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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Asia Capital | LSE:ASI | London | Ordinary Share | GB00B0742X18 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Preliminary announcement of final results to 31st August 2002
Chairman's Statement 2002
I hereby present the Annual Results for The Asian Technology Trust PLC for the
year ended 31st August 2002. At that date your Company's net assets per
ordinary share were 30.5 cents, a decline of 1.6% over the last twelve months.
This compares to a drop of 13.9% in the CSFB Asian Technology Index and a rise
of 6.8% in the Morgan Stanley Capital International AC Far East Free ex-Japan
Index.
As I am sure you are aware, the period has been an exceptionally difficult one
for stock markets globally. The Manager's Review, in the Report & Accounts,
gives full details regarding the performance of the Asian technology sector
during the year.
At last year's Annual General Meeting shareholders approved a resolution that,
if the Company's net assets totalled US$30 million or less as at 31 October
2002, then the Company would be wound up at a general meeting of the
shareholders to be held no later than 31 January 2003. As at 31 October 2002
the Company's net assets totalled US$18.3 million and therefore on 11 December
2002 (immediately after the Company's Annual General Meeting) an Extraordinary
General Meeting of shareholders will be held for the purpose of placing the
Company into liquidation. A circular convening the necessary meeting will be
sent to shareholders with the Report & Accounts.
I would like to take this opportunity to thank my fellow Directors and the
Managers for their efforts during the life of the Company.
Statement of Total Return
(incorporating the Revenue Account*)
for the year ended 31 August 2002
Year to 31st August 2002 Year to 31st August 2001
Revenue Capital Total Revenue Capital Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Gains/(losses) on - 73 73 - (23,132) (23,132)
Investments
Realised gain on lapse - 3,197 3,197 - - -
of warrants
Currency losses - (7) (7) - (59) (59)
Income 347 - 347 278 - 278
Investment management (86) (200) (286) (113) (264) (377)
fee and performance fee
Other administrative (329) - (329) (354) - (354)
expenses
Return before finance (68) 3,063 2,995 (189) (23,455) (23,644)
costs and taxation
Interest payable (36) (84) (120) (96) (223) (319)
Return on ordinary (104) 2,979 2,875 (285) (23,678) (23,963)
activities before
taxation
Taxation on ordinary (66) 14 (52) (55) 28 (27)
activities
Return on ordinary (170) 2,993 2,823 (340) (23,650) (23,990)
activities after
taxation
Dividends on Ordinary - - - - - -
shares
(170) 2,993 2,823 (340) (23,650) (23,990)
Return per Ordinary (0.26) 4.52 4.26 (0.51) (35.74) (36.25)
share - cents
Return per Ordinary (0.26) (0.31) (0.57) N/A N/A N/A
share excluding gain on
lapse of warrants -
cents
* The revenue column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above Statement derive from continuing
operations.
Balance Sheet
as at 31st August 2002
31st August 2002 31st August
2001
US$'000 US$'000
Fixed assets
Investments 24,415 23,494
Current assets
Debtors 48 51
Cash at bank 137 1,051
185 1,102
Creditors
Amounts falling due within one (4,415) (4,037)
year
Net current liabilities (4,230) (2,935)
Net assets 20,185 20,559
Capital and reserves
Called up share capital 6,636 6,636
Special reserve 33,251 33,251
Warrant reserve - 3,197
Capital redemption reserve 25,584 25,584
Capital reserve - realised (38,843) (32,816)
Capital reserve - unrealised (6,440) (15,460)
Revenue reserve (3) 167
Total shareholders' funds 20,185 20,559
31st 31st 31st 31st August
August August August
2001
2002 2001 2002
share
US$'000 US$'000 Per
Net asset value - Equity 20,166 20,541 30.5c 31.0c
shareholders:
Ordinary shares
Net asset value - Non-equity 19 18 N/A N/A
shareholders:
Preference shares
20,185 20,559
Cash Flow Statement
for the year ended 31st August 2002
Year to Year to
31st August 2002 31st August 2001
US$'000 US$'000 US$'000 US$'000
Net cash outflow from operating (480) (603)
activities
Return on investments and
servicing of finance
Interest paid (123) (340)
Taxation
UK tax recovered - 70
Overseas tax paid (26) -
(26) 70
Capital expenditure and financial
investment
Purchases of investments (19,206) (13,512)
Sales of investments 17,928 18,042
(1,278) 4,530
Net cash (outflow)/inflow before (1,907) 3,657
liquid resources and financing
Management of liquid resources
Cash drawn down/(repaid) under 1,000 (4,700)
loan facility
Decrease in cash during the year (907) (1,043)
Reconciliation of net cash flow
to movement in net debt
Decrease in cash as above (907) (1,043)
(Increase)/decrease in bank loan (1,000) 4,700
Exchange movements (7) (59)
Movement in net debt (1,914) 3,598
Net debt at start of year (2,249) (5,847)
Net debt at end of year (4,163) (2,249)
The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 31st August
2001. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.
The present expectation of the directors is that the Company is unlikely to
continue in operational existence beyond 11th December 2002. However, in the
opinion of the directors the adjustments necessary to reflect a "break up"
basis are not material to the net assets of the Company at 31st August 2002.
Accordingly, for the purpose of preparing these accounts, the going concern
basis continues to be used.
For further information please contact:
Heather Williams
Investec Investment Management Limited 020 7597 2000
END
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