortgages in the US at
the end of last year has triggered significant problems for financial markets manifested most visibly in the UK by the collapse of Northern
Rock. General inaccessibility of credit, allied to increases in long term inflation and interest rate expectations, has caused institutions
to reduce gearing, exacerbating already tight lending markets. The root of the increase in inflationary expectations lies in the massive
rise in oil, gas and coal prices around the world.
The toxic mix within the global economy is likely to get worse before it gets any better. The credit crunch has yet to hit larger
companies substantially and a further significant deterioration in asset prices is likely notably in housing and commercial property. This
may well lead to a sustained period of poor performance for global stock markets.
Performance
Over the period to 31 May 2008 your Company's portfolio has performed well and its net assets have increased by 5.95% in spite of the
buying in and subsequent cancellation of �655,727 by value of the Company's equity. This increase in assets coupled with the gains of the
Ordinary shares through the Company's capital structure has resulted in an increase in the Net Asset Value (NAV) per Ordinary share from
99.31p to 110.74p, a substantial increase of 11.5% compared to a small gain on the FTSE 100 Index of 0.45% and 2.86% on the FTSE Global
Utilities Index. Despite the increase in NAV the Ordinary share price remained unchanged over the period at 95p whilst the price of the ZCP
shares has risen from 335p to 337.25p.
As at 30 June 2008 (the latest practicable date prior to the publication of this report) the NAV per Ordinary share was 106.18p, an
increase since 4 February 2008 (launch) of 6.92%. During this period the FTSE 100 Index has fallen by 6.64% and the FTSE Global Utilities
Index has fallen by 1.56%.
The Company has been carrying substantial cash balances over recent months indicative of the Investment Advisor's generally cautious
stance on world stock markets. Nonetheless amongst the investments made there have been some very notable successes in particular Novera and
Hydrodec.
Dividends
As this is the Company's initial reporting period the Directors feel it is too early to declare a dividend but will review the situation
when the Company produces its annual results.
Shareholder relations
The Board and the Investment Advisor welcome contact not only with the Company's existing investors but also potential investors. The
Investment Advisor has met with many of the Company's major investors over the period as well as a number of potential investors.
Outlook
I believe the global slowdown will continue as central banks balance slowing economic growth against rising inflation expectations. It
appears the credit crisis is far from over and financial institutions will have to continue providing both against financial losses but also
increasingly against loan defaults from struggling consumers. However, whilst the global economy will endure a period of significant
volatility, our Investment Advisor believes value is emerging notably amongst European renewable stocks. With the oil price likely to
remain reasonably high by historical standards and with governments increasingly focussed on energy security issues, renewable energy, in
all its various forms, should remain a highly priced commodity. With recent market falls beginning to highlight value in the sector your
Company is well placed to prosper over the remainder of the year in spite of a demanding macroeconomic environment.
Charles Wilkinson
Chairman
25 July 2008
RESPONSIBILTY STATEMENT
For the period 26 October 2007 to 31 May 2008
We confirm to the best of our knowledge:
(a) the Chairman's Statement and Interim Management Report include a fair review of the development and performance of the business and
the position of the Company together with a description of the principal risks and uncertainties that the Company faces as required by DTR
4.2.7R and DTR 4.2.8R; and
(b) the condensed Half-yearly financial report for the period ended 31 May 2008 has been prepared in accordance with IAS 34 'Interim
Financial Reporting', and gives a true and fair view of the assets, liabilities, financial position, profits and losses of the Company.
By order of the Board
David Staples
Director
INVESTMENT ADVISOR'S REPORT
For the period 26 October 2007 to 31 May 2008
Since launch on 4 February 2008 the net assets of your Company have risen by 5.95% (or 10.73% if adjusting for the share cancellation)
to �14.5m with a consequent rise in the net asset value of the Company's Ordinary shares of 11.5% to 110.74p. This compares to a rise in the
FTSE 100 Index of 0.45%, a rise on the Dresdner Renewable Energy Index of 8.8% and a rise in the FTSE Global Utilities Index of 2.3%, all in
Sterling terms.
The launch of the Company has come at a time when there is significant uncertainty for global economies and equity investment. It is
against this backdrop that the Investment Advisor has maintained a cautious approach over the last four months. A high proportion of the
Company's portfolio has been held in utility type shares, such as Iberdrola and Energias de Portugal. Also, the level of cash held has been
fairly high and the Investment Advisor intends to invest this cash gradually in renewable energy companies as and when attractive valuation
entry levels occur.
Initial investments in the pure renewable energy sector have focussed on wind. The future prospects of companies such as Novera Energy,
Iberdrola Renovables, Renewable Energy Generation and Vestas Wind Systems, which all form part of your Company's assets, will benefit from a
growing, profitable wind energy industry. On a global basis, efforts to tackle climate change are increasing and investment in non-fossil
fuel generation technologies will continue to have a key role.
Energy efficiency and recycling play a part in making the power industry more environmentally friendly and it is within this area that
one of the stocks held, Hydrodec, operates. Hydrodec purifies electricity transformer oil to a high standard such that it can be re-used and
the company is successfully growing operations in several countries. Hydrodec shares, and the Hydrodec Convertible Unsecured Loan Stock,
have made a significant positive contribution to the asset performance over the period.
India is an attractive market for investment in new electricity generation and we have started to invest with this in mind. Greenko,
whilst quoted in London on the AIM market, owns and operates biomass and hydroelectric plants in India and is developing wind assets as well
as further biomass and hydro operations in that country.
Outlook
We believe that the renewable energy sector will be an attractive area for equity investors for many years to come. Depleting fossil
fuel stocks and a desire amongst many governments to address climate change will mean a very large amount of capital needs to be allocated
to growing the global nuclear, wind, solar, biomass and other technologies generation capabilities over the next decade and beyond. Whilst
the market is likely to remain volatile in the short term, we believe significant value is appearing in some of the stocks that we cover and
we remain optimistic that sound positive returns can be achieved over the coming year.
Premier Fund Managers Limited
25 July 2008
SCHEDULE OF INVESTMENTS (unaudited)
as at 31 May 2008
INVESTMENT SECURITIES PORTFOLIO NOMINAL HOLDINGS VALUATION TOTAL
ASSET
S
GBP %
A-Power Energy Generation 40,000 459,893 2.42
Acciona 2,100 301,142 1.58
E. on 13,500 1,451,117 7.63
Electricite de France 17,500 954,920 5.02
ENEL 210,000 1,192,208 6.27
Energias de Portugal 350,000 1,109,542 5.84
Greenko Group 150,000 138,000 0.73
Harbin Power Equipment 200,000 189,523 1.00
Hydrodec 8% Unsecured Conv Loan 375,000 976,973 5.14
Notes
Hydrodec Group 1,735,000 858,825 4.52
Iberdrola Renovables 74,000 266,525 1.40
Iberdrola 160,000 1,163,842 6.12
KSK Emerging India Energy Fund 403,918 403,918 2.12
Novera Energy 520,300 486,481 2.56
Renewable Energy Generation 600,000 660,000 3.47
Scottish & Southern Energy 70,000 1,029,000 5.41
Trading Emissions 598,000 819,260 4.31
Vestas Wind Systems 4,000 277,296 1.46
12,738,465 67.00
INDEPENDENT REVIEW REPORT TO PREMIER RENEWABLE ENERGY FUND LIMITED
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the Half-yearly financial report for the
period from incorporation on 26 October 2007 to 31 May 2008 which comprise the Income Statement, Balance Sheet, Statement of Cash Flows,
Statement of Changes in Equity and the related explanatory notes 1 to 12. We have read the other information contained in the Half-yearly
financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the
financial statements.
This report is made solely to the Company in accordance with guidance contained in ISRE 2410 (UK and Ireland) "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the
conclusions we have formed.
Directors' Responsibilities
The Half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for
preparing the Half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial
Services Authority.
As disclosed in note 1(a), the annual financial statements of the Company are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included in this Half-yearly financial report have been prepared in accordance
with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the Half-yearly financial
report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements in the Half-yearly
financial report for the period from incorporation on 26 October 2007 to 31 May 2008 are not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
Ernst & Young LLP
Guernsey, Channel Islands
25 July 2008
INCOME STATEMENT
For the period 26 October 2007 to 31 May 2008
Notes
26 Oct 2007 to 31 May 2008
Revenue Capital Total
GBP GBP GBP
Net gains on financial assets
designated at fair value
through profit or loss
6 - 1,465,902 1,465,902
Investment income 2 199,787 - 199,787
Total income and gains 199,787 1,465,902 1,665,689
Expenses 3 (118,874) 19,939 (98,935)
Return on ordinary activities
before finance costs and 80,913 1,485,841 1,566,754
taxation
Appropriations in respect of
Zero Coupon Preference shares - (87,988) (87,988)
Return on ordinary activities
before taxation 80,913 1,397,853 1,478,766
Taxation on ordinary activities 1(b) (16,059) - (16,059)
Return on ordinary activities
for the period attributable to
Ordinary shareholders 1,462,707
64,854 1,397,853
Pence Pence Pence
Return per Ordinary share 5 0.49 10.48 10.97
Return per Zero Coupon 5
Preference share - 7.20 7.20
The total column of this Statement is the Income Statement of the Company. The supplementary revenue return and capital return columns
have been prepared in accordance with the Statement of Recommended Practice ("SORP") issued by the Association of Investment Companies
("AIC").
In arriving at the results for the financial period, all amounts above relate to continuing operations.
No operations were acquired or discontinued in the period.
BALANCE SHEET (unaudited)
as at 31 May 2008
Notes 31 May 2008
NON-CURRENT ASSETS GBP
Financial assets designated at fair value through 6 12,738,465
profit or loss
CURRENT ASSETS
Receivables 7 2,526,011
Cash and cash equivalents 3,749,081
6,275,092
TOTAL ASSETS 19,013,557
CURRENT LIABILITIES
Payables - due within one year 8 489,171
NON-CURRENT LIABILITIES
Payables - due after one year 9 3,998,853
TOTAL LIABILITIES 4,488,024
NET ASSETS 14,525,533
EQUITY
Share capital 10 -
Capital reserve 11 1,397,853
Revenue reserve 11 64,854
Distributable reserve 12 13,062,826
TOTAL EQUITY 14,525,533
Pence
NAV per Ordinary share 110.74
NAV per Zero Coupon Preference share 327.00
STATEMENT OF CASH FLOWS (unaudited)
For the period 26 October 2007 to 31 May 2008
26 Oct 2007 to
31 May 2008
GBP
Operating activities
Return on ordinary activities before taxation 1,478,766
Less: Net gains on financial assets designated at fair
value through profit or loss (1,465,902)
Less: Investment income (199,787)
Add: Increase in payables and appropriations 577,159
Less: (Increase) in receivables excluding accrued
investment income (48,620)
Net cash inflow from operating activities before investment
income 341,616
Investment income received 164,245
Net cash inflow from operating activities before taxation 505,861
Tax paid (16,059)
Net cash inflow from operating activities after taxation 489,802
Investing activities
Purchase of financial assets (13,627,004)
Sale of financial assets 1,221,423
Net cash outflow from investing activities (12,405,581)
Financing activities
Proceeds of issue of shares 14,134,273
Proceeds of debt securities 3,910,865
Cancellation of shares (655,727)
Repurchase of shares (1,311,457)
Costs of issue of shares (413,094)
Net cash inflow from financing activities 15,664,860
Increase in cash and cash equivalents 3,749,081
Cash and cash equivalents at beginning of period -
Cash and cash equivalents at end of period 3,749,081
STATEMENT OF CHANGES IN EQUITY (unaudited)
For the period 26 October 2007 to 31 May 2008
Share Share Capital Revenue Distributable Total
Capit Premium Reserve Reserve Reserve GBP
al GBP GBP GBP GBP
GBP
As at beginning of period -
- - - - -
Proceeds of shares issued
- 15,443,104 - - - 15,443,104
Cancellation of shares - (655,727) - - - (655,727)
Repurchase of shares - (1,311,457) - - - (1,311,457)
Share issue costs - (413,094) - - - (413,094)
Transfer to other
distributable reserves - (13,062,826) - - 13,062,826 -
Return on ordinary activities
for the period attributable to
Ordinary shareholders
- - 1,397,853 64,854 - 1,462,707
As at 31 May 2008 - - 1,397,853 64,854 13,062,826 14,525,533
NOTES TO THE FINANCIAL STATEMENTS (unaudited)
For the period 26 October 2007 to 31 May 2008
1 ACCOUNTING POLICIES
(a) Basis of preparation
The condensed set of financial statements are prepared in accordance with IAS 34 Interim Financial Reporting issued by the International
Accounting Standards Board ("IASB") and with the AIC's SORP where practicable. All accounting policies adopted for the period are consistent
with International Financial Reporting Standards ("IFRS") issued by the IASB and as adopted by the European Union and applicable Guernsey
law.
The condensed set of financial statements have been prepared on an historical cost basis except for the measurement at fair value of
certain financial instruments.
The same accounting policies and methods of computation are followed in the Half-yearly financial report as will be adopted in the
annual financial statements.
(b) Taxation
The Company has been granted exemption under the Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 from Guernsey Income Tax, and is
charged an annual fee of �600. Dividends received have been grossed up for withholding tax. The withholding tax is not recoverable and shown
in Taxation on ordinary activities in the Income Statement.
(c) Zero Coupon Preference shares
Under IAS 32, the Zero Coupon Preference shares are classified as financial liabilities. Appropriation for the period in respect of Zero
Coupon Preference shares is included in the Income Statement as a finance cost and is calculated using the effective interest method.
(d) Capital reserve
The following are accounted for in this reserve:
* gains and losses on the realisation of investments;
* expenses charged to this account in accordance with the policy below;
* increases and decreases in the valuation of the investments held at the period end; and
* unrealised exchange differences of a capital nature.
(e) Expenses
All expenses are accounted for on an accruals basis. Expenses are charged to the capital reserve where a connection with the maintenance
or enhancement of the value of the investments can be demonstrated.
(f) Investment income
Interest income and distributions receivable are accounted for on an accruals basis. Interest income relates only to interest on bank
balances, money market deposits and loan notes.
(g) Foreign currency translation
The currency of the primary economic environment in which the Company operates (the functional currency) is Great Britain Pounds which
is also the presentational currency.
Transactions denominated in foreign currencies are translated into Great Britain Pounds at the rate of exchange ruling at the date of
the transaction.
Monetary assets and liabilities, other than investments, denominated in foreign currencies at the balance sheet date are translated to
the functional currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are
recognised in the Income Statement. Foreign exchange differences relating to investments are taken to the capital reserve. Realised and
unrealised foreign exchange differences on non-capital assets or liabilities are taken to the Income Statement in the period in which they
arise.
(h) Cash and cash equivalents
Cash and cash equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible to
known amounts of cash and subject to an insignificant risk of changes in value. For the purposes of the Statement of Cash Flows, cash and
cash equivalents consist of cash, deposits at bank and money market deposits.
(i) Investments
All investments have been designated as financial assets at "fair value through profit or loss". Investments are initially recognised on
the date of purchase at cost, being the fair value of the consideration given. Subsequently, investments are measured at fair value, with
unrealised gains and losses on investments and impairment of investments recognised in the Income Statement. Investments are derecognised on
the date of sale. Gains and losses on the sale of investments are taken to the Income Statement in the period in which they arise.
(j) Trade date accounting
All "regular way" purchases and sales of financial assets are recognised on the "trade date", i.e. the date that the entity commits to
purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of the asset
within the timeframe generally established by regulation or convention in the market place.
(k) Segmental reporting
The Directors are of the opinion that the Company is engaged in a single segment of business, being investment business.
2 INVESTMENT INCOME
26 Oct 2007 to
31 May 2008
GBP
Bank interest 59,845
Dividend income 130,434
Loan note interest 9,508
199,787
3 EXPENSES
26 Oct 2007 to
31 May 2008
Revenue Capital Total
GBP GBP GBP
Investment Manager's fee
40,306 - 40,306
Administrator's fee 12,681 - 12,681
Registrar's fee 4,583 - 4,583
Marketing fee 2,104 - 2,104
Directors' fees 42,681 - 42,681
Custody fees 2,540 - 2,540
Audit fees 4,795 - 4,795
Directors' and Officers' insurance
3,001 - 3,001
Annual fees 2,307 - 2,307
Transaction fees - 470 470
Bank interest and charges
90 - 90
Commission paid - 5,505 5,505
Sundry costs 3,786 - 3,786
(Profit)/loss on foreign exchange
- (25,914) (25,914)
118,874 (19,939) 98,935
4 DIRECTORS' REMUNERATION
Under their terms of appointment, each Director is paid a fee of �15,000 per annum by the Company, except for the Chairman, who receives
�20,000 per annum. The Chairman of the Audit Committee receives an additional fee of �2,000 per annum.
5 EARNINGS PER SHARE
Ordinary shares
The total return per Ordinary share is based on the total return on ordinary activities for the period attributable to Ordinary
shareholders of �1,462,707 and on 13,333,797 shares, being the weighted average number of shares in issue during the period. There are no
dilutive instruments and therefore basic and diluted gain per share are identical.
The revenue return per Ordinary share is based on the revenue return on ordinary activities for the period attributable to Ordinary
shareholders of �64,854 and on 13,333,797 shares, being the weighted average number of shares in issue during the period. There are no
dilutive instruments and therefore basic and diluted gain per share are identical.
The capital return per Ordinary share is based on the capital return on ordinary activities for the period attributable to Ordinary
shareholders of �1,397,853 and on 13,333,797 shares, being the weighted average number of shares in issue during the period. There are no
dilutive instruments and therefore basic and diluted gain per share are identical.
Zero Coupon Preference ("ZCP") shares
The return per ZCP share is based on the appropriation in respect of ZCP shares of �87,988 and on 1,222,833 shares, being the weighted
average number of ZCP shares in issue during the period.
6 INVESTMENTS
FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR 31 May 2008
LOSS GBP
Opening portfolio cost -
Unrealised appreciation on valuation brought forward -
Opening valuation -
Movements in the period
Purchases at cost 13,627,004
Sales
- proceeds (2,354,441)
- realised gains on sales 214,001
Unrealised appreciation on valuation for the period 1,251,901
Fair value of investments at 31 May 2008 12,738,465
Closing book cost 11,486,564
Closing unrealised appreciation 1,251,901
12,738,465
Realised gains on sales 214,001
Increase in unrealised appreciation 1,251,901
Net gains on financial assets designated at fair value through 1,465,902
profit or loss
7 RECEIVABLES
31 May 2008
GBP
Prepayments 8,979
Accrued income 35,542
Investment sales not settled 1,133,018
Amount receivable on sale of treasury shares 1,308,831
Sundry receivables 39,641
2,526,011
8 PAYABLES
(amounts falling due within one year) 31 May 2008
GBP
Investment purchases not settled 403,918
Accrued expenses 75,253
Sundry payables 10,000
489,171
9 PAYABLES
(amounts falling due after one year) 31 May 2008
GBP
Zero Coupon Preference share entitlement 3,998,853
ZCP shares carry no entitlement to income distributions to be made by the Company. The ZCP shares will not pay dividends but will have a
final capital entitlement at the end of their life on 31 December 2010 of 392.00p. It should be noted that the predetermined capital
entitlement of a ZCP share is not guaranteed and is dependent upon the Company's gross assets being sufficient on 31 December 2010 to meet
the final capital entitlement of the ZCP shares. The ZCP shares have the right to receive notice of and attend, but shall not have the right
to vote at, any general meeting.
Under the Articles of Association, the Company is obliged to redeem all of the ZCP shares on 31 December 2010 (if such redemption has
not already been effected).
10 SHARE CAPITAL
Authorised GBP
Unlimited number of shares of no par value -
Issued SHARES
Ordinary shares of no par value 13,115,952
Zero Coupon Preference shares of no par 1,222,833
value
Number of shares in issue at 31 May 2008 14,338,785
GBP
Issued capital as at 31 May 2008 -
The issue of shares took place as follows: Number of shares
Ordinary shares 4 Feb 2008 13,804,812
Zero Coupon Preference shares 4 Feb 2008 1,222,833
Pursuant to the scheme of reconstruction under section 110 of the United Kingdom's Insolvency Act 1986 implemented by European Utilities
Trust plc ("EUT"), the above numbers of shares in the Company were issued in exchange for 4,526,168 EUT Ordinary Income shares and 1,222,833
EUT Zero Coupon Preference shares.
On 14 February 2008, the Company purchased 2,069,341 Ordinary shares at 95 pence each, of which 688,860 were cancelled and 1,380,481
were held in treasury. The shares held in treasury were subsequently sold out of treasury, all at 95 pence each and all before 31 May 2008.
11 RESERVES
Revenue Capital Total
31 May 31 May 31 May
2008 2008 2008
GBP GBP GBP
Balance as at 26 October 2007 - - -
Return on ordinary activities for the
period attributable to Ordinary
shareholders
64,854 1,397,853 1,462,707
Balance as at 31 May 2008 64,854 1,397,853 1,462,707
12 DISTRIBUTABLE RESERVE
Total
31 May
2008
GBP
Balance as at 26 October 2007 -
Transferred from share premium 13,062,826
Balance as at 31 May 2008 13,062,826
The Company has passed a special resolution cancelling the amount standing to the credit of the share premium account following
admission, and that the surplus created form a distributable reserve. In accordance with The Companies (Guernsey) Law, 1994 (as amended)
(the "Companies Law"), the Directors applied to the Royal Court in Guernsey for an order confirming such cancellation of the share premium
account. The distributable reserve created on cancellation is available as distributable profits to be used for all purposes permitted by
law, including the buy back of Ordinary shares and the payment of dividends.
SHAREHOLDERS' INFORMATION
Issued share capital
Ordinary shares of no par value 13,115,952
Zero Coupon Preference shares of no par value 1,222,833
Share prices and net asset value information
The Company's Ordinary shares and ZCP shares are traded on the London Stock Exchange.
Ordinary ZCP
SEDOL number B29LC01 B29LG10
ISIN number GG00B29LC017 GG00B29LG109
The Company's share prices are listed in the Financial Times under the London Share Service 'Investment Companies' sector.
The Company releases its net asset value per share to the London Stock Exchange weekly.
Company Information
Copies of this Half -yearly financial report are available from the Company Secretary (telephone 01481 722260) or by email to
reception@anson-group.com. Monthly fact sheets on the Company are available on the following website www.premierassetmanagement.co.uk.
Premier Renewable Energy Fund Limited is a member of The Association of Investment Companies.
Enquiries:
Nigel Sidebottom
Premier Asset Management
Investment Manager 01483 306 090
Paul Richards/James King
Fairfax I.S. PLC
Corporate Broker 020 7598 5368
Anson Fund Managers Limited 01481 722260
Secretary
25 July 2008
E&OE - In Transmission
This information is provided by RNS
The company news service from the London Stock Exchange
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