RNS Number:4628T
Japanese Accelerated Perf Fund Ltd
21 March 2007
JAPANESE ACCELERATED PERFORMANCE FUND LIMITED
PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS
The directors announce the statement of results for the year ended 31 December
2006 as follows:-
ABOUT THE COMPANY
Japanese Accelerated Performance Fund Limited is a Guernsey incorporated,
closed-ended investment company. With the exception of two Management Shares
issued for administrative reasons, the Company's issued share capital comprises
30,000,000 Participating Shares ("Shares") whose performance is designed to
depend upon the performance of the Nikkei 225 Index. The Company has an
unlimited life but the Shares will be redeemed on or around 22 December 2009
(the "Redemption Date").
INVESTMENT OBJECTIVE AND POLICY
The investment objective of the Company is to provide shareholders, on the
Redemption Date, with five times the capital return of the Nikkei 225 Index, up
to a maximum amount (the "Final Capital Entitlement") of 200p per Share,
comprising a capital growth amount of up to a maximum of 100p per Share and a
capital amount of 100p per Share. The Final Capital Entitlement per Share is
designed to be determined by the performance of the Nikkei 225 Index over the
calculation period from 17 December 2003 to 17 December 2009.
The Shares are Sterling denominated and their value will not be affected by
changes in the Yen / Sterling exchange rate.
In accordance with the Company's investment policy, the net proceeds derived
from the issue of Shares have been invested in a portfolio of debt securities
and over-the-counter derivative instruments at prices based on the closing level
of the Nikkei Index on 17 December 2003 of 10,092.64. Therefore, if the Nikkei
225 Index rises 20% from its starting level of 10,092.64 on 17 December 2003,
which equates to a level of 12,111.17 in December 2009, the Shares are designed
to return growth of 100%.
There is full capital protection if the Nikkei 225 Index has fallen at the end
of the period (December 2009) unless the Nikkei 225 Index has closed more than
50% down during the term at 5046.32 or lower. In this case, if the Nikkei 225
Index is still below 10,092.64 at the end of the calculation period, the net
asset value of the Company will fall by an equivalent percentage. If the level
of the Nikkei 225 Index has returned above its starting level of 10,092.64 at
the close of business on 17 December 2009, then the Company will still provide
five times the return of the Nikkei 225 Index to a maximum of 100%.
CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006
At launch the net proceeds derived from the issue of Shares of the Company were
invested in a portfolio of debt securities and options at a price based on the
level of the Nikkei 225 Index at the close of business on 17 December 2003,
namely 10,092.64. On 31 December 2006, the Nikkei 225 Index closed at
17,225.83, a rise of 70.7% since launch and 6.9% over the reporting period.
Over the same periods, the total market value of the Company's shares rose by
57.0% and 5.6% respectively.
As the Company's investment portfolio is based upon the Nikkei 225 Index, it is
possible to show the potential capital entitlements available to shareholders
based on the level of the Nikkei 225 Index on the Company's end date of 17
December 2009. These figures are for illustrative purposes only and do not
represent forecasts or take into account any unforeseen circumstances.
AS AT 17 DECEMBER 2009:
Final Nikkei 225 Net Asset Value if Net Asset Value if
Index Level Nikkei 225 Index never Nikkei 225 Index has
closes below 5,046.32** closed below 5,046.32**
8,000 100 79
8,500 100 84
9,000 100 89
9,500 100 94
10,000 100 99
10,500 120 120
11,000 144 144
11,500 169 169
12,000 194 194
12,500 200 200
13,000 and over 200 200
17,225.83* 200 200
* Nikkei 225 Index level at the end of the reporting period
** On any day from 17 December 2003 to 17 December 2009
Since the financial year end the Nikkei 225 Index, along with most markets
around the world, has undergone something of a rollercoaster ride, closing down
2.8% at 16744.15 on 16 March 2007. Up to 26 February, the Index had actually
risen to a six year high of 18215.3 before falling a precipitous 8.6% over the
next five days as risk premiums rose markedly, initially sparked by fears over
an increase in restrictions for investors in China and the deteriorating state
of the US sub-prime mortgage market. Since then the Index has staged a modest
recovery but may still be vulnerable to further weakness.
Despite this market turbulence, I am pleased to report the Company's shares have
actually risen by 1.3% since the end of the financial year, thanks to the secure
nature of the returns enjoyed by its structure.
STATEMENT OF OPERATIONS
for the year ended 31 December 2006
1 Jan 2006 1 Jan 2005
to 31 Dec 2006 to 31 Dec 2005
GBP GBP
Net movement in unrealised appreciation on
Investments 4,201,160 8,833,620
Unrealised depreciation on value of put 459,000 780,000
option
Operating expenses (272,946) (261,855)
Gain on ordinary activities before taxation 4,387,214 9,351,765
Taxation on ordinary activities - -
Net gain for the year attributable to 4,387,214 9,351,765
shareholders
Earnings per Share for the year Pence Pence
- Basic and Diluted 14.62 31.17
Earnings per Management Share for the year
- Basic and Diluted 0.00 0.00
In arriving at the results for the financial year, all amounts above relate to
continuing operations.
There are no recognised gains or losses for the year other than those disclosed
above.
Reconciliation of earnings per Share for investment purposes to earnings per
Share per the financial statements:
Pence Pence
Earnings per Share for investment purposes 15.53 32.05
Adjustment for amortisation of debt issue costs (0.37) (0.38)
Adjustment to include expenses on an accruals basis (0.53) (0.50)
Earnings per share per the financial statements 14.62 31.17
In accordance with International Financial Reporting Standards, expenses should
be attributed to the period to which they relate.
The earnings per share for investment purposes represents the earnings per share
attributable to shareholders in accordance with the Prospectus, which recognises
all expenses of the Company up to and including the date that the Final Capital
Entitlement becomes payable.
NET ASSET STATEMENT
as at 31 December 2006
31 Dec 2006 31 Dec 2005
GBP GBP
FIXED ASSETS
Unquoted financial assets
designated as fair value through
profit or loss 47,708,520 43,507,360
CURRENT ASSETS
Debtors 335,007 446,846
Cash at bank 672,141 833,256
CURRENT LIABILITIES
Creditors - due within one year 14,927 14,935
NET CURRENT ASSETS 992,221 1,265,167
TOTAL ASSETS LESS CURRENT
LIABILITIES 48,700,741 44,772,527
Non-current liabilities excluding net
assets attributable to shareholders 60,000 519,000
NET ASSETS ATTRIBUTABLE TO
SHAREHOLDERS 48,640,741 44,253,527
SHARES IN ISSUE 30,000,000 30,000,000
Pence Pence
NAV PER SHARE 162.14 147.51
NAV PER MANAGEMENT SHARE 100.00 100.00
Reconciliation of NAV per Share for investment purposes to NAV per Share per the
financial statements:
Pence Pence
NAV per Share for investment purposes 158.82 143.29
Adjustment for debt issue costs 1.11 1.48
Adjustment to include expenses on an accruals basis 2.21 2.74
NAV per Share per the financial statements 162.14 147.51
In accordance with International Financial Reporting Standards, expenses should
be attributed to the period to which they relate.
The NAV per share for investment purposes represents the NAV per share
attributable to shareholders in accordance with the Prospectus, which recognises
all expenses of the Company up to and including the date that the Final Capital
Entitlement becomes payable.
STATEMENT OF CASH FLOWS
for the year ended 31 December 2006
1 Jan 2006 1 Jan 2005
to 31 Dec 2006 to 31 Dec 2005
GBP GBP
Operating activities
Net gain for the year attributable to 4,387,214 9,351,765
Shareholders
Less: Unrealised (appreciation) on (4,201,160) (8,833,620)
investments
Less: Unrealised (depreciation) on value of (459,000) (780,000)
Put option
Add: Amortisation of debt issue costs 112,496 112,500
Less: (Decrease) / Increase in accrued (8) 2,123
expenses
Less: (Increase) / Decrease in prepayments and
accrued income excluding debt issue costs (657) 21,528
Net cash outflow from operating expenses (161,115) (125,704)
Cash at beginning of year 833,256 958,960
(Decrease) in cash and cash equivalents (161,115) (125,704)
Cash at end of year 672,141 833,256
Interest income in the year of #32,821 was received. Interest income has been
netted off against operating expenses as disclosed in Note 2 to the financial
statements.
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO SHAREHOLDERS
for the year ended 31 December 2006
31 Dec 31 Dec
2006 2005
GBP GBP
Opening balance 44,253,527 34,901,762
Net gain for the year attributable to
Shareholders 4,387,214 9,351,765
Closing balance 48,640,741 44,253,527
Under IAS 32, the Participating Shares are classified as debt and the Management
Shares are classified as equity.
For further information contact:
Anson Fund Managers Limited
Company Secretary.
Tel: Guernsey 01481 722260
21 March 2007
END OF ANNOUNCEMENT
This information is provided by RNS
The company news service from the London Stock Exchange
END
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