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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
F&C Priv. Res | LSE:FPER | London | Ordinary Share | GB0030738164 | RESTRICTED VTG SHS 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.255 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Transfer to other reserve - - 558 (558) - ------------------------------- -------------- --------------- ----------- ---------------- ----------- Net liabilities at 31 December 2011 50 5,954 (1,719) (5,948) (1,663) ------------------------------- -------------- --------------- ----------- ---------------- -----------
F&C Private Equity Zeros plc
Cash Flow Statement
Six months Six months Year ended ended 30 June ended 30 June 31 December 2012 2011 2011 (unaudited) (unaudited) (audited) (restated) GBP'000 GBP'000 GBP'000 -------------------------------------- --------------- --------------- ------------- Cash flows from operating activities Loss before taxation (1,345) (1,201) (2,487) Non-cash adjustment to reconcile loss before taxation to net cash flow: Interest on subordinated unsecured loan note (282) (275) (558) Working capital adjustment: Change in inter-company receivable 1,628 1,477 3,048 subordinated unsecured loan note Increase in other receivables (1) - - -------------------------------------- --------------- --------------- ------------- Net cash inflow from operating activities/increase in cash and cash equivalents - 1 3 Cash and cash equivalents at beginning of period 5 2 2 -------------------------------------- --------------- --------------- ------------- Cash and cash equivalents at end of period 5 3 5 -------------------------------------- --------------- --------------- -------------
Principal Risks and Uncertainties
The Directors believe that the principal risks and uncertainties faced by the Company include final capital entitlement; liquid market for ZDP shares; macroeconomic and investment risks; and government policy and regulation risk. These risks and the way in which they are managed are described in more detail under the heading Principal Risks and Uncertainties and Risk Management within the Business Review in the Company's Annual Report for the year ended 31 December 2011. The Company's principal risks and uncertainties have not changed materially since the date of that report and are not expected to change materially for the remaining six months of the Company's financial year.
Statement of Directors' Responsibilities in Respect of the Half Year Report
We confirm that to the best of our knowledge:
-- The condensed set of financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' and give a true and fair view of the assets, liabilities, financial position and profit of the Company;
-- The Chairman's Statement (constituting the Interim Management Report) includes a fair review of the information required by the Disclosure and Transparency Rules ('DTR') 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year and their impact on the financial statements;
-- The Statement of Principal Risks and Uncertainties shown above is a fair review of the information required by DTR 4.2.7R;and
-- The condensed set of financial statements includes a fair review of the information required by DTR 4.2.8R, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the Company during the period, and any changes in the related party transactions described in the last Annual Report that could do so.
On behalf of the Board
Mark Tennant
Chairman
Notes (unaudited)
1. The unaudited half-year results have been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2011 and in accordance with International Accounting Standard ('IAS') 34.
2. Earnings for the six months to 30 June 2012 should not be taken as a guide to the results for the year to 31 December 2012.
3. Prior Year Restatement
The parent company issued to the Company a non interest bearing subordinated unsecured loan note 2014 equal to the net proceeds of the ZDP Shares issued which were lent by the Company to its parent company under an agreement dated 1 December 2009. The loan is non interest bearing. However, IAS 39 requires that the fair value of the loan be calculated and the difference to the amount received treated as interest over the life of loan. The figures for the six month period ended 30 June 2011 have been restated to reflect the deemed interest received on the loan to the parent of GBP275,000. An amount of GBP558,000 was recognised in respect of the deemed interest in the audited accounts for the year ended 31 December 2011 and an amount of GBP282,000 has been recognised for the period ended 30 June 2012.
In addition, the parent company also entered into a subsidiary capital contribution agreement whereby the parent company will undertake to contribute such funds to the Company as will ensure that the Company has, after repayment of the loan note by the parent company, sufficient assets to satisfy the final capital entitlement of the ZDP Shares. The contribution from the parent company of GBP1,477,000 for the six month period ended 30 June 2011 should have been recorded directly in equity and not as income in the statement of comprehensive income. The figures for that period have been restated to reflect this error.
The Company's audited accounts for the year ended 31 December 2011 include a prior year restatement note in respect of the period ended 31 December 2010.
The effect of the restatement is summarised below:
Six months As at ended 30 June 30 June 2011 2011 GBP'000 GBP'000 ---------------------------------- -------------- ---------- Decrease in carrying value of Subordinated Unsecured Loan Note - (2,002) Decrease in income (1,202) - Increase in loss after taxation (1,202) ---------------------------------- -------------- Movement in reserves Increase in retained losses - (4,383) Increase in capital contribution reserve - 4,383 Decrease in other reserve - (2,002) 4. Finance costs Six months Six months Year ended ended 30 ended 30 31 December June 2012 June 2011 2011 GBP'000 GBP'000 GBP'000 -------------------- ----------- ----------- ---------------- ZDP Share interest costs 1,522 1,392 2,867 Amortisation of issue expenses 106 85 181 -------------------- ----------- ----------- ---------------- 1,628 1,477 3,048 -------------------- ----------- ----------- ---------------- 5. Loss per Ordinary Share
The calculation of loss per Ordinary Share is based on a loss after tax for the period of GBP1,345,000 (period ended 30 June 2011: GBP1,201,000; year ended 31 December 2011: GBP2,487,000) and a weighted average number of 50,000 Ordinary Shares in issue during the period (period ended 30 June 2011: 50,000; year ended 31 December 2011: 50,000). The basic and diluted earnings per Ordinary Share are the same.
6. Zero Dividend Preference Shares Number of ZDP Shares Amount due to ZDP shareholders GBP'000 -------------------------- --------------------- ------------------------------- As at 31 December 2011 30,000,000 34,822 ZDP Shares finance costs - 1,628 -------------------------- --------------------- ------------------------------- As at 30 June 2012 30,000,000 36,450 -------------------------- --------------------- -------------------------------
On 14 December 2009 the Company issued 30,000,000 ZDP Shares at GBP1 each. These shares redeem on 15 December 2014 at a price of 152.14 pence per share giving a redemption yield of 8.75 per cent per annum.
7. Net (liabilities)/asset value per Ordinary Share
The net liabilities per Ordinary Share are based on net liabilities of GBP1,380,000 (30 June 2011: GBP1,948,000; 31 December 2011: GBP1,663,000) and on 50,000 Ordinary Shares (30 June 2011: 50,000; 31 December 2011: 50,000), being the number of Ordinary Shares in issue at the period end.
The net asset value per ZDP Share is based on the entitlement due of GBP36,450,000 (30 June 2011: GBP33,251,000; 31 December 2011: GBP34,822,000) at the period end and on 30,000,000 (30 June 2011: 30,000,000; 31 December 2011: 30,000,000) ZDP Shares, being the number of ZDP Shares in issue at the period end.
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