RNS No 9316t
ABERDEEN PREFERRED INCOME TRUST PLC
12 October 1999
ABERDEEN PREFERRED INCOME TRUST PLC
ANNOUNCEMENT OF UNAUDITED GROUP INTERIM RESULTS
for the six months ended 31 August 1999
I wrote to you on the 28 April 1999 following the announcement
by OLIM Convertible Trust of the terms of a scheme of
reconstruction of their trust. Under the scheme OLIM
shareholders had the opportunity of rolling over their
investment into new Aberdeen Preferred Income Trust ("AbPref")
shares. In conjunction with the scheme Abpref and Aberdeen
Preferred Securities ("Securities") carried out a placing of
2,706,360 units at a placing price of 739p per unit (each unit
consisting of three AbPref ordinary shares and one Securities
zero dividend preference share). Pursuant to the scheme and
placing, a total of 11,067,217 ordinary shares and 3,688,916
zero dividend preference shares were issued.
In order to restore the gearing level of the Trust we borrowed
a further #14 million, in two tranches of #7 million at rates
of 6.76% and 6.78% fixed until 28 June 2002 and 30 September
2002.
These transactions increased our total assets to more than
#400 million. Net asset value per Ordinary share at 31 August
1999 was 147.21 pence compared with 141.23 pence at 28
February 1999, an increase of 4.23 per cent.
In their announcement of the Proposals your Directors
forecast, on the basis of the Assumptions and in the absence
of unforeseen circumstances, an increase in the dividends on
the Ordinary shares for the financial year 1999/2000. The
forecast is set out below and involves an increase of 10 per
cent (on the basis there stated) over the Company's existing
forecast.
The dividend policy of Abpref is to distribute substantially
all of its net revenue by way of four interim dividends. The
dividends paid in respect of the financial year ended 28
February 1999 totalled 15.25p net. In July 1998 your
Directors forecast dividends of 16p net per share in the
calendar year 1999.
The first interim dividend for the current financial year paid
in August was 4p net per share as previously forecast. In the
absence of unforeseen circumstances it is now the intention of
your Directors to pay dividends of 4.4p net per share,
commencing with the second interim dividend declared today
payable on 18 November 1999 to shareholders registered on 22
October 1999. This is equivalent to aggregate dividends of
17.6p net per annum on an annualised basis, an increase of 10
per cent over the forecast made last July. The expected
timetable for the forecast dividend payments is as follows:
Dividend Month of payment Amount (net)
First interim August 1999 4.0p
Second interim November 1999 4.4p
Third interim January 2000 4.4p
Fourth interim April 2000 4.4p
The stable performance of the net asset value is largely due
to two factors. The fixed interest element of the portfolio
has performed well, in spite of rising gilt yields, and the
relatively high yielding income shares have been resilient in
what has proved to be a dull market for UK blue chips.
The Monetary Policy Committee of the Bank of England cut the
Base rate on two occasions during the period, each time by
0.25% but since the end of August they have increased the
rate, again by a 0.25%. It now stands at 5.25%. The outlook
for interest rates is unclear. However, we feel that most
commentators have become too pessimistic and we suggest that
rates will not rise as high as many fear. The income share
sector has not been immune to the fear of rising rates but we
believe our holdings, which have performed well over the
period, will continue to do so.
Derek Morgan
Chairman
12 October 1999
The unaudited results were:
Group Statement of Total Return (incorporating the revenue
account of the Group*) for the half year ended 31 August 1999
Six months ended
31 August 1999
(unaudited)
Revenue Capital Total
#'000 #'000 #'000
Gains on investments - 10,908 10,908
Income 17,029 - 17,029
Investment management fee (1,053) (701) (1,754)
Other expenses (406) - (406)
------ ------ ------
Net return before finance
costs and taxation 15,570 10,207 25,777
Interest payable and
similar charges
Interest (2,366) (1,560) (3,926)
Indexation of Debentures - (121) (121)
Zero dividend preference
shares of subsidiary - (3,688) (3,688)
------ ------ ------
Return on ordinary
activities before tax 13,204 4,838 18,042
Tax on ordinary
activities (2,017) 552 (1,465)
------ ------ ------
Return on ordinary
activities after tax 11,187 5,390 16,577
Dividends in respect of
equity shares (10,379) - (10,379)
------ ------ ------
Transfers to reserves 808 5,390 6,198
====== ====== ======
Return per share (pence):
Ordinary 9.09 4.38 13.47
====== ====== ======
Six months ended
31 August 1998
(unaudited)
Revenue Capital Total
#'000 #'000 #'000
(Losses) on investments - (7,559) (7,559)
Income 5,914 - 5,914
Investment management fee (450) (256) (706)
Other expenses (139) - (139)
----- ----- -----
Net return before finance
costs and taxation 5,325 (7,815) (2,490)
Interest payable and
similar charges
Interest (611) (702) (1,313)
Indexation of Debenture - - -
Zero-dividend preference
shares of subsidiary - (1,061) (1,061)
----- ----- -----
Return on ordinary
activities before tax 4,714 (9,578) (4,864)
Tax on ordinary
activities (989) 135 (854)
----- ----- -----
Return on ordinary
activities after tax 3,725 (9,443) (5,718)
Dividends in respect of
equity shares (3,366) - (3,366)
----- ----- -----
Transfers to/(from)
reserves 359 (9,443) (9,084)
===== ===== =====
Return per share (pence):
Ordinary 6.84 (17.34) (10.50)
===== ===== =====
* The Statements of total return presented above are in
accordance with the Statement of Recommended Practice for
Financial Statements of Investment Trust Companies.
Summarised Consolidated Balance Sheet as at 31 August 1999
31 August 31 August 28 February
1999 1998 1999
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Fixed assets
Investments 405,682 279,976 356,262
------- ------- -------
Current assets
Debtors 13,228 3,710 7,678
Cash at bank 67 71,641 6,801
------- ------- -------
13,295 75,351 14,479
Current liabilities
Bank loans and
overdrafts (4,048) - -
Creditors: amounts
falling due within one
year (9,839) (66,440) (15,278)
------- ------- -------
(13,887) (66,440) (15,278)
------- ------- -------
Net current
(liabilities)/assets (592) 8,911 (799)
------- ------- -------
Total assets less
current liabilities 405,090 288,887 355,463
Creditors: amounts
falling due after one
year excluding Zero
dividend preference
shares
RPI Debenture Stock
2007 (19,822) (19,269) (19,691)
Subordinated loan stock
2023 (18,789) (18,770) (18,779)
Bank loan 2002 (81,000) (12,000) (67,000)
------- ------- -------
(119,611) (50,039) (105,470)
------- ------- -------
Zero dividend
preference shares (95,825) (80,388) (83,671)
------- ------- -------
Total net assets 189,654 158,460 166,322
======= ======= =======
Share capital and
reserves
Called-up share capital 12,883 11,776 11,777
Share premium account 149,704 133,715 133,695
Merger reserve 15,958 15,958 15,958
Capital reserves:
Realised (including
accrued finance
costs) (12,694) (10,831) (17,726)
Unrealised 23,031 4,751 22,654
Revenue reserve 772 3,091 (36)
------- ------- -------
Total equity
shareholders' funds 189,654 158,460 166,322
======= ======= =======
Net asset value per
share (pence):
Ordinary 147.21 134.55 141.23
======= ======= =======
1 The interim financial accounts have been prepared in accordance
with applicable accounting standards under the historical cost
convention as modified to include the revaluation of fixed asset
investments and on the basis of the accounting policies set out
in the statutory financial statements of the Company for the
period ended 28 February 1999.
2 The basic revenue return per share is based on earnings of
#11,187,000 (1998: #3,725,000) and on 123,100,258 (1998:
54,453,413) Ordinary shares, being the weighted average number of
shares in issue for the period. The basic capital return per
share is based on net capital gains of #5,390,000 (1998: losses
of #9,443,000) and on 123,100,258 (1998: 54,453,413) Ordinary
shares, being the weighted average number of shares in issue for
the period.
3 The basic net asset value per Ordinary share is based on net
assets of #189,654,000 (31 August 1998: #158,460,000 and 28
February 1999: #166,322,000) and on 128,834,529 (31 August 1998
and 28 February 1999: 117,767,312) Ordinary shares, being the
number of Ordinary shares in issue at the end of the period.
4 On 28 May 1999, inter alia, 2,948,137 Ordinary shares were
allotted and issued in connection with the offers for shares in
OLIM Convertible Trust Plc and on 7 June 1999 8,119,080 Ordinary
shares were issued in connection with a placing.
5 Reserves:
Share Merger Realised Unrealised
Premium reserve Reserve reserve
account (including
accrued
finance
costs)
As at 28
February 1999 133,695 15,958 (17,726) 22,654
Net gains on
investments - - 10,531 377
Expenses
allocated to
capital - - (2,261) -
Tax allocation
on allowable
expenses - - 552 -
Premium on
allotment of
Ordinary shares 16,790 - - -
Costs relating
to issue of
Ordinary shares (762) - - -
Transfer from
share premium
account (19) - 19 -
Indexation on
Debenture stock - - (121) -
Accrued
redemption
premium and
amortisation of
issue costs of
Zero dividend
preference shares - - (3,688) -
------- ------ ------ ------
As at 31 August
1999 149,704 15,958 (12,694) 23,031
======= ====== ====== ======
6 The interim financial statements for the six months ended
31 August 1999 are unaudited and do not constitute
statutory accounts. The comparable financial information
for the period ended 28 February 1999 has been abridged
from accounts that have been filed with the Registrar of
Companies and on which the report of the auditors was
unqualified.
7 Summary Reconciliation of shareholders' funds #'000
Opening equity shareholders' funds 166,322
Issue of Ordinary shares 17,896
Costs relating to issue of Ordinary shares (762)
Net gains on investments 10,908
Capitalised expenses net of taxation (1,709)
Accrued redemption premium and amortisation
of issue costs of Zero dividend preference (3,688)
shares
Indexation on Debenture stock (121)
Net retained revenue 808
Closing equity shareholders' funds 189,654
8 Copies of the Interim Report will be posted in due course
and further copies may be obtained from the registered
office, One Bow Churchyard, Cheapside, London EC4M 9HH
12 October 1999 Aberdeen Asset
Management PLC
Secretaries
Independent review report by KPMG Audit Plc to Aberdeen
Preferred Income Trust PLC
Introduction
We have been instructed by the Company to review the financial
information set out above and we have read the other
information contained in the interim report and considered
whether it contains any apparent misstatements or material
inconsistencies with the financial information.
Directors' responsibilities
The Interim Report, including the financial information
contained therein, is the responsibility of, and has been
approved by, the Directors. The Listing Rules of the London
Stock Exchange require that the accounting policies and
presentation applied to the interim figures should be
consistent with those applied in preparing the preceding
annual accounts except where they are to be changed in the
next annual accounts in which case any changes, and the
reasons for them, are to be disclosed.
Review work performed
We conducted our review in accordance with guidance contained
in Bulletin 1999/4: Review of Interim financial information
issued by the Auditing Practices Board. A review consists
principally of making enquiries of management and applying
analytical procedures to the financial information and
underlying financial data and, based thereon, assessing
whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review is
substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a
lower level of assurance than an audit. Accordingly we do not
express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material
modifications that should be made to the financial information
as presented for the six months ended 31 August 1999.
KPMG Audit Plc
Chartered Accountants
Aberdeen
12 October 1999
END
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