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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Premier Asset Management Group Plc | LSE:PAM | London | Ordinary Share | GB00BZB2KR63 | ORD 0.02P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 183.50 | 180.00 | 187.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPAM
RNS Number : 0324G
Premier Asset Management Group PLC
24 May 2017
24 May 2017
Premier Asset Management Group PLC
("Premier" or the "Company")
Unaudited Interim Results for the six months ended 31 March 2017
Highlights
-- Assets under management (AUM) increased by 11% to GBP5.5 billion as at 31 March 2017 (H1 FY16: AUM increased by 11% to GBP4.5 billion)
-- Total net inflows of GBP311m in the six months to 31 March 2017 (H1 FY16: GBP422m)
-- Total net inflows of GBP667m for the rolling twelve months to 31 March 2017 (2016: GBP901m)
-- Sixteen consecutive quarters of positive net flows -- Continued strong investment performance net of all fund charges*: o Over five years to 31 March 2017
-- 96% of AUM above median
-- 80% of AUM first quartile
o Over three years to 31 March 2017
-- 95% of AUM above median
-- 63% of AUM first quartile
-- EBITDA** up 32% to GBP6.36m (H1 FY16: GBP4.81m) -- Adjusted profit before tax up 32% to GBP6.25m (H1 FY16: GBP4.72m) -- Profit before tax of GBP4.16m -- Earnings per share of 3.03p
-- First quarterly dividend paid on 3 March 2017 and second quarterly dividend will be paid on 2 June 2017. The Company has adopted a quarterly dividend policy, expecting to pay three smaller, interim dividends, representing approximately half of the estimated total dividend for the full financial year, followed by a larger, final interim dividend.
*Performance figures represent 83% of Premier's total AUM as at 31 March 2017 and exclude absolute return funds, investment trusts and segregated mandates. Median and quartile ranking figures are shown relative to respective Investment Association sectors. Source: FE Analytics, data to 31 March 2017, C share class or equivalent share class, income reinvested. Data shown net of all fund charges.
**Profit before interest, tax, depreciation, amortisation and exceptional items.
"Macro political events continued to dominate the market environment during the past six months. Inevitably, this led to heightened caution amongst retail investors for the majority of the period under review. Whilst this has made the backdrop for fund sales more challenging, there has been some evidence of an improvement in the short term, which is encouraging. We are therefore pleased to report positive net flows across our fund range over the six month period of GBP311m. AUM growth was 11% over the six months ended 31 March 2017 and 22% from the AUM level twelve months ago. During the three months ended 31 March 2017 we also achieved our sixteenth consecutive quarter of positive net flows. We are pleased to note that both our three and five-year performance across our assets under management remains strong, as we continue to focus on delivering good long-term outcomes for our clients, after all fund charges.
Looking forward, the challenges resulting from the UK's decision to leave the European Union are likely to continue to dominate the investment landscape for UK based investors. At the same time, the boost to economies and asset prices that followed central government intervention through quantitative easing seems to be ending. We believe that in this environment, where interest rates are still likely to remain at historic low levels, the value of good, active management will be ever more important. We are confident that our investment teams are well placed to navigate these challenges for our clients.
We continue to believe that our strategy of offering relevant investment products, which are designed to meet the different long--term needs of UK investors, backed by good investment returns, a strong distribution capability and scalable operating platform, positions us well to produce good results for both our clients and our shareholders."
Mike O'Shea
Chief Executive
Chairman's & Chief Executive's review
Overview
Premier Asset Management is an investment-led business, with a focus on delivering good long-term investment outcomes for our clients through active management and after all fund charges. Whilst we know there is a focus on short-term performance, our primary objective is to deliver positive long-term investment outcomes for our clients against each of our fund's investment objectives. This includes producing strong long-term growth, income, growing income, absolute returns and good risk-adjusted performance. As always, this means supporting our fund managers and investment teams and backing their investment approaches during different, and sometimes volatile, market conditions. It also means focusing on the long-term rather than on short-term market or fund price movements.
We are able to demonstrate continued strong performance for our clients after all fund charges. Over five years to 31 March 2017, 96% of our retail fund assets under management were above median and 80% were first quartile in their respective Investment Association sectors. Over three years, 95% of our retail fund assets under management were above median and 63% were first quartile.*
Many of our funds have a clear focus on generating income for investors through regular dividends or interest distributions, and these funds have strong track records of delivering attractive income to investors. They are currently offering attractive yields relative to their peers and their respective markets. Our two absolute return funds, which aim to deliver positive returns over rolling three year periods with significantly less volatility than equity markets, continue to meet their objectives, adding six more rolling three year positive periods out of six during this period.
In the first half of the year our multi-asset funds and multi-asset investment team continued to win more awards, including Investment Week Multi-Manager/Funds of Funds Management Group of the Year, Professional Adviser Best Multi-Asset Group: Flexible Investment, Professional Adviser Best Multi-Asset Fund: Long Term Growth, and RSMR Best Multi-Asset Group.
Our distribution focus is on the UK retail intermediary market. The attraction and success of our multi-asset funds, which includes ten funds covering income, growth, balanced, absolute return, conservative growth and volatility-targeted funds, means we have developed a strong presence in the financial advisory market. We will continue to focus on multi-asset and the financial advisory market, but we are also continuing to develop sales of our equity and absolute return funds through the financial advisory and wealth management market.
Flows and assets under management
Through a combination of relevant investment products, good investment results from our investment team and our strong distribution capability, we are pleased to report a positive first half year following our listing on AIM in October 2016. Net inflows across our fund range over the period were GBP311m (H1 FY16: GBP422m) and our assets under management ended the period at a record high level of GBP5.5 billion (H1 FY16: GBP4.5 billion). AUM growth was 11% over the six months ended 31 March 2017 (H1 FY16: 11%) and 22% from the AUM level twelve months ago (2016: 21%).
Hot Features
Premium
Q3 FY16 Q4 FY16 Q1 FY17 Q2 FY17
GBPm GBPm GBPm GBPm
============= ======== ======== ======== ========
Opening AUM 4,544 4,594 4,999 5,206
============== ======== ======== ======== ========
Sales 566 458 519 522
Redemptions (305) (363) (379) (352)
============= ======== ======== ======== ========
Net flows 261 95 140 170
Closures (130) - - -
Performance (81) 310 67 153
Closing AUM 4,594 4,999 5,206 5,530
============== ======== ======== ======== ========
Financial results
As a result of the increased level of assets under management and continued cost discipline, the Directors are pleased to report that EBITDA for the period rose to GBP6.36m from GBP4.81m for the same period last year; a rise of 32%. Overall, we remain confident on the outlook for the business. We do note that the FCA Market Study into the asset management sector is due to be published before the end of the year and we await its findings with interest.
Unaudited Unaudited Audited Year
Six months Six months to 30 September
to 31 March to 31 March 2016
2017 2016
GBP000 GBP000 GBP000
============================ ============= ============= =================
Reported PBT 4,155 788 2,531
Add back:
Interest payable 37 1,209 2,497
Amortisation of intangible
assets 1,688 2,566 5,131
Exceptional items 371 152 485
============================ ============= ============= =================
Adjusted PBT 6,251 4,715 10,644
Add back:
Depreciation 110 95 239
EBITDA 6,361 4,810 10,883
============================= ============= ============= =================
Following the Company's IPO, all borrowings have been repaid and Premier's net assets have increased to GBP41.8m (H1 FY16: GBP(5.6)m). Net cash from operations has increased to GBP4.4m for the period (H1 FY16: GBP3.5m).
Dividend
When the Company listed on AIM, the Directors announced their intention to adopt a dividend policy that reflected the expectation of future cash flow generation and the long--term earnings potential of Premier. As part of its policy, the Company expects to pay three smaller, interim quarterly dividends, representing approximately half of the estimated total dividend for the full financial year, followed by a larger, final interim dividend.
The Company paid its first interim dividend of 1.25p per share on 3 March 2017. The next interim dividend of 1.25p was announced on 26 April 2017 and will be paid on 2 June 2017.
Key risks
The key risks that the Group's business activities give rise to, and those which the Group will be exposed to in the second half of 2017, are substantially the same as those described in the 2016 annual report. The risks are credit risk, liquidity risk, market price risk and operational risk. These risks, if not managed properly, increase the possibility that the Group will not be able to meet its objectives. Each of these risks and the approach to mitigate the risks are described in detail within the 2016 annual report.
Outlook and summary
Looking forward, the challenges resulting from the UK's decision to leave the EU are likely to continue to dominate the investment landscape for UK based investors. At the same time, the boost to economies and asset prices that followed central government intervention through quantitative easing seems to be ending. We believe that in this environment, where interest rates will likely continue at historic low levels, the value of good active management will be ever more important. We are confident that our investment teams are well placed to navigate these challenges for our clients.
The Company intends to implement a capital reduction process to cancel its share premium account in order to create distributable reserves at the Group level, which would be available to be used primarily for the purpose of paying future dividends and, should the Company determine in the future, any share repurchase programme. The Company will shortly release a further announcement setting out details of the capital reduction. The capital reduction will need the approval of shareholders and the Company will send a notice of general meeting to shareholders accordingly. In addition, the Company is currently engaging with the Takeover Panel regarding the membership of the Concert Party (as defined in the Company's Admission Document) in order to clarify whether, as a result of any future allotment of new shares pursuant to the Company's long-term incentive plan (LTIP), it would be necessary to seek a waiver from the Takeover Panel of the obligation that would otherwise arise on any member of the Concert Party to make a general offer to shareholders pursuant to Rule 9 of the City Code on Takeovers and Mergers.
We continue to believe that our strategy of offering relevant investment products, which are designed to meet the different long--term needs of UK investors, backed by good investment returns, a strong distribution capability and scalable operating platform positions us well to produce good results for both our fund investors and our shareholders.
*Performance figures represent 83% of Premier's total AUM as at 31 March 2017 and exclude absolute return funds, investment trusts and segregated mandates. Median and quartile ranking figures are shown relative to respective Investment Association sectors. Source: FE Analytics, data to 31 March 2017, C share class or equivalent share class, income reinvested. Data shown net of all fund charges.
Interim unaudited condensed consolidated statement of comprehensive income
For the six months ended 31 March 2017
Audited
Unaudited Unaudited Year to
Six months to Six months to 30 September
31 March 2017 31 March 2016 2016
Note GBP000 GBP000 GBP000
=============================================== ===== =============== =============== ==============
Revenue 3 21,795 19,100 39,149
Administrative costs (15,544) (14,385) (28,505)
Amortisation of intangible assets (1,688) (2,566) (5,131)
Exceptional items 4 (371) (152) (485)
=============================================== ===== =============== =============== ==============
Total operating costs (17,603) (17,103) (34,121)
=============================================== ===== =============== =============== ==============
Operating profit 4,192 1,997 5,028
Finance costs (37) (1,209) (2,497)
=============================================== ===== =============== =============== ==============
Profit on ordinary activities before taxation 4,155 788 2,531
Tax expense 5 (1,050) (698) (1,546)
=============================================== ===== =============== =============== ==============
Profit on ordinary activities after taxation 3,105 90 985
Other comprehensive income - - -
=============================================== ===== =============== =============== ==============
Total comprehensive income 3,105 90 985
=============================================== ===== =============== =============== ==============
Basic earnings per share 6 3.03p 6.62p 71.68p
=============================================== ===== =============== =============== ==============
Diluted basic earnings per share 6 3.03p 6.62p 71.68p
=============================================== ===== =============== =============== ==============
All the amounts relate to continuing operations.
Interim unaudited condensed consolidated statement of financial position
As at 31 March 2017
Unaudited Unaudited
31 March 31 March Audited
2017 2016 30 September 2016
Note GBP000 GBP000 GBP000
======================================================== ===== ========== ========== ===================
Assets
Non-current assets
Intangible assets 16,013 20,266 17,701
Goodwill 15,597 15,597 15,597
Property, plant and equipment 862 864 933
Deferred tax asset 1,580 1,802 1,580
======================================================== ===== ========== ========== ===================
Total non-current assets 34,052 38,529 35,811
Current assets
Financial assets at fair value through profit and loss 1,170 995 1,061
Trade and other receivables 60,249 51,601 36,624
Cash and cash equivalents 7 11,007 5,096 10,638
======================================================== ===== ========== ========== ===================
Total current assets 72,426 57,692 48,323
Total assets 106,478 96,221 84,134
======================================================== ===== ========== ========== ===================
Equity
Capital and reserves attributable to equity holders
Share capital 10 21 546 14
Share premium 44,747 25 34
Capital redemption reserve 4,532 - 4,532
Retained earnings (7,495) (6,173) (9,278)
======================================================== ===== ========== ========== ===================
Total equity 41,805 (5,602) (4,698)
======================================================== ===== ========== ========== ===================
Liabilities
Current liabilities
Trade and other payables 62,289 54,045 40,138
Current tax liabilities 2,384 1,389 1,375
Total current liabilities 64,673 55,434 41,513
Non-current liabilities
Borrowings 8 - 42,670 42,670 Deferred consideration - 193 - Provisions and other liabilities 9 - 3,526 4,649 ======================================================== ===== ========== ========== =================== Total non-current liabilities - 46,389 47,319 Total liabilities 64,673 101,823 88,832 ======================================================== ===== ========== ========== =================== Total equity and liabilities 106,478 96,221 84,134 ======================================================== ===== ========== ========== ===================
Interim unaudited condensed consolidated statement of changes in equity
For the six months ended 31 March 2017
Capital
Share Share redemption Retained Total
capital premium reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000
========================== ========= === ========= === ============ === ========== === ========
At 1 October 2016 14 34 4,532 (9,278) (4,698)
Shares issued 7 44,713 - - 44,720
Equity dividends paid - - - (1,322) (1,322)
Profit for the financial
period - - - 3,105 3,105
========================== ========= === ========= === ============ === ========== === ========
At 31 March 2017 21 44,747 4,532 (7,495) 41,805
(Unaudited half year)
========================== ========= === ========= === ============ === ========== === ========
At 1 October 2015 546 13 - (6,263) (5,704)
Shares issued - 12 - - 12
Profit for the financial
period - - - 90 90
========================== ========= === ========= === ============ === ========== === ========
At 31 March 2016 546 25 - (6,173) (5,602)
(Unaudited half year)
========================== ========= === ========= === ============ === ========== === ========
At 1 October 2015 546 13 - (6,263) (5,704)
Shares issued - 21 - - 21
Capital redemption (532) - 4,532 (4,000) -
Profit for the financial
year - - - 985 985
========================== ========= === ========= === ============ === ========== === ========
At 30 September 2016 14 34 4,532 (9,278) (4,698)
(Audited)
========================== ========= === ========= === ============ === ========== === ========
Interim unaudited condensed consolidated statement of cash flow
For the six months ended 31 March 2017
Audited
Unaudited Unaudited Year to
Six months to 31 March Six months to 31 March 30 September
2017 2016 2016
Note GBP000 GBP000 GBP000
===================================== ===== ======================== ======================== ==============
Cash flows from operating activities
Profit for the period 3,105 90 985
Adjustments for:
Financial expense 37 1,209 2,497
Taxation 5 1,050 698 1,546
Depreciation 110 95 239
Loss/(profit) on sale of property,
plant and equipment - 1 1
Gain on sale of financial assets at
fair value through profit and loss (32) (12) (12)
Gain on revaluation of current asset
investments (16) - (46)
Amortisation 1,688 2,566 5,131
Changes in working capital:
Decrease/(increase) in trade and
other receivables (23,625) (11,313) 2,088
(Decrease)/increase in trade and
other payables 22,151 10,425 (673)
(Decrease)/increase in provisions - - (530)
===================================== ===== ======================== ======================== ==============
Cash generated from operations 4,468 3,759 11,226
Interest paid - (40) (42)
Tax paid (41) (220) (867)
===================================== ===== ======================== ======================== ==============
Net cash from operating activities 4,427 3,499 10,317
Cash flows from investing activities
Acquisition of other intangible
assets - (225) (1,275)
Acquisition of assets at fair value
through profit and loss (651) (521) (543)
Proceeds from disposal of assets at
fair value through profit and loss 590 89 89
Acquisitions of property, plant and
equipment (39) (1) (214)
Net cash from investing activities (100) (658) (1,943)
Cash flows from financing activities
Repayment of borrowings (42,670) (6,250) (6,250)
Interest paid on borrowings (4,686) (359) (359)
Dividends paid to shareholders (1,322) - -
Proceeds from the issue of share
capital 44,720 12 21
===================================== ===== ======================== ======================== ==============
Net cash from financing activities (3,958) (6,597) (6,588)
Net increase/(decrease) is cash and
cash equivalents 369 (3,756) 1,786
===================================== ===== ======================== ======================== ==============
Cash and cash equivalents at the
beginning of the period 10,638 8,852 8,852
===================================== ===== ======================== ======================== ==============
Cash and cash equivalents at the end
of the period 11,007 5,096 10,638
===================================== ===== ======================== ======================== ==============
Notes to the condensed consolidated interim financial statements
At 31 March 2017
1. Basis of accounting a) General information
Premier Asset Management Group PLC ("the Group") is the parent company of a group of companies which provide a range of investment management services in the United Kingdom and Channel Islands.
The Group's 2016 Annual Report is prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, and is available on the Premier Asset Management Group PLC website (www.premierfunds.co.uk).
b) Basis of Accounting
These condensed and consolidated interim financial statements do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. Unless otherwise stated, they have been prepared on the basis of the accounting policies as set out in the Group's Annual Report for the year ended 30 September 2016.
The interim report has been prepared in accordance with IAS 34 'Interim Financial Reporting' and the Listing Rules of the Financial Conduct Authority.
The Group has sufficient financial resources and contracts with a number of customers and suppliers such that the Directors believe that the Group is well placed to manage its business risks successfully despite the continued uncertain economic outlook.
After making enquiries, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the interim report.
These unaudited financial statements were approved and authorised for issue by the Board of Directors on 23 May 2017.
The comparative figures for the financial year ended 30 September 2016 are not the Company's statutory accounts for the financial year.
The full year accounts to 30 September 2016 were approved by the Board of Directors on 8 December 2016 and have been delivered to the Registrar of Companies. The report of the Auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under Section 498 of the Companies Act 2006. The figures for the six months ended 31 March 2017 and the six months ended 31 March 2016 have not been audited.
The consolidated financial statements are presented in Sterling and all values are rounded to the nearest thousand pounds (GBP000) except when otherwise indicated.
c) Forward looking statements
These condensed consolidated interim financial statements which are made by the Directors in good faith based on information available to them at the time of their approval of the accounts. Forward looking statements should be treated with caution due to the inherent uncertainties, including economic, regulatory and business risk factors underlying any such statement. We undertake no obligation to update any forward looking statement whether as a result of new information, future events or otherwise. The condensed consolidated interim financial statements have been prepared to provide information to the Group's shareholders and should not be relied upon by any other party or for any other purpose.
2. Accounting policies 2.1 Basis of preparation
The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities measured at fair value through profit or loss. Costs are expensed as incurred.
3. Revenue
Revenue recognised in the statement of comprehensive income is analysed as follows:
Unaudited Unaudited Audited
Six months to Six months to Year to
31 March 31 March 30 September
2017 2016 2016
GBP000 GBP000 GBP000
================= =============== =============== ==============
Management fees 21,731 18,992 38,957
Commissions 34 41 70
Other income 30 67 122
=================== =============== =============== ==============
Total revenue 21,795 19,100 39,149
=================== =============== =============== ==============
All revenue is derived from the United Kingdom and Channel Islands.
4. Exceptional items
Exceptional items are significant items of income and expense that have been presented separately by virtue of their nature to enable a better understanding of the Group's financial performance.
Recognised in arriving at operating profit from continuing operations:
Unaudited Unaudited Audited
Six months to Six months to Year to
31 March 31 March 30 September
2017 2016 2016
GBP000 GBP000 GBP000
============================================ =============== =============== ==============
Staff redundancy costs 40 121 121
Fund rationalisation, closures and mergers - 17 17
Irrecoverable VAT - - 333
Listing on AIM 331
Capital reduction - 14 14
============================================== =============== =============== ==============
Total exceptional items 371 152 485
============================================== =============== =============== ==============
Staff redundancy costs are in relation to the rationalisation and restructuring of various departments and functions. Fund rationalisation, closure and merger costs are in relation to funds which were merged or closed in 2016 and 2015. Irrecoverable VAT represents input tax that was payable following the outcome of discussions with HMRC regarding the operation of an agreed partial exemption special method. Listing on AIM represents costs associated with the admission to trading on the Alternative Investment Market.
5. Income taxes
Tax charged in the statement of comprehensive income
Unaudited Unaudited Audited
Six months to Six months to Year to
31 March 31 March 30 September
2017 2016 2016
GBP000 GBP000 GBP000
====================================================== =============== =============== ==============
Current income tax:
UK corporation tax 1,050 665 1,291
======================================================== =============== =============== ==============
Current income tax charge 1,050 665 1,291
======================================================== =============== =============== ==============
Adjustments in respect of prior periods - 33 33
======================================================== =============== =============== ==============
Total current income tax 1,050 698 1,324
======================================================== =============== =============== ==============
Deferred tax - - 222
======================================================== =============== =============== ==============
Tax expense in the statement of comprehensive income 1,050 698 1,546
======================================================== =============== =============== ==============
6. Earnings per share
Reported earnings per share has been calculated as follows:
The calculation of basic earnings per share is based on profit after taxation for the period and the weighted average number of ordinary shares in issue for each period.
Unaudited Unaudited Audited
Six months to Six months to Year to
31 March 31 March 30 September
2017 2016 2016
GBP000 GBP000 GBP000
===================================================== =============== =============== ==============
Basic:
Profit attributable to equity holders of the Group 3,105 90 985
Weighted average number of ordinary shares in issue 102,359,460 1,365,776 1,374,851
======================================================= =============== =============== ==============
Basic earnings per share 3.03p 6.62p 71.68p
======================================================= =============== =============== ==============
It should be noted that as a result of the IPO in October 2016, the total number of shares in issue increased significantly and as such the pre and post IPO earnings per share figures are not comparable.
Unaudited Unaudited Audited
Six months to Six months to Year to
31 March 31 March 30 September
2017 2016 2016
GBP000 GBP000 GBP000
===================================================== =============== =============== ==============
Diluted:
Profit attributable to equity holders of the Group 3,105 90 985
Weighted average number of ordinary shares in issue 102,359,460 1,365,776 1,374,851
======================================================= =============== =============== ==============
Diluted earnings per share 3.03p 6.62p 71.68p
======================================================= =============== =============== ==============
7. Cash and cash equivalents
Unaudited Unaudited Audited
Six months to Six months to Year to
31 March 31 March 30 September
2017 2016 2016
GBP000 GBP000 GBP000
================================= =============== =============== ==============
Cash at bank and in hand 11,007 5,096 10,638
=================================== =============== =============== ==============
Total cash and cash equivalents 11,007 5,096 10,638
=================================== =============== =============== ==============
8. Borrowings
Unaudited Unaudited Audited
Six months to Six months to Year to
31 March 31 March 30 September
2017 2016 2016
GBP000 GBP000 GBP000
================================ ================ =============== ==============
Preference shares of GBP1 each - 42,670 42,670
Total borrowings - 42,670 42,670
================================== ================= =============== ==============
Preference shares
On 7 October 2016 the Company redeemed the 13,500,000 8% preference shares and 29,170,000 4% preference shares, and paid accrued interest of GBP2,252,429 and GBP2,433,449 respectively.
9. Provisions and other liabilities
Analysis of total provisions and other liabilities:
Unaudited Unaudited Audited
Six months to Six months to Year to
31 March 31 March 30 September
2017 2016 2016
GBP000 GBP000 GBP000
======================================== ================ =============== ==============
Interest on preference shares - 3,526 4,649
Total provisions and other liabilities - 3,526 4,649
========================================== ================= =============== ==============
Interest on preference shares
The accrued interest relates to the Preference shares (note 8).
10. Share capital
Unaudited Unaudited Audited
Six months to Six months to Year to
31 March 31 March 30 September
2017 2016 2016
Authorised
Ordinary shares 105,801,310 1,375,302 1,398,513
=================================== =============== =============== ==============
Allotted, issued and fully paid
Ordinary shares 105,801,310 1,375,302 1,398,513
=================================== =============== =============== ==============
On 23 September 2016, and in accordance with rule 2 of the AIM rules, the Company issued an announcement to the London Stock Exchange giving notice of its intention to apply for admission of its shares onto the Alternative Investment Market ("AIM"). In preparation for the proposed listing of its shares, the company applied to, and received consent from, Companies House to re-register from a private company to a public company with effect from 29 September 2016.
The Company then issued on 4 October 2016 an announcement to the London Stock Exchange giving notice of its proposed admission to trading on AIM and announced its initial public offering by way of a placing of 35,875,660 new and 12,381,916 existing ordinary shares of 0.02 pence each at a price of 132 pence per share, raising gross proceeds of GBP63.7 million.
On 7 October 2016 the Company subdivided its ordinary share capital, with each ordinary share of 1 pence each being replaced by 50 ordinary shares of 0.02 pence each. The effect of this subdivision was to replace the 1,398,513 ordinary shares of 1 pence each with 69,925,650 new ordinary shares of 0.02 pence each.
On 7 October 2016 the Company's shares were admitted to trading on AIM and 35,875,660 ordinary shares of 0.02 pence each were allotted at a price of 132 pence per share, increasing the number of issued ordinary share capital to 105,801,310 shares. The gross proceeds of the allotment, which amounted to GBP47,355,871 were used on 7 October 2016 firstly, to redeem the 13,500,000 8% preference shares and pay accrued interest thereon of GBP2,252,429 and secondly, to redeem the 29,170,000 4% preference shares and pay accrued interest thereon of GBP2,433,449.
11. Segment reporting
The Group operates a single business segment of asset management for reporting and control purposes.
IFRS 8 Operating Segments requires disclosures to reflect the information which Group management uses for evaluating performance and the allocation of resources. The Group is managed as a single asset management business and as such, there are no additional operating segments to disclose.
Under IFRS 8, the Group is also required to make disclosures by geographical segments. As Group operations are solely in the UK and Channel Islands, there are no additional geographical segments to disclose.
Enquiries:
Premier Asset Management Tel: 01483 306090
Group PLC Mike O'Shea
--------------------------- -------------------
Stifel Nicolaus Europe Ltd Tel: 020 7710 7600
trading as KBW Gareth Hunt
(Nomad and Joint Broker) Stewart Wallace
--------------------------- -------------------
Numis Securities Limited Tel: 020 7260 1000
(Joint broker) Andrew Holloway
Charles Farquhar
--------------------------- -------------------
Smithfield Consultants Tel: 020 3047 2533
(Financial PR) John Kiely
Andrew Wilde
--------------------------- -------------------
Note to editors
About Premier
Premier is a fast-growing UK retail asset management group with a focus on delivering good investment outcomes for investors through relevant products and active management across its range of investment strategies, which include multi-asset, equity and absolute return funds. Premier had GBP5.5 billion of assets under management as at 31 March 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DMGZKNFMGNZM
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