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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 INTERIM RESULTS The Directors announce the unaudited statement of results for the period ended 30 September 2003 as follows:- SUMMARISED STATEMENT OF TOTAL RETURN (incorporating the revenue account* of the Company) 1 April 2003 to 30 1 April 2002 to 30 September September 2003 2002 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains/(losses) on - 9,050 9,050 - (32,252) (32,252) investments Dividends and interest 703 - 703 1,559 - 1,559 Investment management (9) (18) (27) (95) (190) (285) fee Other expenses (71) 1 (70) (223) - (223) Return before financing costs and taxation 623 9,033 9,656 1,241 (32,442) (31,201) Interest payable and similar charges** (270) (1,113) (1,383) (620) (2,228) (2,848) Return on ordinary activities before and after taxation transferred to/(from) 353 7,920 8,273 621 (34,670) (34,049) reserves Returns per Share: Pence Pence Pence Pence Pence Pence - New Ordinary Share ** 1.27 28.41 29.68 2.23 (124.36) (122.13) * * The revenue column of this statement is the revenue account of the Company. ** Interest payable and similar charges for the six months to 30 September 2003 includes £574,000 (2002:£989,000) in respect of breakage costs incurred on early repayment of loan facilities during the period. This expense has been charged in full to the capital reserve. *** Returns per share for the period to 30 September 2003 have been based on the revenue and capital return for the six months to 30 September 2003 and on 27,878,923 New Ordinary Shares being the number of shares in issue following the reconstruction of the Company on 7 April 2003 when the previous three classes of share were converted into one New Ordinary Share class. In accordance with Financial Reporting Standard No. 14: Earnings per Share, the returns per share for the six month period ended 30 September 2002 have been restated to show the revenue and capital returns per share for the prior period based on the number of New Ordinary Shares in issue following the reconstruction referred to above. These accounts have been prepared using accounting standards and policies adopted at the previous year end. These accounts are unaudited and are not the Company's statutory accounts. SUMMARISED BALANCE SHEET 30 31 March 30 September 2003 September 2003 2002 £000 £000 £000 Fixed assets Listed 23,427 23,497 30,005 investments Current assets Debtors 943 391 406 Cash at bank 650 1,376 2,924 1,593 1,767 3,330 Creditors - amount falling due within one year Other 62 156 70 creditors Bank of 10,761 15,615 18,957 Scotland loan facility* Lloyds TSB 8,126 11,695 13,871 loan facility* 18,949 27,466 32,898 Net current (17,356) (25,699) (29,568) liabilities Total assets 6,071 (2,202) 437 less current liabilities Net assets 6,071 (2,202) 437 Pence Pence Pence Net asset value per Share** (including current period revenue): - New 21.78 - 1.57 Ordinary Share * In July 2002 the Company breached its banking covenants under the terms of its loan facility agreements with Bank of Scotland and Lloyds TSB, and consequently the loans became repayable on demand. With effect from 13 March 2003 the Lloyds TSB zero coupon loan facility 2009 was converted into an on demand loan facility. On the basis of these events, both the Bank of Scotland and Lloyds TSB loan facilities have been shown as falling due within one year at 30 September 2002, 31 March 2003 and 30 September 2003. ** The net asset values per share as at 30 September 2002 and 31 March 2003 have been restated to reflect the capital structure introduced following the reconstruction on 7 April 2003, as this is considered to provide a more meaningful comparison for shareholders than disclosing the net asset values under the previous structure. These accounts are unaudited and are not the Company's statutory accounts. SUMMARISED STATEMENT OF CASHFLOWS 1 April 2003 to 1 April 2002 30 September to 30 September 2003 2002 £'000 £'000 Net cash inflow from operating activities 559 1,369 Servicing of finance - Interest paid (788) (1,861) - Breakage costs incurred on early repayment of Bank of Scotland and Lloyds TSB loan facilities (574) (989) Net cash outflow from servicing of finance (1,362) (2,850) Capital expenditure and financial investment - Purchases of investments - (4,386) - Sales of investments 8,512 28,858 Net cash inflow from capital expenditure and 8,512 24,472 financial investment Equity dividends paid - (605) Net cash inflow before financing 7,709 22,386 Financing - Partial repayment of Bank of Scotland and Lloyds TSB loan facilities (8,435) (31,000) Net cash outflow from financing (8,435) (31,000) Decrease in cash (726) (8,614) The above financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The audited accounts for the period to 31 March 2003, which contained an unqualified auditors' report, have been lodged with the Registrar of Companies and did not contain a statement required under section 237(2) or (3) of the Companies Act 1985. REPORT TO SHAREHOLDERS The six month period ended 30 September 2003 has seen a significant improvement in the Company's financial position. At 30 September net assets were £6.1 million (21.78p per ordinary share), which compares with a deficit of £2.2 million at 31 March. As explained in the Annual Report for the year ended 31 March 2003, the Company is making periodic repayments of its outstanding loans from Bank of Scotland and Lloyds TSB ("the Bank Loans"). During the period under review the Company repaid a total of £8.4 million and the amount outstanding at 30 September 2003 was £18.9 million. The Company has agreed in principle to make further repayments to the Banks at a rate of £1.5 million per month until 31 December 2003 when its loan agreements will be reviewed. Shareholders are reminded that the Bank Loans continue to be repayable on demand. As a result, there is some residual uncertainty with regard to the future viability of the Company. The FTSE All-Share Index rose by 16.8% over the six month period with the bulk of this rise coming in the weeks following the ending of major hostilities in Iraq. The investment trust sector, in which the Company exclusively invests, performed particularly well with the FTSE Investment Companies Index up 28.3%. The rally in equity markets worldwide has led to increased buying of investment trust shares, notably from private investors, and in many cases discounts have narrowed sharply. In order to meet the Company's repayment obligation to its lenders, it has been necessary to dispose of a substantial proportion of the conventional trusts within the portfolio, albeit at significantly higher values than those pertaining six months ago. The changing composition of the portfolio is shown in the table below: 30 September 2003 31 March 2003 £m % £m % Conventional Trusts 5.7 24.2 10.5 44.7 Split Capital - Zero 7.3 31.1 4.4 18.8 Split Capital - Income/Highly 6.0 25.9 5.2 22.1 Geared Ordinary Split Capital - Capital 1.6 6.9 1.2 4.9 Fixed Income 2.8 11.9 2.2 9.5 Investments 23.4 100 23.5 100 Total assets 25.0 25.1 The marked response of zero dividend preference shares ("zeros") to rising equity markets is particularly noteworthy, with the zeros in the Company's portfolio returning nearly 80%. As such securities move closer to their repayment dates a considerable `pull to redemption' is exerted on their market prices particularly if such prices stand at substantial discounts to net asset values. In contrast, the income and highly geared ordinary shares, which provide the bulk of the Company's income and currently have an income yield of 16%, are vulnerable to capital erosion in the absence of further rises in underlying asset values. In the light of the financial position of the Company, the Board waived its entire 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. Following a review of the Company's progress in late June, it was agreed that from 1 July 2003 all parties would again be remunerated , albeit at lower levels than previously. Since I last wrote less than three months ago, there has been a change in expectations of future movements in short-term interest rates. Many forecasters now expect the next movement in interest rates to be up rather than down. However, the authorities in both the UK and the US are wary of nipping the pick up in economic activity in the bud, and recognise that historically high levels of consumer debts mean that only a relatively small rise in interest rates should have a significant effect on consumer spending power. Bond yields have risen further, which has reduced the indicative breakage costs on the Company's outstanding fixed rate loans to £0.3 million. Everyone involved with the Company has been striving over the last year or more to recover value for shareholders. Further complex negotiations with the Banks lie ahead. The Company's ordinary shares remain highly geared and most of the Company's investments provide geared returns. However, in the light of the recovery in markets over recent months, there is a clear possibility that the ordinary shares will have a positive residual value after allowing for the debt repayment obligations. TIM KIMBER Chairman 3 November 2003 END
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