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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Antares Pharma, Inc. | AMEX:AIS | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:4980T Alternative Invest. Strategies Ld 19 December 2003 ALTERNATIVE INVESTMENT STRATEGIES LIMITED PRELIMINARY ANNOUNCEMENT OF THE FINAL RESULTS The Directors announce the unaudited final results for the year ended 31 October 2003 as follows:- The financial information set out in this announcement does not constitute the Company's statutory accounts for the year ended 31 October 2003. These accounts for the year ended 31 October 2003 are unaudited and will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the UK Listing Authority and the Channel Islands Stock Exchange following approval. The financial information is prepared on the same basis as set out in the previous year's annual accounts. SUMMARISED STATEMENT OF TOTAL RETURN (incorporating the revenue account) 1 November 2002 to 31 October 2003 Revenue Capital Total $ 000 $ 000 $ 000 Gains on investments - 13,087 13,087 Income 238 - 238 Management (including (1,364) (416) (1,780) Investment Management) fee Other expenses (434) - (434) Net return before finance costs (1,560) 12,671 11,111 Interest payable (260) - (260) (Deficit)/return on ordinary activities for the period (1,820) 12,671 10,851 Transfer from/(to) reserves 1,820 (12,671) (10,851) (Deficit)/return per share $(0.026) $0.183 $0.157 1 November 2001 to 31 October 2002 Revenue Capital Total $ 000 $ 000 $ 000 Gains on investments - 6,369 6,369 Income 342 - 342 Management (including Investment Management) fee (1,379) (390) (1,769) Other expenses (332) - (332) Net return before finance costs (1,369) 5,979 4,610 Interest payable (324) - (324) (Deficit)/return on ordinary activities for the period (1,693) 5,979 4,286 Transfer from/(to) reserves 1,693 (5,979) (4,286) (Deficit)/return per share $(0.024) $0.083 $0.059 SUMMARISED BALANCE SHEET As at As at 31 October 31 October 2003 2002 $ 000 $ 000 Investments 128,449 127,789 Current assets 8,286 3,209 Creditors - amounts falling due within one year (9,477) (9,614) Net current liabilities (1,191) (6,405) Total assets less current liabilities 127,258 121,384 Net assets attributable to ordinary shareholders 127,258 121,384 Capital and reserves Called up share capital 68 70 Share premium account 73,621 78,598 Capital reserve - realised 34,293 22,278 Capital reserve - unrealised 27,276 26,620 Revenue reserve (8,290) (6,470) Capital redemption reserve 290 288 127,258 121,384 Net asset value per ordinary share $1.881 $1.721 SUMMARISED CASH FLOW STATEMENT 1 November 2002 1 November 2001 to to 31 October 2002 31 October 2003 $ 000 $ 000 Net cash flow from operating activities (2,209) (1,691) Servicing of finance - interest paid (260) (324) Capital expenditure and financial investment 12,427 9,331 Cash flow before use of liquid resources and financing 9,958 7,316 Financing - loan (repaid) - (2,500) - (redemption) (4,977) (3,114) Cash flow from use of financing (4,977) (5,614) Movement in net cash 4,981 1,702 Reconciliation of net revenue return to net cash flow from operating activities Net revenue return before finance costs (1,560) (1,369) Management fee charged to the capital account (416) (390) Movement in accrued income 3 (3) Movement in other debtors (99) (25) Movement in other creditors and accruals (137) 96 Net cash flow from operating activities (2,209) (1,691) Analysis of changes in net debt As at As at 1 November 31 October 2002 Cash Flow 2003 $ 000 $ 000 $ 000 Cash at bank 3,102 4,981 8,083 Bank loan (9,000) - (9,000) (5,898) 4,981 (917) ALTERNATIVE INVESTMENT STRATEGIES LIMITED CHAIRMAN'S ANNUAL STATEMENT I am pleased to present shareholders with the seventh Annual Report of Alternative Investment Strategies Limited for the year to 31 October 2003. During the course of the Company's financial year, global equity markets began to recover from three years of turmoil. Despite maintaining a very cautious attitude towards this recovery, the Company's net asset value per share (NAV) grew for the seventh consecutive year, rising from USD1.721 to USD1.881. This represents an increase of 9.30%, whilst over the same period the Company's benchmark, the MSCI World Net Index rose 23.7%. This underperformance may, on the face of it, appear disappointing, it should be viewed in the context of the last three years' outperformance, which incorporated one of the most severe equity bear markets in recent history. Over this period the NAV rose by 13.84%, as against a fall of 21.54% in the benchmark. Since the Company's launch seven years ago, the NAV has appreciated by 95.49%, outperforming the benchmark's increase of only 26.3%. Throughout this period, the NAV performance has been characterised by low volatility, particularly in falling markets. The results to date are a clear endorsement of the multi-manager approach, achieving a broad diversification of the Company's portfolio through a range of closely monitored hedge funds. During the period, the Board continued to pursue a policy of increasing investor awareness, including the appointment of professional advisers to the Company, to seek to ensure regular press coverage of the Company's achievements. The Board believes that this was a contributory factor in narrowing the discount of the shares to NAV from 16% to 9%. The Board continues to finance promotional costs from the management fee. The Board intends to appoint Hoare Govett as corporate broker to the Company. In consideration for providing its corporate brokering services, Hoare Govett would receive a base fee, together with a potential incremental fee to be calculated with reference to the average annual level of discount at which the Company's ordinary shares trade relative to their net asset value. The Company's operating expenses, excluding the investment management fee, increased to 0.341% of the year-end net assets. This increase, which was due to prior year under accruals, is explained in the notes accompanying the financial statements. The Company continues to make use of the leverage facility with the Royal Bank of Canada. On 31 October 2003, the Company's borrowings were US$9M out of a total facility of US$20M. The Board is confident that the Company's portfolio is invested with experienced and successful managers and it remains fully committed to pursuing a policy of seeking superior returns with low downside volatility. I look forward to welcoming shareholders to our seventh Annual General Meeting on 27 February 2004, which will be held at the Company's registered office at Trafalgar Court, Admiral Park, St Peter Port, Guernsey. Nicholas Wilson Chairman 16 December 2003 The board of directors approved this preliminary announcement on 16 December 2003. This information is provided by RNS The company news service from the London Stock Exchange END FR FFSFLUSDSEEE
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