RNS 3838t
ABERDEEN PREFERRED INCOME TRUST PLC
23rd April 1998
ABERDEEN PREFERRED INCOME TRUST PLC
(formerly Abtrust New Preferred Income Investment Trust Plc)
PRELIMINARY ANNOUNCEMENT OF ANNUAL UNAUDITED CONSOLIDATED RESULTS
for the period ended 28 February 1998
This is my first annual statement as the Chairman of your
Company (New Abpref), having previously been the Chairman of
Abtrust Preferred Income Investment Trust Plc (Abpref).
As you will be aware, New Abpref was established in 1997 to be
the successor investment trust to Abpref, which was due to be
wound up on 31 May 1998 in accordance with its Articles of
Association.
New Abpref became the sole holder of Ordinary income shares in
Abpref pursuant to the Abpref Offer. No offer was made for
the Abpref Zero dividend preference shares at that time
although it was acknowledged that it would be necessary for
New Abpref to take steps to replace the gearing currently
provided by the Abpref ZDP shares which would be removed if
Abpref were wound up. On 12 March 1998, the Boards of New
Abpref and Abpref announced proposals for extending Abpref's
life to 31 March 2003 and varying the rights of the Abpref ZDP
shares.
We also proposed to raise #64.4 million (before expenses) by
the issue of New Ordinary shares and New Debenture Stock under
Placings and an Open Offer and to increase our bank debt from
#2 million to #12 million. Under the Share Placing,
36,225,063 New Ordinary shares have been conditionally placed
with institutional and other investors, subject to claw-back
to satisfy valid applications made by Qualifying Shareholders
under the Open Offer. Additionally, we have placed #11
million nominal of New Debenture Stock under the Debenture
Stock Placing. The Issue Prices of the New Abpref securities
were 145p per New Ordinary share and 108p per #1 nominal of
New Debenture Stock plus accrued interest.
The #12m of borrowings have recently been taken out at a rate
of 7.22%, fixed until 31 December 2002.
On 27 February 1998 New Abpref declared a fourth interim
dividend on the Ordinary shares for the period ended 28
February 1998 and forecast an increased dividend for the year
ending 28 February 1999, instead of the 20 per cent reduction
previously anticipated. We have forecast a dividend of 14.5p
net for the coming year.
The expected timetable in respect of the Company's future
dividend payments is as follows:
Amount (net) Month of payment
3.625p August 1998
3.625p November 1998
3.625p January 1999
3.625p April 1999
It is also pleasing to see our net asset value rising from 81p
as at 6 March 1997 to 116p as at the end of the period, an
increase of 43%. This outstanding achievement by our Manager,
has been recognised by the "Investment Trust" magazine which
awarded the accolade "Brightest Newcomer" to the Trust.
In the period under review, the economy has remained in good
order and the new Labour Government's transfer of interest
rate policy to the Bank of England has been well received by
the markets. Despite a rise in short term rates from 5.75% to
7.25% long term rates have fallen to below 5.75%, the lowest level
for more than 30 years. Equity markets have been extremely
buoyant, encouraged by the strong performance of Wall Street
and the favourable economic background. Sterling's strength
has benefited the UK equity market as foreign investors have
considered our market to be a safer haven in anticipation of
some upheaval for currencies prior to the expected
introduction of the EMU. Our Manager continues to believe
that Sterling will remain stronger and for longer than most
commentators expect.
Our Manager remains confident about the outlook for the UK
equity market and believes that the inflation outlook
continues to remain favourable. In this environment
investments offering a high income yield are likely to
continue to flourish.
Group statement of total return (incorporating the revenue account *)
For the period ended 28 February 1998 (note 1)
Period ended 28 February 1998
(unaudited)
Revenue Capital Total
#'000 #'000 #'000
Gains on investments - 12,932 12,932
Income 9,525 - 9,525
Investment management fee (933) (60) (993)
Other expenses (368) - (368)
----- ----- -----
Net return before finance
costs and taxation 8,224 12,872 21,096
Interest payable and
similar charges (940) (203) (1,143)
Indexation of debenture - (251) (251)
----- ----- -----
Return on ordinary
activities before tax 7,284 12,418 19,702
Tax on ordinary activities (1,473) 65 (1,408)
----- ----- -----
Return on ordinary
activities after tax 5,811 12,483 18,294
Dividends and other
appropriations
Appropriations in respect
of non-equity shares
- Zero dividend - (4,504) (4,504)
preference
Dividends in respect of
equity shares (5,234) - (5,234)
----- ----- -----
Transfers to reserves 577 7,979 8,556
===== ===== =====
Return per share (pence):
- Zero Dividend - 37.53 37.53
===== ===== =====
Preference
- Ordinary 24.35 33.44 57.79
===== ===== =====
For the year ended 31 May 1996 (note 1)
Year ended 31 May 1996
(audited)
Revenue Capital Total
#'000 #'000 #'000
Gains on investments - 182 182
Income 5,077 - 5,077
Investment management fee (519) - (519)
Other expenses (140) - (140)
----- ----- -----
Net return before finance
costs and taxation 4,418 182 4,600
Interest payable and
similar charges (661) - (661)
Indexation of debenture - - -
----- ----- -----
Return on ordinary
activities before tax 3,757 182 3,939
Tax on ordinary activities (757) - (757)
----- ----- -----
Return on ordinary
activities after tax 3,000 182 3,182
Dividends and other
appropriations
Appropriations in respect
of non-equity shares
- Zero dividend - (2,206) (2,206)
preference
Dividends in respect of
equity shares (2,660) - (2,660)
----- ----- -----
Transfers to/(from)reserves 340 (2,024) (1,684)
===== ===== =====
Return per share (pence):
- Zero Dividend preference - 18.38 18.38
===== ===== =====
- Ordinary 15.79 (10.65) 5.14
===== ===== =====
* The group statements of total return presented above are as
recommended by the Statement of Recommended Practice for
Financial Statements of Investment Trust Companies. These
statements amalgamate the information previously included
within the revenue account and the statement of total
recognised gains and losses.
Balance Sheets of the Group and Company as at 28 February 1998 (note 1)
Group Company**
28 February 28 February 31 May
1998 1998 1996
(unaudited) (unaudited) (audited)
#'000 #'000 #'000
Fixed assets
Investments 63,483 15,580 47,534
Subsidiary undertaking - 21,502 -
------ ------ ------
63,483 37,082 47,534
------ ------ ------
Current assets
Debtors 1,402 462 793
Cash at bank and in hand - - 193
------ ------ ------
1,402 462 986
Creditors: amounts falling due
within one year (4,123) (2,225) (12,096)
------ ------ ------
Net current liabilities (2,721) (1,763) (11,110)
------ ------ ------
Total assets less current
liabilities 60,762 35,319 36,424
Creditors: amounts falling due
after one year
RPI Debenture stock 2007 (7,271) (7,271) -
Provision for liabilities and
charges (1) - (41)
------ ------ ------
Total Net assets 53,490 28,048 36,383
====== ====== ======
Capital and reserves
Non equity Shareholders' funds
Called-up Zero dividend
preference shares 1,200 - 1,200
Share premium account 12,091 - 12,091
Redemption reserve 12,151 - 7,647
------ ------ ------
Total non equity shareholders' funds 25,442 - 20,938
------ ------ ------
Equity shareholders funds
Called-up share capital 2,415 2,415 1,900
Share premium account 3,576 3,576 15,958
Merger reserve 15,958 12,687 -
Capital reserves
- Accrued finance costs (12,402) (251) (7,647)
- Realised 2,590 (171) 1,554
- Unrealised 13,179 8,957 1,525
Revenue reserve 2,732 835 2,155
------ ------ ------
Total equity shareholders' funds 28,048 28,048 15,445
------ ------ ------
Total shareholders' funds 53,490 28,048 36,383
====== ====== ======
Net asset value per share
(pence):
- Zero Dividend Preference 212.02 - 174.48
====== ====== ======
Ordinary 116.14 116.14 81.29
====== ====== ======
** Aberdeen Preferred Income Trust PLC
1 On 15 May 1997 the Company merged with Aberdeen Preferred
Income Investment Trust PLC (formerly Abtrust Preferred
Income Investment Trust PLC and now Aberdeen Preferred
Securities PLC). The Group accounts have been prepared on
a merger basis and combine the assets, liabilities and
results of the Company and its subsidiary, Aberdeen
Preferred Securities PLC as though the Group had always
been in existence. Since the last full accounts received
by the former Ordinary shareholders were for the year
ended 31 May 1996, the Group accounts cover the entire 21
month period since that date. The comparative figures in
the financial statements are based on the results of
Aberdeen Preferred Securities PLC as at 31 May 1996.
2 The revenue return per Ordinary share is based on net
revenue on ordinary activities after taxation of
#5,811,000 (1996 - #3,000,000) and on a weighted average
of 23,860,937 Ordinary shares of 10p each (1996 -
19,000,042)in issue throughout the period.
The capital return per Ordinary share is based on net
capital gains of #7,979,000 (1996 - net loss #2,024,000)
for the period , after deductions in respect of
appropriations for the Zero dividend preference shares of
#4,504,000 (1996 - #2,206,000), and on a weighted average
of 23,860,937 Ordinary shares of 10p each (1996 -
19,000,042) in issue throughout the period.
The capital return per Zero dividend preference of 5p each
is based on appropriations in respect of non-equity shares
of #4,504,000 (1996 - #2,206,000) and on 12,000,000 Zero
dividend preference shares of 5p each (1996 -
12,000,000)in issue throughout the period.
3 The figures presented do not constitute full accounts.
Full accounts for the year ended 28 February 1998, will be
delivered to the Registrar of Companies in due course.
4 The Annual Report is to be sent to all shareholders in
early May and additional copies may be obtained from the
registered office at One Bow Churchyard, Cheapside, London
EC4M 9HH.
Derek Morgan
Chairman
21 April 1998
END
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