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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Thai Dev.Cap. | LSE:THD | London | Ordinary Share | KYG8775F1138 | ORD US$0.10 |
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 |
RNS Number:6215C Thai Development Capital Fund Ld 17 October 2002 The THAI DEVELOPMENT CAPITAL FUND LIMITED 3rd Floor, 36c Bermuda Tower, Dr. Roy's Drive, George Town, Grand Cayman, British West Indies Announcement of Results for the 16 month Period ending 31st July 2002 The directors of the Thai Development Capital Fund Limited announce the results of the company for the sixteen month period to, and as at, 31st July 2002. The Net Asset Value was US$0.319 million, or US$0.18 cents per share. The loss over the period was US$0.273 million, or US$0.17 per share, largely as a result of provisions that were made against the expected realisation value of the investments in the portfolio. Exits from three investments at prices in excess of their carrying values were made during the period. At 31st July 2002, the company's assets comprised the following: Net cash and liquid assets US$0.219m Investments, net of provisions US$0.100m Total net assets US$0.319m Issued, paid up shares 1,754,500 Net Assets per share US$0.18 The company's remaining investments continue to be liquidated under the control of the directors, and capital thus released will be returned to shareholders. Directors' Review There has been success in divesting the portfolio over the 16 months period to 31st July 2002. Only three investments remain to be disposed of which the directors believe have realistic prospects of achieving a return to shareholders. One of these is a company in which only a loan remains outstanding, and this is being repaid. The residual companies in the portfolio have continued to make progress in a difficult economic environment, and the directors are cautiously optimistic that exits will be achieved, even if this might take some time. As ever, the timing and amounts recovered from disposals of the remaining unlisted investments, including the amount, if any, that might be gained from the non-performing investments, is difficult to predict. The realisations achieved over the period enabled a further distribution of shareholders' original capital of US$ 0.50 per share to be made, which was paid on 28th June 2002. The Directors have worked hard to ensure that the current arrangements provide for the lowest-cost means of disposing of the company's few remaining investments at fair value. Financial information will continue to be provided to shareholders using information provided from accounting records maintained by Bank of Bermuda who will continue to administer the company's affairs. Compliance with Cayman Island law will be maintained. Further returns of capital will be made as and when amounts have been realised from the remaining investment portfolio. Christopher S. Forbes D. Graham Lean Paul H. Smith 17th October 2002 Investment Portfolio at 31st July 2002 Type of Value % of Unlisted Shares Investment Holding US$ Net Assets Economic Management Ltd. Con. Loan 500,000 0 0.00 Hideaway Group International Ltd Con. Loan 976,000 0 0.00 Thai Universal Office Products Con. Loan 175,000 100,000 31.36 TOTAL INVESTMENTS 100,000 31.36 Securities at cost or market value 100,000 31.36 Cash and cash equivalents 337,000 103.85 Accrued expenses 118,000 (37.01) 319,000 100.00 Net Asset Value per share $0.18 STATEMENT OF TOTAL RETURN For the period ended 31st July 2002 16 months to 12 months to 31 July 2002 31 March 2001 Total Total CHANGES ON INVESTMENTS ($'000) Provisions on investments plus exchange differences (187) (685) INCOME ($'000) Dividend, Interest and other income 64 205 LESS EXPENSES ($'000) (150) (237) (LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION ($'000) (273) (719) (LOSS) PER ORDINARY SHARE (US$) (0.18) (0.40) BALANCE SHEET as at 31 July 2002 31 July 2002 31 March 2001 ASSETS ($'000) Investments 100 1,297 Cash and cash equivalents 33 292 ------- ------- 437 1,589 LIABILITIES ($'000) Accrued expenses and provisions (118) (124) ------- ------- 319 1,465 CAPITAL & RESERVES ($'000) Share Capital 175 175 Share Premium 7,369 8,246 Reserves (7,225) (6,956) ------- ------- SHAREHOLDERS FUNDS ($'000) 319 1,465 ======== ======= NET ASSET VALUE PER ORDINARY SHARE $0.18 $0.84 NOTES 1. The results for the period ended 31 March 2001 are abridged and are taken from the audited accounts for that year which were distributed to shareholders in December 2001. The results for the period ended 31 July 2002 are abridged and are taken from the audited accounts that are currently being distributed to shareholders. 2. The net asset value per ordinary share and the return/loss per share are calculated based on 1,754,500 shares in issue at each period end and throughout each period. 3. No dividends were declared out of earnings during the period. A further distribution of US$0.50 of shareholders' original capital was made on 28th June 2002. 4. Copies of the report and accounts are available for inspection at the company's registered address and at the registration agent, Bermuda International Securities (UK) Ltd., at Austin Friars House, 2-6 Austin Friars, London E2N 2HE, United Kingdom. COMPANY INFORMATION Directors Christopher S. Forbes D. Graham Lean Paul H. Smith Secretary and Registered Office Bermuda Trust (Cayman) Limited 3rd Floor, 36c Bermuda House, Dr. Roy's Drive, George Town, Grand Cayman British West Indies Administrator and Share Registrar Bank of Bermuda (Cayman) Limited 3rd Floor, 36c Bermuda House, Dr. Roy's Drive, George Town, Grand Cayman British West Indies Share Registrar in the United Kingdom Bermuda International Securities (UK) Limited Austin Friars House 2-6 Austin Friars London EC2N 2HE United Kingdom Auditors KPMG, Chartered Accountants 8th Floor, Princes Building, Central Hong Kong This information is provided by RNS The company news service from the London Stock Exchange END FR UBAURUVRRAAA
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