RNS No 2473n
ABERDEEN PREFERRED INCOME TRUST PLC
26 April 1999
ABERDEEN PREFERRED INCOME TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED GROUP RESULTS
for the year ended 28 February 1999
I am pleased to report a very successful, and eventful, second
year for your Company, which was itself the successor vehicle
to Aberdeen Preferred Income Investment Trust PLC.
During the year the net asset value per Ordinary share rose to
141.23p from 116.14p at 28 February 1998, a rise of 21.6%.
We have declared a fourth interim dividend of 1p net and a
fifth interim dividend of 3p net, per Ordinary Share, a total
for the quarter of 4p net (1998 - 3.25p). This was in line
with our dividend forecast, making total dividends per
Ordinary Share for the year of 15.25p (1998 - 14p). The
decision to split the last interim dividend into two parts
reflects the Board's desire to maximise the tax benefits to
shareholders ahead of the changes in taxation relating to
dividends received after 6 April 1999. The fourth interim
was paid on 1 April 1999 and the fifth interim on 15 April
1999.
As I reported in my 31 August 1998 Interim Chairman's
Statement, in March 1998 we extended the life of our
subsidiary, Aberdeen Preferred Securities PLC, to 31 March
2003, and varied the rights of the Zero dividend preference
("ZDP") shares, to provide a final capital entitlement at that
date of 318p per ZDP share. At the same time, the Company
raised #64.4 million (before expenses) by way of the issue of
Ordinary shares and Debenture Stock under a Placing and Open
Offer and increased its bank debt to #12m at a fixed rate of
7.22% until 31 December 2002.
This exercise prolonged the life of the Company and
effectively made the Ordinary shares undated by maintaining
the dated gearing in the form of the ZDPs through the
subsidiary company. At the same time it allowed us to
announce both an increase in anticipated dividends and a rise
in net asset value.
In July 1998 we raised a further #87.0 million (before
expenses) through a placing of Subordinated Unsecured Loan
Stock, ZDPs and Ordinary shares. This placing was in
conjunction with an Offer to acquire all the stepped
preference shares, zero dividend preference shares, income
shares and capital shares of The Scottish National Trust Plc
not already owned by the Company. We were delighted to
receive over #70 million of acceptances from the various
classes of shares when the Offer closed in August 1998.
Since then we have taken out borrowings of #55 million, fixed
at a rate of 6.58%, also until 31 December 2002.
The year saw significant falls in interest rates in the UK as
the Monetary Policy Committee of the Bank of England cut base
rates from 7.25% at the end of February 1998 to 5.5% at the
end of February 1999. Since the year-end this has been cut
further to 5.25%. The yield on long-dated British Government
securities fell sharply during the year, touching 4.17% before
rising back towards 4.5%. Our fixed interest investments
performed well during the period despite the setbacks suffered
in the Autumn as a result of the widening in spreads of high
yielding bonds over government securities, due mainly to
problems in emerging markets, particularly Russia. The knock-
on effects that forced a number of hedge funds to unwind their
positions presented us with a number of attractive
opportunities to invest the new funds we had raised through
the Placing in July and the Company's subsequently increased
borrowings.
During the year the major western equity markets attained new
all-time highs, impacting positively upon our investment trust
and equity-linked investments. The yield requirement of both
institutions and retail investors has led to a positive re-
rating of the investment trust income share sector, but we
believe it continues to offer attractive yields at undemanding
hurdle rates. During the year we supported a number of new
issues and rollovers in the split capital market and are
encouraged by the increase in awareness by both institutions
and private individuals in this growing sector of the
investment trust market.
The Monetary Policy Committee's rapid response to fears of a
slowdown in the economy appears to have calmed market
concerns. The present low-interest rate, low-inflation
scenario could make headway difficult for lower-yielding
equities but we believe that our portfolio, with its exposure
to higher-yielding investments, should perform satisfactorily.
Derek Morgan
Chairman
26 April 1999
The unaudited results were:
Group Statement of Total Return (incorporating the revenue
account of the Group*) for the year to 28 February 1999 (note 2)
Year ended
28 February 1999
(unaudited)
Revenue Capital Total
#'000 #'000 #'000
Gains on investments - 8,147 8,147
Income 20,516 - 20,516
Investment management fee (1,448) (917) (2,365)
Other expenses (340) - (340)
----- ----- -----
Net return before finance
costs and taxation 18,728 7,230 25,958
Interest payable and
similar charges:
- Interest (2,798) (1,857) (4,655)
- Indexation of Debenture - (716) (716)
- Zero dividend preference
shares of subsidiary - (4,380) (4,380)
----- ----- -----
Return on ordinary
activities before tax 15,930 277 16,207
Tax on ordinary activities (3,723) 1,273 (2,450)
----- ----- -----
Return on ordinary
activities after tax 12,207 1,550 13,757
Dividends in respect of
equity shares (14,975) - (14,975)
----- ----- -----
Transfers (from)/to reserves (2,768) 1,550 (1,218)
===== ===== =====
Return per share (pence):
Ordinary 14.22 1.80 16.02
===== ===== =====
21 month period ended
28 February 1998 (note 2)
(audited)
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:
- Interest (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
preference - (4,504) (4,504)
Dividends in respect of
equity shares (5,234) - (5,234)
----- ----- -----
Transfers to reserves 577 7,979 8,556
===== ===== =====
Return per Ordinary share
(pence)
Ordinary 24.35 33.44 57.79
===== ===== =====
* The Statements of total return presented above are in
accordance with the Statement of Recommended Practice for
Financial Statements of Investment Trust Companies
Balance Sheets as at 28 February 1999 (note 2)
Group Company Group Company
28 February 28 February 28 February 28 February
1999 1999 1998 1998
(unaudited) (unaudited) (audited) (audited)
#'000 #'000 #'000 #'000
Fixed assets
Investments 356,262 355,790 63,483 15,580
Subsidiary undertaking - 5,090 - 21,502
------- ------- ------ ------
356,262 360,880 63,483 37,082
------- ------- ------ ------
Current assets
Debtors 7,678 9,033 1,402 462
Cash at bank and in hand 6,801 6,689 - -
------- ------- ----- -----
14,479 15,722 1,402 462
Creditors: amounts
falling due within
one year (15,278) (104,810) (4,123) (2,225)
------- ------- ----- -----
Net current
liabilities (799) (89,088) (2,721) (1,763)
------- ------- ----- -----
Total assets less
current liabilities 355,463 271,792 60,762 35,319
Creditors: amounts
falling due after
one year excluding
Zero dividend
preference shares
RPI-linked
Debenture Stock 2007 (19,691) (19,691) (7,271) (7,271)
Bank loans (67,000) (67,000) - -
Subordinated
Unsecured Loan
Stock 2023 (18,779) (18,779) - -
------- ------- ----- -----
(105,470) (105,470) (7,271) (7,271)
------- ------- ----- -----
Zero dividend
preference shares
(see note 7) (83,671) - (25,442) -
Provision for
liabilities and charges - - (1) -
------- ------- ------ ------
Total net assets 166,322 166,322 28,048 28,048
======= ======= ====== ======
Share capital and
reserves
Called-up share 11,777 11,777 2,415 2,415
capital
Share premium account 133,695 133,695 3,576 3,576
Merger reserve 15,958 12,687 15,958 12,687
Capital reserves:
Realised (including
accrued finance
costs) (17,726) (5,202) (9,812) (422)
Unrealised 22,654 13,356 13,179 8,957
Revenue reserve (36) 9 2,732 835
------- ------- ------ ------
Total equity
shareholders' funds 166,322 166,322 28,048 28,048
======= ======= ====== ======
Net asset value per
share (pence):
Ordinary share 141.23 141.23 116.14 116.14
====== ====== ====== ======
1 The financial information set out above does not constitute the
Company's statutory accounts for the periods ended 28 February
1998 or 28 February 1999. The financial information for 1998 is
derived from the statutory accounts for 1998 which have been
delivered to the Registrar of Companies. The Auditors have
reported on the 1998 accounts; their report was unqualified and
did not contain a statement under section 237(2) or (3) of the
Companies Act 1985. The statutory accounts for 1999 will be
finalised on the basis of the financial information presented by
the Directors in this preliminary announcement and will be
delivered to the Registrar of Companies in due course.
2 The Group accounts consolidate the accounts, on a merger
accounting basis, of the Company and its subsidiary Aberdeen
Preferred Securities PLC. The comparative figures in the
financial statements cover the 21 month period to 28 February
1998.
3 The basic revenue return per share is based on net revenue after
taxation of #12,207,000 (1998: #5,811,000) and on a weighted
average 85,850,168 (1998: 23,860,937) Ordinary shares of 10p each
in issue for the period. The basic capital return per share is
based on the net capital gains of #1,550,000 (1998: #7,979,000)
and on a weighted average 85,850,168 (1998: 23,860,937) Ordinary
shares of 10p each in issue for the period. The diluted revenue
return is the same as the basic return above.
4 Basic net asset value per Ordinary share is based on net assets
of #166,322,000 (28 February 1998: #28,048,000), and on
117,767,312 (28 February 1998: 24,150,042) Ordinary shares, being
the number of Ordinary shares in issue at the end of the period.
5 On 8 April 1998, inter alia, 36,225,063 Ordinary shares were
allotted and issued in connection with a placing.
6 On 26 August 1998, inter alia, 25,549,957 Ordinary shares were
allotted and issued in connection with the offers for shares in
The Scottish National Trust Plc and 31,842,250 Ordinary shares
were allotted and issued in connection with a placing.
7 Following the issue of the unsecured subordinated loan note 2003
on 16 April 1998 by Aberdeen Preferred Securities PLC to Aberdeen
Preferred Income Trust PLC the zero dividend preference shares
require to be treated as debt rather than as minority non-equity
interests in the Group's financial statements. In the Group
statement of total return for the current year the financing cost
of the Zero dividend preference shares is now shown under
interest payable and similar charges rather than dividends and
other appropriations.
8 Copies of the Annual Report will be posted in due course and
further copies may be obtained from the registered office, One
Bow Churchyard, Cheapside, London EC4M 9HH
26 April 1999 Aberdeen Asset
Management PLC
- Secretaries
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