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Share Name | Share Symbol | Market | Type |
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Investors Capital Holdings, Ltd. | AMEX:ICH | 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 | - |
INVESTEC HIGH INCOME TRUST PLC Chairman's Statement I am sorry to have to report that over the year to 31 March 2003 total assets of your company, including accrued income, fell by 32.3%. This compares with falls of 32.1% and 30.8% in the FTSE All Share and FTSE 350 Higher Yield Indices respectively. Your Directors have declared a fourth interim dividend of 2.85p per Ordinary share (payable by cheque, posted today) making 9.25p for the full year, which matches the previous year's payment. The year under review has been highly volatile. Much of the equity market decline occurred in the first six months. Since September markets have largely been at the mercy of news from the Middle East. Commentators have divided between those who expected a typical recessionary cycle to be resolved by strong monetary and fiscal stimulus and those who feared latent imbalances in the global economy would increase deflationary forces. While the UK economy continues to perform relatively well, UK stock markets have not been immune to the global downturn. The strongest sectors have been defensive: food producers, tobacco and utilities. Telecoms, strongly influenced by the performance of Vodafone, bounced back after a very weak two years; life insurers, general industrials and media shares were the poorest performers. On the whole your Company's equity portfolio has performed satisfactorily. Very poor returns from the split capital investment trust portfolio, however, meant that, overall, the Company's assets marginally underperformed the FTSE All Share Index. Your Board took a number of steps to protect its assets and ensure that the Company did not breach its bank covenants. Towards the end of last year the managers were instructed to raise £7.0 million in cash to offset bank debt, effectively reducing borrowings to £12.6 million. Also, as announced last December, the managers undertook certain derivative transactions, buying a put on the FTSE 100 Index and selling a call in order to provide cost effective protection on the downside. The defensive measures outlined above stood the Company in good stead. In March when the FTSE 100 Index hit a low point we were still in compliance with our bank covenants and, consequently, were not obliged to sell equities at depressed levels. That having been said, shareholders should be aware that our current defensive posture with 23% of assets in cash, together with some loss of income from the investment trust portfolio, means that revenue in the current year is unlikely to match that for the year just ended. The Company may also be restricted from paying a dividend by the provisions of Sections 263 and 264 of the Companies Act. In considering the appropriate use of your company's cash reserves going forward, your Board will bear in mind three considerations in particular: first, the Company must not breach its bank covenants; secondly, with both classes of share trading at a discount to net asset value, there is an argument for using cash to buy back shares though your Board is committed not to buy back Ordinary shares except when the full entitlement of Zero Dividend Preference shares is covered at least 1.5 times; thirdly it will be in the interests of both classes of shareholders to reinvest some cash into equities once the outlook becomes clearer. At the time of writing, evidence of an improving global economic picture is inconclusive. Finally I would like to pay tribute to my predecessor as chairman, Roger Adams. His untimely death last December after a short illness has robbed us of someone with an unrivalled experience of the investment trust industry. Both Board and Managers greatly miss his wisdom and good humour in difficult times. James Dawnay 19 May 2003 Statement of Total Return (incorporating the Revenue Account) of the Group (unaudited) for the year ended 31 March 2003 Year ended Period from 10 March 2001 31 March 2003 to 31 March 2002 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Losses on - (15,392) (15,392) - (2,429) (2,429) investments Income 3,280 - 3,280 3,560 - 3,560 Investment (109) (255) (364) (143) (335) (478) management fee Other expenses (280) - (280) (217) - (217) Net return 2,891 (15,647) (12,756) 3,200 (2,764) 436 before finance costs and taxation Interest (373) (870) (1,243) (377) (880) (1,257) payable Return on 2,518 (16,517) (13,999) 2,823 (3,644) (821) ordinary activities before taxation Taxation - - - (95) 90 (5) Return on 2,518 (16,517) (13,999) 2,728 (3,554) (826) ordinary activities after taxation Appropriation - (801) (801) - (754) (754) to redemption reserve Return 2,518 (17,318) (14,800) 2,728 (4,308) (1,580) attributable to equity shareholders Dividends to (2,590) - (2,590) (2,590) - (2,590) ordinary shareholders Transferred (72) (17,318) (17,390) 138 (4,308) (4,170) (from) /to reserves Number of 28,000,000 28,000,000 28,000,000 28,000,000 28,000,000 28,000,000 Ordinary shares Number of Zero 8,400,000 8,400,000 8,400,000 8,400,000 8,400,000 8,400,000 Dividend Preference shares Return per 8.99p (61.85) p (52.86) p 9.74p (15.38)p (5.64)p Ordinary Share Return per Zero - 9.54p 9.54p - 8.98p 8.98p Dividend Preference Share Consolidated Balance Sheet (unaudited) as at 31 March 2003 31 March 2003 31 March 2002 £'000 £'000 £'000 £'000 Investments 27,414 48,049 Current assets Investments - 54 Debtors 391 645 Cash and short term 7,975 3,493 deposits 8,366 4,192 Creditors: amounts falling 1,045 917 due within one year Net current assets 7,321 3,275 34,735 51,324 Creditors: amounts falling (19,600) (19,600) due after more than one year Net assets 15,135 31,724 Capital and reserves Called up share capital 7,000 7,000 Share premium - 19,740 Special reserve 19,740 - Capital reserve - realised (7,737) (1,857) Capital reserve - (13,889) (2,451) unrealised Revenue reserve 66 138 Total equity shareholders' 5,180 22,570 funds Minority interests Investec High Income 9,955 9,154 Securities plc 15,135 31,724 Net asset value per share: Ordinary shares 18.50p 80.61p Investec High Income Securities plc Zero Dividend Preference 118.51p 108.98p Shares Consolidated Cash Flow Statement (unaudited) for the year ended 31 March 2003 2003 2002 £'000 £'000 £'000 £'000 Cash inflow from operating 2,902 2,329 activities Taxation received 2 - Return on investments and servicing of finance Interest paid (1,243) (1,243) Capital expenditure and financial investment Purchases of investments (24,538) (83,623) Sales of investments 29,955 33,127 5,417 (50,496) Equity Dividends paid (2,492) (1,890) Cash inflow/(outflow) before management of liquid resources and financing 4,586 (51,300) Management of liquid resources Short term deposits placed (4,500) (3,300) Financing Gross proceeds from issue of - 36,400 shares Issue expenses paid - (1,260) Bank loan drawn down - 19,600 - 54,740 Increase in cash 86 140 Reconciliation of net cash flow to movement in net debt Increase in cash 86 140 Cash used to increase 4,500 3,300 liquid resources Bank loan drawn down - (19,600) Exchange movements (104) 53 Change in net debt 4,482 (16,107) Net debt at beginning of (16,107) - year Net debt at end of year (11,625) (16,107) Liquid resources comprise short term deposits The above financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The comparative financial information is based on the statutory accounts for the period ended 31 March 2002. These accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. The Annual Report and Accounts for the year to 31 March 2003 contains the annual results for Investec High Income Securities plc and will be posted to shareholders in due course. For further information please contact: Heather Williams Investec Investment Management Limited 020 7597 2000 J:WPHwIHITLSE AnnouncementsFinal Results 2003 announcement.doc END
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