Half Yearly Financial Report
July 22 2010 - 12:38PM
UK Regulatory
TIDMPRF
RNS Number : 7997P
Premier Renewable Energy Fund Ltd
22 July 2010
Premier Renewable Energy Fund Limited
Half-yearly Financial Report
for the six months ended 31 May 2010
+-------------------------------------------------------------------+
| Premier Renewable Energy Fund Limited |
| |
+-------------------------------------------------------------------+
| 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.
+-----------------------------------------+---------+
| contents | |
+-----------------------------------------+---------+
| Investment Objectives and Policy | Inside |
| | front |
| | cover |
+-----------------------------------------+---------+
| Performance Summary | 2 |
+-----------------------------------------+---------+
| Company Summary | 3 |
+-----------------------------------------+---------+
| Chairman's Statement and Interim | 4 |
| Management Report | |
+-----------------------------------------+---------+
| Responsibility Statement | 7 |
+-----------------------------------------+---------+
| Investment Advisers Report | 8 |
+-----------------------------------------+---------+
| Principal Risks and Uncertainties | 12 |
+-----------------------------------------+---------+
| Schedule of Investments (unaudited) | 13 |
+-----------------------------------------+---------+
| Statement of Comprehensive Income | 15 |
| (unaudited) | |
+-----------------------------------------+---------+
| Statement of Financial Position | 16 |
| (unaudited) | |
+-----------------------------------------+---------+
| Statement of Cash Flows (unaudited) | 17 |
+-----------------------------------------+---------+
| Statement of Changes in Equity | 18 |
| (unaudited) | |
+-----------------------------------------+---------+
| Notes to the Financial Statements | 19 |
| (unaudited) | |
+-----------------------------------------+---------+
| Shareholders' Information | 25 |
+-----------------------------------------+---------+
| Directors and Service Providers | 26 |
+-----------------------------------------+---------+
+-------------------------------------------------------------------+
| Premier Renewable Energy Fund Limited |
| |
+-------------------------------------------------------------------+
| PERFORMANCE SUMMARY |
| For the six months ended 31 May 2010 |
+-------------------------------------------------------------------+
Total Return Performance
Six months to
Since launch
31 May 2010
(4 February 2008 - 31 May 2010)
% change
% change
NAV Capital return -16.42%
-24.50%
Gross assets** -11.06%
-7.30%
Dresdner Renewable Energy Index -17.16% -46.14%
FTSE 100 +1.74%
-4.71%
Source: Dresdner Kleinwort Benson/Thomson Datastream.
Share Price and NAV returns
31May 2010 30 November 2009 %change
Ordinary share NAV 74.93p
89.65p -16.42%
Mid price 71.50p
72.00p -00.70%
Zero Coupon NAV 376.01p
363.32p 3.49%
Preference share Mid price 381.50p
374.75p 1.80%
* "Gross assets" here means total assets less current liabilities (excluding
Zero Coupon Preference Share entitlement).
+-------------------------------------------------------------------+
| Premier Renewable Energy Fund Limited |
| |
+-------------------------------------------------------------------+
| COMPANY SUMMARY |
| For the six months ended 31 May 2010 |
+-------------------------------------------------------------------+
+---------------------+------+--------------------+------------------+
| Launch date | 4 February 2008 | |
+----------------------------+--------------------+------------------+
| Domiciled | Guernsey | |
+----------------------------+--------------------+------------------+
| Year end | 30 November | |
+----------------------------+--------------------+------------------+
| Shareholder funds | GBP9.81m at 31 May | |
| | 2010 | |
+----------------------------+--------------------+------------------+
| Market capitalisation | GBP9.18m at 31 May | |
| | 2010 | |
+----------------------------+--------------------+------------------+
| Ordinary Shares | 13,115,952 |
+----------------------------+---------------------------------------+
| Zero Coupon Preference | 1,222,833 | |
| Shares | | |
+----------------------------+--------------------+------------------+
| Wind up date (ZCP Shares | 31 December 2010 | |
| only) | | |
+----------------------------+--------------------+------------------+
| Dividend history | Total dividends | |
| | declared | |
| | Pence | |
+----------------------------+--------------------+------------------+
| In respect of year ended | nil | |
| 30 November 2009 | | |
+----------------------------+--------------------+------------------+
| In respect of the period | No dividends have | |
| ended 31 May 2010 | been declared to | |
| | date | |
+----------------------------+--------------------+------------------+
| | | |
+----------------------------+--------------------+------------------+
| Manager | Premier Asset Management (Guernsey) Limited |
+---------------------+----------------------------------------------+
| Investment Adviser | Premier Fund Managers Limited |
+---------------------+----------------------------------------------+
| Management fee | 1.0% per annum on listed investments and |
| | cash; 2.0% per annum on unlisted |
| | investments; plus performance fee. |
+---------------------+----------------------------------------------+
| AIC | Premier Renewable Energy Fund is a member of |
| | the Association of Investment Companies |
| | |
+---------------------+----------------------------------------------+
| | | | |
+---------------------+------+--------------------+------------------+
Financial Calendar
Company's year end 30 November
Annual results announced 31 March latest
Annual General Meeting July
Company's half-year end 31 May
Half-year results announced 31 July latest
+-------------------------------------------------------------------+
| Premier Renewable Energy Fund Limited |
| |
+-------------------------------------------------------------------+
| CHAIRMAN'S STATEMENT AND INTERIM MANAGEMENT REPORT |
| For the six months ended 31 May 2010 |
+-------------------------------------------------------------------+
Dear Shareholder
Overview of period
The global economy enjoyed a honeymoon period during 2009 sustained by inventory
cycles and the massive economic stimulus packages provided by governments.
However, there are signs now that this period of recovery is coming to an end.
Prf A (LSE:PRF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Prf A (LSE:PRF)
Historical Stock Chart
From Jul 2023 to Jul 2024
