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| Name | Symbol | Market | Type |
|---|---|---|---|
| Invesco S&P Global Water Index ETF | AMEX:CGW | AMEX | Exchange Traded Fund |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.91 | 1.56% | 59.41 | 59.635 | 58.91 | 58.94 | 22,450 | 21:15:00 |
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CHELVERTON GROWTH TRUST PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS
The Directors announce the unaudited statement of results for the period 1
September 2002 to 28 February 2003 as follows:-
SUMMARISED CONSOLIDATED STATEMENT OF TOTAL RETURN
(*incorporating the revenue account) of the Group
Six months to Six months to
28 February 2003 28 February 2002
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Losses on investments - (1,076) (1,076) - (96) (96)
Income 20 - 20 39 - 39
Investment management fee (15) (45) (60) (22) (66) (88)
Other expenses (104) - (104) (92) (18) (110)
Net return on ordinary
activities
before finance costs and (99) (1,121) (1,220) (75) (180) (255)
taxation
Interest payable and (5) (15) (20) (9) (25) (34)
similar charges
Transfer from reserves (104) (1,136) (1,240) (84) (205) (289)
Revenue Capital Total Revenue Capital Total
Pence Pence Pence Pence Pence Pence
Return per Ordinary share (0.55) (6.02) (6.57) (0.45) (1.10) (1.55)
*The revenue column of this statement is the revenue account of the Group.
All revenue and capital items in the above statement derive from continuing
operations.
The comparative figures include the results of The Micro Quoted Growth Trust
PLC up to 5 February 2002, the date it went into voluntary liquidation. All
investments that were previously owned by The Micro Quoted Growth Trust PLC
were subsequently transferred to the parent company, Chelverton Growth Trust
PLC.
CONSOLIDATED BALANCE SHEET
As at 28 February 2003
As at As at
28 February 2003 28 February 2002
£'000 £'000
Fixed assets
Investments 4,649 7,474
Current assets
Debtors 9 53
Cash at bank* 79 685
88 738
Creditors - amounts falling due
within one year
Bank overdraft* 791 1,937
Creditors 36 73
827 2,010
Net current liabilities (739) (1,272)
Net assets 3,910 6,202
Share capital and reserves
Share capital 189 189
Share premium account 2,674 2,674
Capital reserve (3,421) (1,316)
Revenue reserve 4,468 4,655
Total shareholders' funds 3,910 6,202
Pence Pence
Net Asset Value per Ordinary 20.71 32.84
Share
(including current period
revenue)
Ordinary shares in issue at 18,883,045 18,883,045
period end
Weighted average number of 18,883,045 18,766,181
ordinary shares
in issue during the period
*Cash at bank includes £52,000, held by the Liquidator of The Micro Quoted
Growth Trust PLC. The Liquidator will be making a distribution of this cash to
the Company.
SUMMARISED CONSOLIDATED STATEMENT OF CASHFLOWS
For the six months to 28
February 2003
Six months to Six months to
28 February 2003 28 February 2002
£'000 £'000
Net cash outflow from
operating activities (164) (221)
Servicing of finance
Interest paid (21) (33)
Net cash outflow from servicing (21) (33)
of finance
Capital expenditure and
financial investment
Purchases of investments (439) (218)
Sales of investments 468 372
Acquisition costs - (272)
Net cash inflow /(outflow) from
capital
expenditure and financial 29 (118)
investment
Net cash outflow before and (156) (372)
after financing
Decrease in cash (156) (372)
NOTE
The above financial information, which does not constitute statutory accounts
as defined in Section 240 of the Companies Act 1985, has been prepared on the
basis of the accounting policies set out in the statutory financial statements
for the year ended 31 August 2002. The auditors have reported on those
accounts; their reports were unqualified and did not contain a statement under
section 237 (2) or (3) of the Companies Act 1985. These accounts have been
filed with the Registrar of Companies.
Chairman's Statement
Over the six months to 28 February 2003 the global outlook, both economic and
political, has become increasingly unstable. The uncertainties of the current
war in Iraq, the length of the debate prior to the commencement of hostilities,
continuing worries over the duration of the war, the lack of a cohesive policy
and political divisions within the United Nations have all taken their toll on
equity markets.
The economic situation shows no early signs of improvement with forecasts
generally having to be revised downwards.
It is a feature of small quoted companies that they tend to be carried by the
flood of sentiment in the larger company sector. Already undervalued, smaller
companies have seen their share prices further reduced in the last two months
of the period and the AIM index has continued to decline. It is also intriguing
and unusual that unquoted valuations appear now to be higher than quoted
companies. The evidence for this has been produced by Deloitte Touche Ross who
also predict that for the first time private equity transactions will represent
more than 50% of all transactions. This anomaly cannot last forever, and
wherever possible the manager is taking advantage of the situation by buying
additional shares in existing investments that appear to be grossly
undervalued.
In addition, it is clear that others are recognising the potential value to be
had in these companies. A number of "vulture" or "catalyst" funds have been
established with a view to forcing a change of control and the realisation of
the proper value of such opportunities.
At the beginning of this six-month period your Company's net asset value
(`NAV') per share stood at 27.28p. at 28 February 2003 the NAV stood at 20.71p,
a drop of 24.08%. The performance of the benchmark, the FTSE All Share,
declined over this period by 14.03% from 2,046.2 to 1,759.1. It needs to be
pointed out that in excess of 90% of this index is represented by FTSE 100
companies whereas your fund is invested 72.2% in AIM traded and unquoted
companies, traditionally more volatile than the FTSE 100.
As at 28 February 2003 your Company held 33 investment positions; this has
since been reduced to 30 with the proceeds being used to reduce gearing, on the
one hand, and to increase stakes in current companies on the other. Your Board
continues to believe that Chelverton's investment strategy is a good one
despite the poor performance this half-year and that in due course your Company
and its shareholders will benefit accordingly. With today's global
uncertainties, however, it is impossible to predict the timing of this
recovery.
Pratt Thompson
Chairman
8 April 2003
END
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