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Name | Symbol | Market | Type |
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WisdomTree US Total Market Fund | AMEX:EXT | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 28.8271 | 0 | 01:00:00 |
EXETER SELECTIVE ASSETS INVESTMENT TRUST PLC PRELIMINARY ANNOUNCEMENT OF UNAUDITED ANNUAL RESULTS The Directors announce the unaudited statement of results for the year ended 31 March 2003 as follows:- COMPANY STATEMENT OF TOTAL RETURN (incorporating the revenue account* of the Company) 1 April 2002 to 31 March 1 February 2001 to 31 March 2003 2002 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Losses on investments - (34,250) (34,250) - (68,861) (68,861) Dividends and interest 2,365 - 2,365 8,522 - 8,522 Other income - - - 3 - 3 Investment management (95) (190) (285) (554) (832) (1,386) fee Other expenses (304) (156) (460) (444) - (444) Return before financing costs and taxation 1,966 (34,596) (32,630) 7,527 (69,693) (62,166) Interest payable and similar charges (949) (3,109) (4,058) (6,082) (3,681) (9,763) Return on ordinary activities before and after 1,017 (37,705) (36,688) 1,445 (73,374) (71,929) taxation for the financial period Dividends in respect of Dividend Growth shares - - - (3,719) - (3,719) Retained surplus/ (deficit) for the Period 1,017 (37,705) (36,688) (2,274) (73,374) (75,648) Returns per share Pence Pence Pence Pence Pence Pence (Articles basis):** - Ordinary share n/a n/a n/a (1.71) (37.32) (39.03) - Progressive Growth 0.00 (19.23) (19.23) 0.00 (76.34) (76.34) share - Dynamic Growth share 0.00 (73.39) (73.39) 0.00 (20.73) (20.73) - Dividend Growth share 2.35 (25.21) (22.86) 10.30 (74.39) (64.09) - Exiting share n/a n/a n/a (0.07) (108.27) (108.34) * The revenue column of this statement is the revenue account of the Company. ** The figures for the period to 31 March 2002 were calculated in accordance with share classes and attributable returns on an actual basis, based on net revenues generated whilst each class of share was in issue during the period. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year. Theses accounts have been prepared using the accounting standards and policies adopted at the end of the previous accounting period. SUMMARISED COMPANY BALANCE SHEET As at 31 March As at 31 March 2003 2002 £'000 £'000 Fixed assets Investments 23,497 84,903 Current assets Debtors 391 3,032 Cash at bank 1,376 11,538 1,767 14,570 Creditors - amounts falling due within one year: Other creditors 156 1,176 Lloyds TSB loan facility 2009 11,695 - Bank of Scotland loan facility 2009 15,615 - 27,466 1,176 Net current (liabilities)/assets (25,699) 13,394 Total assets less current liabilities (2,202) 98,297 Creditors - amounts falling due after one year: Lloyds TSB loan facility 2009 - 26,645 Bank of Scotland loan facility 2009 - 37,166 Net (liabilities)/assets (2,202) 34,486 Net asset value per share (Articles basis): Pence Pence - Progressive Growth - 19.23 share - Dynamic Growth - 73.39 share - Dividend Growth - 22.86 share SUMMARISED STATEMENT OF CASHFLOWS 1 April 2002 to 1 February 2001 to 31 March 2003 31 March 2002 £'000 £'000 Net cash inflow from operating activities 2,030 6,483 Servicing of finance - Interest paid (3,216) (2,444) - Premium on early repayment of 2002 - (2,508) facilities - Breakage costs incurred on early repayment (1,211) - of 2009 facilities - Expenses of long-term loans - (130) Net cash outflow from servicing of finance (4,427) (5,082) Taxation Total taxation recovered - 191 Capital expenditure and financial investment - Purchases of investments (4,795) (111,699) - Sales of investments 33,780 93,416 Net cash inflow/(outflow) from capital expenditure and financial investment 28,985 (18,283) Equity dividends paid (605) (3,113) Net cash inflow/(outflow) before financing 25,983 (19,804) Financing - Proceeds of share issue - 54,418 - Expenses of share issue - (3,866) - Loan proceeds - 62,227 - Repayment of 2002 facilities - (76,046) - Partial repayment of 2009 facilities (36,145) - - Repayment of Exiting shares - (7,532) Net cash (outflow)/inflow from financing (36,145) 29,201 (Decrease)/increase in cash (10,162) 9,397 The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 March 2003 or the period ended 31 March 2002. The financial information for 2002 is derived from the statutory accounts for 2002, which have been delivered to the Registrar of Companies. The auditors have reported on those accounts; their report was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. The statutory accounts for 2003 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. REPORT TO SHAREHOLDERS It has been a deeply depressing year for the Company. Net assets have fallen from £34.5 million at 31 March 2002 to a deficit of £2.2 million at 31 March 2003. Although the Company's overall financial position remains weak, the capital reorganisation which took place in April has provided a degree of stability. In addition, market recovery has taken net assets back up to £3.9 million as at 25 July 2003. Corporate Developments On 3 July 2002 the Company breached the minimum asset to loan ratio covenant of 1.65 times required under its loan arrangements. As a consequence, the loans became repayable on demand in their entirety. Whilst its lenders did not demand immediate repayment in full, they have required the Company to make a series of debt repayments. Since then, the Board, together with the Manager and its advisers, have sought to preserve the Company's existence and have made periodic debt repayments in the hope that the value of the Company's assets would recover in due course. In December, it became apparent, given the marketability of the Company's assets, that the Company would not be able to continue to meet its debt repayment obligations without selling Dynamic Growth Pool assets to fund repayments of borrowings allocated to the other two pools. The Directors reluctantly concluded that the only practicable way forward was to simplify the Company's capital structure creating a single class of new ordinary shares and merging the three existing pools of assets. The conversion terms reflected the substantially greater underlying asset value attaching to the Dynamic Growth shares relative to the other two classes given that assets attributable to the Dynamic Growth shares would need to be sold to meet repayment obligations in respect of borrowings allocated to other pools. Going Concern The Company has agreed in principle an extension to its loan agreements with Bank of Scotland and Lloyds TSB ("the Bank Loans") until January 2004, subject to a repayment schedule. The Bank Loans remain repayable on demand. Therefore, although the Directors have prepared the Company's accounts on a going concern basis, a fundamental uncertainty remains with regard to the future viability of the Company. Market Background The FTSE All-Share Index fell by 32.1% over the twelve month period under review with the bulk of this fall occurring during the first six months. Overseas markets were also very weak with the S&P 500 Index in the United States down 33.4%, the FTSE Europe ex UK Index down 35.4% and the Japanese Nikkei 225 falling 27.2% (all in sterling terms), also largely in the period up to 30 September 2002. With the global economic slowdown putting pressure on corporate profitability, and in the aftermath of accounting malpractice in the US, investors' confidence in corporate profits was shaken; it was indeed a dismal period for equity markets. The final quarter of 2002 witnessed a modest recovery but nervousness returned ahead of a resolution of the Iraqi crisis. Investment Trusts The investment trust sector, in which the Company is exclusively invested, suffered badly from the worldwide weakness in equity markets. The FTSE Investment Companies Index fell 36.5% over the twelve month period. Securities issued by split capital trusts generally experienced more dramatic falls. The factors which contributed to this exceptionally weak performance will be described further in the Manager's Report in the Company's Annual Report which will be published shortly. Results Although the Company repaid £37 million of borrowings during the year, the severe decline in markets resulted in the Company having net liabilities at the year-end as shown in the table below: Dynamic Progressive Dividend Total Growth Pool Growth Pool Growth Pool £m £m £m £m 31 March 2002 Net Assets 19.3 5.3 9.9 34.5 31 March 2003 Net Assets/ 8.3 (2.5) (8.0) (2.2) (Liabilities)* * In accordance with the Company's previous Articles of Association the shortfalls of assets against liabilities within both the Progressive Growth Pool and the Dividend Growth Pool would have been met from the assets of the Dynamic Growth Pool. Following the restructuring approved by shareholders, the pools no longer exist and the total assets attributable to shareholders are £ 3.9 million as at 25 July 2003. The revenue return per Dividend Growth share for the year ended 31 March 2003 was 2.35p. However, as the distribution tests of the Companies Act 1985 are not satisfied, the Company is unable to make dividend payments. Fee waivers In light of the financial position of the Company, the Board waived its remuneration for the period of nine months ending 30 June 2003. Exeter Asset Management Limited also waived its fees for the provision of investment management services and administration and company secretarial duties during the same period. Board Following the implementation of the capital reorganisation, the Directors have reviewed the size of the Board. They have decided that the Company can now operate efficiently with a three member Board. Sir Richard Brooke, Bt. and Sir Stephen Waley-Cohen, Bt. are resigning at the forthcoming Annual General Meeting. I would like to thank them for their work for the Company over many years, but in particular for their contribution in the recent difficult times. Outlook Since the end of March stock markets have been boosted by the coalition's successful ousting of the Iraqi regime. The outlook for corporate profitability has been improving but with high consumer and corporate debts, and worries about deflation, there may be further setbacks for equity markets. Conventional investment trusts and zero dividend preference shares, in particular, have responded positively over the last four months. However, if the Company is to return significant value to shareholders having met its continuing debt repayment obligations in full, then the Company's assets will have to recover substantially over the coming year. The Directors, and indeed everyone who is involved with the Company, deeply regret the losses which shareholders have incurred over the last two years. We will continue to do all we can to bring about a recovery in the Company's fortunes. ************. T R H Kimber, Chairman 29 July 2003 END
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