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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aim Realisation | LSE:ARF | London | Ordinary Share | GB00B19PRK19 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.075 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 8282J AIM Realisation Fund Limited 10 December 2008 AIM Realisation Fund Limited Results for the Year Ended 30 September 2008 Chairman's Statement I am pleased to present the results of AIM Realisation Fund Limited (the "Company") for the year ended 30 September 2008. The Company's capital structure consists of Ordinary Shares and Redeemable Preference Shares and is designed to facilitate the progressive return of capital as investments are realised. In March and September each year, the Board intends to apply all available funds after provision for working capital to effect a pro rata redemption at 100 pence per share of outstanding Redeemable Preference Shares. If the Redeemable Preference Shares trade at a sufficient discount to their redemption price, the Board intends to apply, on a rolling basis, up to 50% of the net cash proceeds of realisations since the last redemption to purchase the Redeemable Preference Shares in the market. Once all Redeemable Preference Shares have been redeemed or purchased, the Company intends to purchase the Ordinary Shares for cancellation. Investments Your Company acquired 98 AIM securities in the Placing in Aug October and November Performance Following the pro rata redemptions of the Redeemable Preference Shares (which have the effect of gearing the Ordinary Shares), combined with the significant market decline in global equities post the year end, the NAV of the Ordinary Shares declined to nil as at 30 November 2008. Shareholders should be aware that any further deterioration in the value of the portfolio will be reflected in the NAV of the Redeemable Preference Shares, which stood at 76.93p per Redeemable Preference Share as at 30 November 2008. Outlook With a weakening economy and credit in very short supply, we should expect that the market for smaller companies will continue to be challenging for the foreseeable future. Realisations are therefore unlikely to be achieved at the rate they were in the early months of the Company's life. We remain confident that the Company's Investment Adviser, Collins Stewart, is well placed to optimise the balance between the speed of realisation and maximising the value ex William Scott Chairman 9 December 2008 The financial information set out in this announcement does not constitute the Company's statutory financial statements for the year ended 30 September 2008 Income Statement for the year ended 30 September 2008 1 October 2007 10 August 2006 to 30 September to 30 September 2008 2007 £'000 £'000 Income Dividends 100 79 Bank interest 104 293 ------------ ------------ Total income 204 372 ------------ ------------ Expenses Management fees (324) (469) Administration fee (85) (93) Custodian fee (5) (17) Audit fee (8) (9) Directors' fees (65) (74) Other expenses (63) (240) ------------ ------------ Total expenses (550) (902) ------------ ------------ Loss before investment gains (346) (530) and losses Investment gains and losses Realised (loss)/gain from sale (5,962) 1,877 of investments at fair value through profit or loss Movement in unrealised loss on 77 (2,390) investments at fair value through profit or loss ------------ ------------ Total investment loss (5,885) (513) ------------ ------------ Loss before taxation (6,231) (1,043) Withholding tax on income (8) (5) ------------ ------------ Loss for the year (6,239) (1,048) ------------ ------------ Loss per Ordinary Share: basic (67.86)p (11.40)p and fully diluted ------------ ------------ All items in the above statement are derived from continuing operations. Statement of Changes in Equity for the year ended 30 September 2008 Share Distributable Non-distributable reserve Total capital reserve £'000 £'000 £'000 £'000 Net assets at 01 October 2007 2 17,815 (2,390) 15,427 Redemption of Redeemable (1) (4,559) - (4,560) Preference Shares Net profit/(loss) from - (6,316) 77 (6,239) operating activities ------------ ------------ ------------ ------------ Net assets at 30 September 1 6,940 (2,313) 4,628 2008 ------------ ------------ ------------ ------------ Statement of Changes in Equity for the period from 10 August 2006 to 30 September 2007 Share Share premium Distributable Non-distributable Total capital reserve reserve £'000 £'000 £'000 £'000 £'000 Net assets at 10 August 2006 - - - - - Issue of Ordinary Shares 1 9,193 - - 9,194 Issue of Redeemable Preference 2 21,451 - - 21,453 Shares Formation expenses - (1,086) - - (1,086) Cancellation of share premium - (29,558) 29,558 - - Redemption of Redeemable (1) - (13,085) - (13,086) Preference Shares Net profit/(loss) from - - 1,342 (2,390) (1,048) operating activities ------------ ------------ ------------ ------------ ------------ Net assets at 30 September 2 - 17,815 (2,390) 15,427 2007 ------------ ------------ ------------ ------------ ------------ Balance Sheet as at 30 September 2008 30 September 2008 30 September 2007 £'000 £'000 Non-current assets Investments at fair value through 4,006 14,449 profit or loss ------------ ------------ Current assets Receivables and prepayments 17 81 Cash and cash equivalents 730 5,572 ------------ ------------ 747 5,653 ------------ ------------ Total assets 4,753 20,102 ------------ ------------ Current liabilities Payables and accruals (125) (4,675) ------------ ------------ Total liabilities (125) (4,675) ------------ ------------ ------------ ------------ Net assets 4,628 15,427 ------------ ------------ Capital and reserves Share capital - Ordinary Shares of 1 1 0.01p each Share capital - Redeemable Preference - 1 Shares of 0.01p each Distributable reserve 6,940 17,815 Non-distributable reserve (2,313) (2,390) ------------ ------------ Total equity Shareholders' funds 4,628 15,427 ------------ ------------ Net asset value per Ordinary Share 8.93p 76.79p ------------ ------------ Net asset value per Redeemable 100.00p 100.00p Preference Share ------------ ------------ Statement of Cash Flows for the year ended 30 September 2008 1 October 2007 10 August 2006 to 30 September 2008 to 30 September 2007 £'000 £'000 Operating activities Dividends received 107 71 Bank interest received 105 290 Management fees paid (365) (342) Administration fee paid (85) (86) Other expenses paid (145) (318) ------------ ------------ Net cash outflow from (383) (385) operating activities before taxation Withholding tax on income (8) (4) ------------ ------------ Net cash outflow from (391) (389) operating activities Investing activities Purchase of investments at (647) - fair value through profit or loss Sale of investments at fair 5,260 15,618 value through profit or loss ------------ ------------ Net cash inflow from investing 4,613 15,618 activities Financing activities Proceeds from Placing - 11 Formation expenses paid 1 (1,087) Redemption of Redeemable (9,065) (8,581) Preference Shares ------------ ------------ Net cash outflow from (9,064) (9,657) financing activities ------------ ------------ (Decrease)/increase in cash (4,842) 5,572 and cash equivalents ------------ ------------ Cash and cash equivalents at 5,572 - beginning of year/period (Decrease)/increase in cash (4,842) 5,572 and cash equivalents ------------ ------------ Cash and cash equivalents at 730 5,572 end of year/period ------------ ------------ For further information, please contact: Sean O'Flanagan Collins Stewart Europe Limited 9th Floor 88 Wood Street London EC2V 7QR Tel: 0207 523 4509 Company website: www.aimrealisationfund.com This information is provided by RNS The company news service from the London Stock Exchange END FR FSSFMUSASEDE
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