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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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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 : 0847V AIM Realisation Fund Limited 22 May 2008 AIM REALISATION FUND LIMITED UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2008 Chairman's Statement I am pleased to present the second interim results of AIM Realisation Fund Limited (the "Company") which covers the period from 1 October 2007 to 31 March 2008. The period under review has been challenging for UK equity markets generally as investors became increasingly concerned about the economic outlook. Smaller companies, as is often the case, were hardest hit due to their inherent lack of liquidity. 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 William Scott Chairman 22 May 2008 Income Statement for the six months ended 31 March 2008 (unaudited) Note Six months ended 10 August 2006 to 10 August 2006 to 31 March 2008 31 March 2007 30 September 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Income Realised (loss)/gain from sale 5 (2,790) 1,405 1,877 of investments at fair value through profit or loss Movement in unrealised loss on 5 (853) (43) (2,390) investments at fair value through profit or loss Dividends 56 29 79 Bank interest 62 165 293 ------------ ------------ ------------ Income after investment losses (3,525) 1,556 (141) ------------ ------------ ------------ Expenses Management fees 2 (161) (279) (469) Administration fee 2 (42) (50) (93) Custodian fee (3) (11) (17) Audit fee (4) (5) (9) Directors' fees 3 (33) (42) (74) Other expenses (30) (73) (240) ------------ ------------ ------------ Total expenses (273) (460) (902) ------------ ------------ ------------ Net (loss)/profit before (3,798) 1,096 (1,043) taxation Withholding tax on income (3) (2) (5) ------------ ------------ ------------ Net (loss)/ptofit for the (3,801) 1,094 (1,048) period ------------ ------------ ------------ Earnings per Ordinary Share: 4 (41.34)p 11.90p (11.40)p basic and fully diluted ------------ ------------ ------------ Statement of Changes in Equity for the six months to 31 March 2008 (unaudited) Note Share Share premium Distributable Non-distributable Total capital reserve reserve £'000 £'000 £'000 £'000 £'000 Net assets at 30 September 2 - 17,815 (2,390) 15,427 2007 Redemption of Redeemable 9 - - (2,509) - (2,509) Preference Shares Net loss for the period - - (2,948) (853) (3,801) ------------ ------------ ------------ ------------ ------------ Net assets at 31 March 2008 2 - 12,358 (3,243) 9,117 ------------ ------------ ------------ ------------ ------------ Statement of Changes in Equity for the period from 10 August 2006 to 31 March 2007 (unaudited) Note 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 8 1 9,193 - - 9,194 Issue of Redeemable Preference 9 2 21,451 - - 21,453 Shares Formation expenses - (1,213) - - (1,213) Cancellation of share premium 8 - (29,431) 29,431 - - Redemption of Redeemable 9 (1) - (8,580) - (8,581) Preference Shares Net profit/(loss) for the - - 1,136 (42) 1,094 period ------------ ------------ ------------ ------------ ------------ Net assets at 31 March 2007 2 - 21,987 (42) 21,947 ------------ ------------ ------------ ------------ ------------ Statement of Changes in Equity for the period from 10 August 2006 to 30 September 2007 (audited) Note 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 8 1 9,193 - - 9,194 Issue of Redeemable Preference 9 2 21,451 - - 21,453 Shares Formation expenses - (1,086) - - (1,086) Cancellation of share premium 8 - (29,558) 29,558 - - Redemption of Redeemable 9 (1) - (13,085) - (13,086) Preference Shares Net profit/(loss) for the - - 1,342 (2,390) (1,048) period ------------ ------------ ------------ ------------ ------------ Net assets at 30 September 2 - 17,815 (2,390) 15,427 2007 ------------ ------------ ------------ ------------ ------------ Balance Sheet as at 31 March 2008 (unaudited) Note 31 March 2008 31 March 2007 30 September 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Non-current assets Investments at fair value 5 8,184 20,245 14,449 through profit or loss ------------ ------------ ------------ Current assets Cash and cash equivalents 3,441 10,409 5,572 Receivables and prepayments 6 125 100 81 ------------ ------------ ------------ 3,566 10,509 5,653 ------------ ------------ ------------ Total assets 11,750 30,754 20,102 ------------ ------------ ------------ Current liabilities Payables and accruals 7 (2,633) (8,807) (4,675) ------------ ------------ ------------ Total liabilities (2,633) (8,807) (4,675) ------------ ------------ ------------ ------------ ------------ ------------ Net assets 9,117 21,947 15,427 ------------ ------------ ------------ Capital and reserves Share capital - Ordinary 8 1 1 1 Shares Share capital - Redeemable 9 1 1 1 Preference Shares Share premium account 8 - - - Distributable reserve 12,358 21,987 17,815 Non-distributable reserve (3,243) (42) (2,390) ------------ ------------ ------------ Total equity Shareholders' 9,117 21,947 15,427 funds ------------ ------------ ------------ Net asset value per Ordinary 11 35.46p 98.70p 76.79p Share ------------ ------------ ------------ Net asset value per Redeemable 11 100.00p 100.00p 100.00p Preference Share ------------ ------------ ------------ Statement of Cash Flows for the six months ended 31 March 2008 (unaudited) Note Six months 10 August 2006 to 31 10 August 2006 to 30 ended 31 March 2007 September 2007 March 2008 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating activities Dividends received 60 29 71 Bank interest received 62 160 290 Management fees paid (200) (104) (342) Administration fee paid (42) (29) (86) Other expenses paid (74) (116) (318) ------------ ------------ ------------ Net cash outflow from 12 (194) (60) (385) operating activities before taxation Withholding tax on income (3) (2) (4) ------------ ------------ ------------ Net cash outflow from (197) (62) (389) operating activities Investing activities Sale of fair value through 2,570 11,672 15,618 profit or loss investments ------------ ------------ ------------ Net cash inflow from investing 2,570 11,672 15,618 activities Financing activities Proceeds from Placing - 11 11 Formation expenses paid 1 (1,212) (1,087) Redemption of Redeemable 9 (4,505) - (8,581) Preference Shares ------------ ------------ ------------ Net cash outflow from (4,504) (1,201) (9,657) financing activities ------------ ------------ ------------ (Decrease)/increase in cash (2,131) 10,409 5,572 and cash equivalents ------------ ------------ ------------ Cash and cash equivalents at 5,572 - - beginning of period (Decrease)/increase in cash (2,131) 10,409 5,572 and cash equivalents ------------ ------------ ------------ Cash and cash equivalents at 3,441 10,409 5,572 end of period ------------ ------------ ------------ Notes to the Interim Results for the six months ended 31 March 2008 (unaudited) 1. Significant accounting policies a) Statement of compliance These unaudited interim results have been prepared in accordance with International Accounting Standard 34: Interim Financial Reporting ("IAS 34"). These interim results have been prepared in accordance with International Financial Reporting Standards, issued by the International Accounting Standards Board ("IASB"), interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC") and applicable legal and regulatory requirements of Guernsey Law and reflect the following policies, which have been adopted and applied consistently. The Company is a closed-ended investment Company and is domiciled in Guernsey, which is its country of incorporation. b) Basis of preparation The interim results have been prepared on a historical cost basis, except for the measurement at fair value of fair value through profit or loss financial assets. The interim results are presented in Pounds Sterling ("Sterling"), which is also the Company's functional currency, and all figures are rounded to the nearest thousand pounds. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous period. c) Segmental reporting The Directors are of the opinion that the Company is engaged in a single segment of business, being investment in companies traded on AIM, a market operated by the London Stock Exchange. All investments operate in one geographic segment, the United Kingdom, in the sense that they are listed on AIM. d) Income recognition Income derived from equity shares is taken into account on the ex-dividend date and is shown gross of withholding tax. Dividends received from United Kingdom registered companies are accounted for net of imputed tax credits. Bank interest is accounted for on an accruals basis. e) Expenses All expenses are accounted for on an accruals basis. The Company's investment management and administration fees, and all other expenses are charged through the Income Statement in the period in which they are incurred. f) Transaction costs Transaction costs are included within other expenses and are charged through the Income Statement in the period in which they are incurred. g) Taxation The Company has been granted exemption from Guernsey taxation under The Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989 and is charged an annual exemption fee of £600. The Directors intend to conduct the Company's affairs such that it continues to remain eligible for exemption from Guernsey tax. h) Cash and cash equivalents Cash in hand and in banks and short-term deposits are carried at cost. Cash and cash equivalents are defined as cash in hand, demand deposits and short-term, highly liquid investments readily convertible to known amounts of cash and subject to an insignificant risk of changes in value. For the purpose of the Statement of Cash Flows, cash and cash equivalents consist of cash in hand and deposits at banks. i) Investments Designation All investments are designated as "fair value through profit or loss". The portfolio of financial assets is managed and its performance evaluated on a fair value basis, in accordance with a documented investment strategy. Information about the portfolio is provided internally to the Company's Board of Directors. Recognition The Company recognises financial assets held as fair value through profit or loss assets on the date it commits to purchase the instruments. From this date, any gains and losses arising from the changes in fair value of the assets are recognised in the Income Statement. Measurement Fair value through profit or loss assets are initially recognised at fair value, being the fair value of the consideration given excluding transaction costs associated with the investment (note 1(f)). Subsequent to initial recognition, all fair value through profit or loss assets are measured at fair value with changes in value being recognised in the Income Statement. For investments actively traded in organised financial markets, fair value is determined by reference to Stock Exchange quoted market bid prices as at the close of business on the Balance Sheet date. Derecognition A fair value through profit or loss asset is derecognised when the Company loses control over the contractual rights that comprise that asset. This occurs when rights are realised, expire or are surrendered. Realised gains and losses on fair value through profit or loss assets sold are calculated as the difference between the sales proceeds, excluding transaction costs (note 1(f)) and cost. Fair value through profit j) Trade date accounting All "regular way" purchases and sales of financial assets are recognised on the "trade date", i.e. the day that the Company commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of the asset within the time frame generally established by regulation or convention in the market place. k) Distributable reserve and non-distributable reserve Realised investment gains and losses and the gross income less the ongoing costs and expenses of the Company are allocated to the distributable reserve. Unrealised investment gains and losses are allocated to the non-distributable reserve. l) Net asset value per Ordinary Share and earnings per Ordinary Share The net asset value per Ordinary Share disclosed on the face of the Balance Sheet is calculated by dividing the net assets attributable to Ordinary Shareholders by the number of Ordinary Shares in issue at the period end. Earnings per share is calculated by dividing net gain for the period by the weighted average number of Ordinary Shares in issue during the period. m) Foreign currency translations The currency of the primary economic environment in which the Company operates (the functional currency) is Sterling, which is also its presentational currency. Transactions involving currencies other than Sterling are recorded at the exchange rate ruling on the transaction date. At each Balance Sheet date, monetary items and non-monetary assets and liabilities that are fair valued, which are denominated in foreign currencies, are retranslated at the closing rates of exchange. Exchange differences arising on settlement of monetary items, and from retranslating investments and other financial instruments measured at fair value through profit or loss at the Balance Sheet date, and other monetary items are included in the Income Statement and allocated to the distributable or non-distributable reserve as applicable. Unrealised exchange differences on the retranslation of non-monetary items at rates of exchange at the Balance Sheet date are charged through the Income Statement to the non-distributable res n) Share capital Ordinary Shares and Redeemable Preference Shares are classified as equity. Incremental costs directly attributable to the issue of Shares are shown in equity as a deduction from the placing proceeds. o) Post Balance Sheet events Post Balance Sheet events that provide additional information about the Company's position at the Balance Sheet date (adjusting events) are reflected in the interim results. Post Balance Sheet events that are not adjusting events are disclosed in the notes to the interim results when material. 2. Management and Administration fees Collins Stewart Fund Management Limited ("CSFM") acts as Manager and Collins Stewart Europe Limited acts as Investment Adviser. The Manager is entitled to receive from the Company a "basic fee", a "capital return fee" and an "equity appreciation fee". The basic fee is calculated on a fixed amount of 1.0% of the aggregate value at the placing price of the Ordinary Shares and the Redeemable Preference Shares, payable quarterly in arrears. The capital return fee is calculated and payable (at the reducing rates described below) at the specified percentage of (i) 100p in respect of each Redeemable Preference Shares redeemed or purchased and (ii) the lower of 100p and the net amount returned to Ordinary Shareholders per Ordinary Share by the Company by way of purchases of Ordinary Shares and distributions (collectively "Capital Returns"). The capital return fee was at the rate of 1.0% in respect of Capital Returns made in any calendar month up to and including 30 September 2007, and at the rate of 0.5% of Cap In its capacity as Administrator, CSFM is entitled to an annual fee of £85,000 payable monthly in arrears. During the period a total of £203,475 (31 March 2007: £328,632, 30 September 2007: £561,971) was incurred in respect of Management-basic, Management-capital return and Administration fees split into £153,654 (31 March 2007: £179,683, 30 September 2007: £333,337), £7,323 (31 March 2007: £98,900, 30 September 2007: £136,087) and £42,498 (31 March 2007: £50,049, 30 September 2007: £92,547) respectively. A total of £96,040 (31 March 2007: £195,718, 30 September 2007: £134,607) was payable at the period end in respect of Management-basic, Management-capital return and Administration fees split in the amounts of £76,407 (31 March 2007: £75,568, 30 September 2007: £77,247), £12,550 (31 March 2007: £98,900, 30 September 2007: £50,277) and £7,083 (31 March 2007: £21,250, 30 September 2007: £7,083) respectively. Under the terms of the Management and Administration agreements, CSFM are permitted to delega 3. Directors' fees Six months ended 10 August 2006 to 10 August 2006 to 31 March 2008 31 March 2007 30 September 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 William Scott 10 12.8 23 Paul Harwood 7.5 9.6 17 Michael McKean 7.5 9.6 17 Peter Radford 7.5 9.6 17 ------------ ------------ ------------ 32.5 41.6 74 ------------ ------------ ------------ No bonuses or pension contributions were paid or were payable on behalf of the Directors. The Directors have no beneficial interest in the share capital of the Company. 4. Earnings per Ordinary Share The basic return per Ordinary Share is based on a net loss of £3,801,017 (31 March 2007: gain of £1,093,656, 30 September 2007: loss of £1,048,260) and on a weighted average number of 9,193,965 (31 March 2007 and 30 September 2007: 9,193,965) Ordinary Shares in issue throughout the period. 5. Fair value through profit or loss investments Six months ended 10 August 2006 to 10 August 2006 to 31 March 2008 31 March 2007 30 September 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Opening valuation 14,449 - - Investments received at placing - 30,636 30,636 Sales - proceeds (2,622) (11,753) (15,674) - realised (2,790) 1,405 1,877 (loss)/gain on sale of investments Movement in unrealised depreciation (853) (43) (2,390) ------------ ------------ ------------ Closing valuation 8,184 20,245 14,449 ------------ ------------ ------------ Closing book cost 11,427 20,288 16,839 Closing unrealised depreciation (3,243) (43) (2,390) ------------ ------------ ------------ Closing valuation 8,184 20,245 14,449 ------------ ------------ ------------ See note 1(i) regarding the designation, recognition, measurement and derecognition of fair value through profit or loss investments. With the exception of Cartucho Group and CardioMag Imaging, which have been deemed to have a nil value, all investments are quoted securities. The portfolio is managed and its performance evaluated on both a bid and a mid price basis. Information about the portfolio is provided internally to the Company's Board of Directors. 6. Receivables and prepayments 31 March 2008 31 March 2007 30 September 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Accrued income 6 5 10 Funds due from broker 108 81 56 Other receivables and 11 14 15 prepayments ------------ ------------ ------------ 125 100 81 ------------ ------------ ------------ 7. Other payables and accruals 31 March 2008 31 March 2007 30 September 2007 Note (unaudited) (unaudited) (audited) £'000 £'000 £'000 Management fee - basic 2 76 76 77 Management fee - capital 2 13 99 50 return Administration fee 2 7 21 7 Funds due to Redeemable 2,510 8,581 4,505 Preference Shareholders Other payables and accruals 27 30 36 ------------ ------------ ------------ 2,633 8,807 4,675 ------------ ------------ ------------ 8. Ordinary Shares 31 March 2008 31 March 2007 30 September 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Authorised: 60,000,000 Ordinary Shares of 6 6 6 0.01p each ------------ ------------ ------------ Allotted, called-up and fully paid: 9,193,965 Ordinary Shares of 1 1 1 0.01p each ------------ ------------ ------------ The Company has the authority to utilise the distributable reserve to buy back up to 14.99% of the Ordinary Shares issued for cancellation. The share premium reserve was cancelled and redesignated as a distributable reserve on 1 September 2006. 9. Redeemable Preference Shares Six months ended 10 August 2006 to 10 August 2006 to 31 March 2008 (unaudited) 31 March 2007 (audited) 30 September 2007 Due to Redeemable Nominal value Due to Redeemable Nominal value Due to Redeemable Nominal value Preference Preference Preference Shareholders Shareholders Shareholders £'000 £'000 £'000 £'000 £'000 £'000 Brought forward 8,367 0.8 - - - - 21,452,585 Redeemable - - 21,453 2.1 21,453 2.1 Preference Shares issued on 30 August 2006 Redemption on 30 March 2007 - - (8,581) (0.8) (8,581) (0.8) [1] Redemption on 28 September - - - - (4,505) (0.5) 2007 [2] Redemption on 28 March 2008 (2,510) (0.2) - - - - [3] ------------ ------------ ------------ ------------ ------------ ------------ 5,856,589 Redeemable 5,857 0.6 12,872 1.3 8,367 0.8 Preference Shares as at 31 March 2008 ------------ ------------ ------------ ------------ ------------ ------------ [1] On 30 March 2007 and in accordance with the Prospectus, the Company redeemed 8,581,023 Redeemable Preference Shares at 100p each which were subsequently cancelled. [2] On 28 September 2007 and in accordance with the Prospectus, the Company redeemed 4,505,033 Redeemable Preference Shares at 100p each which were subsequently cancelled. [3] On 28 March 2008 and in accordance with the Prospectus, the Company redeemed 2,509,940 Redeemable Preference Shares at 100p each which were subsequently cancelled. 10. Duration of the Company At the Annual General Meeting of the Company to be held in 2011, an ordinary resolution shall be proposed that the Directors be requested to commence the winding up of the Company. If that resolution is passed, the Directors will, within not more than two months, dispatch a notice convening an Extraordinary General Meeting of the Company to be held within fourteen days of the date of the notice at which a special resolution will be proposed for the voluntary winding up of the Company. 11. Net asset value per Ordinary Share The net asset value per Ordinary Share is based on the net assets of £9,116,662 (31 March 2007: £21,946,160, 30 September 2007: £15,426,409) less the amount due to Redeemable Preference Shareholders of £5,856,589 (31 March 2007: £12,871,562, 30 September 2007: £8,366,529) and on 9,193,965 (31 March 2007 and 30 September 2007: 9,193,965) Ordinary Shares in issue at the end of the period. Reconciliation of net asset value in accordance with IAS 39 to published net asset value: 31 March 2008 31 March 2008 £'000 per share Published net asset value 3,227 35.09p Adjustment to the valuation of investments[1] 33 0.37p ------------ ------------ Net asset value per these interim results (in 3,260 35.46p accordance with IAS 39) ------------ ------------ [1] The Investment Adviser recommended the write-down of a small number of investments due to the poor underlying performance of the businesses and a lack of liquidity in the market. These write-downs were approved by the Board, although this is not in accordance with International Financial Reporting Standards. The net asset values based on these write-downs have been announced monthly. 12. Reconciliation of net loss for the period to net cash outflow from operating activities before taxation Six months ended 10 August 2006 to 10 August 2006 to 31 March 2008 31 March 2007 30 September 2007 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Net (loss)/gain for the period (3,801) 1,094 (1,048) Realised loss/(gain) from sale 2,790 (1,405) (1,877) of investments at fair value through profit or loss Movement in unrealised loss on 853 43 2,390 investments at fair value through profit or loss Withholding tax on income 3 2 5 Movement in other receivables 8 (20) (25) and prepayments Movement in other payables and (47) 226 170 accruals ------------ ------------ ------------ Net cash outflow from (194) (60) (385) operating activities ------------ ------------ ------------ 13. Related parties The relationship between the Company and Collins Stewart Fund Management Limited is disclosed in note 2. The Company receives stockbroking services from Collins Stewart Europe Limited, a sister Company of Collins Stewart Fund Management Limited, in respect of its AIM responsibilities, for which a nominated adviser fee of £15,000 (31 March 2007 and 30 September 2007: £15,000) and a nominated broker fee of £15,000 (31 March 2007 and 30 September 2007: £15,000) per annum is paid. During the period, the Company paid Collins Stewart (CI) Limited £3,000 (31 March 2007: £11,000, 30 September 2007: £17,000) in respect of the custodian services provided. Collins Stewart (CI) Limited, Collins Stewart Fund Management Limited and Collins Stewart Europe Limited are all part of the Collins Stewart plc group. The Directors are not aware of any ultimate controlling party. 14. Capital commitments All contracted capital commitments have been provided for. 15. Events after the Balance Sheet date There were no material post Balance Sheet events. Enquiries to: Sean O'Flanagan Collins Stewart Europe Limited 9th Floor 88 Wood Street London EC2V 7QR Tel: 0207 523 4509 www.aimrealisationfund.com This information is provided by RNS The company news service from the London Stock Exchange END IR FLLFLVEBXBBB
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