![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Intersearch Grp. | AMEX:IGO | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
INVESCO Geared Opportunities Trust plc Preliminary Announcement Unaudited Final Results For the Year Ended 30 April 2003 Chairman's Statement At the interim stage I was disappointed to report a fall in the total net assets less current liabilities of the Trust of 27.1% during the period so I am now, to some extent, pleased to be able to report a fall in the second half of the Trust's year of only 3.8% which results in a fall during the year as a whole of 29.9%. There is no single benchmark against which the Company's investment performance should be measured. However, the Board considers the performance of the FTSE All-Share Index, the FTA Government All Stock Index and the Merrill Lynch Sterling High Yield Index when assessing the performance of the Trust's portfolio. The total returns for those indices for the year are respectively -22.0%, 10% and 3.0% which compare with the total return on the portfolio of -24.3%. The nature of the Trust's investments, whether equity or fixed interest, are orientated towards individual company circumstances and the Board considers that the performance of the two company orientated indices, namely the FTSE All-Share Index and the Merrill Lynch Sterling High Yield Index, are generally more relevant to the Trust for performance comparison purposes. The total return on the Trust's portfolio has fallen short of that of both of these indices which the Board considers to be disappointing. However the conditions prevailing in the UK equity market during the last three months of the Trust's financial year were, in some respects, exceptional, exemplified by the FTSE 100 Index falling by 4.8% in one day in March only to regain its loss the next day. During this time recovery stocks were particularly adversely affected. The Board is pleased to note therefore that between the Trust's year end and the date of the last declared net asset value on 25 June, the total net assets less current liabilities of the Trust have increased by 12.6% which exceeds the capital returns of both the FTSE All-Share Index of 6.7% and the Merrill Lynch Sterling High Yield Index of 5.0%. The decrease in the total assets less current liabilities for the year of 29.9% means that, as a result of the Trust's geared structure and deducting prior charges at par, the net asset value of the Geared Ordinary Shares at the Trust's year end was nil. The Zero Dividend Preference Shares rank for repayment ahead of the Convertible Unsecured Loan Stock and Geared Ordinary Shares on a voluntary winding-up. At the Trust's year end the assets of the Company provided cover of 1.8 times the repayment value of the Zero Dividend Preference Shares. The repayment value of the Convertible Unsecured Loan Stock was uncovered to the extent of the £1.4 million which equals the negative equity value of Shareholders' Funds. I am pleased to be able to update shareholders with the information that, as a result both of the recent rise in the UK equity market and the out performance of the Trust's portfolio, the Trust's last declared net asset value of the Geared Ordinary Shares on 25 June, after deducting prior charges at par, was 17.8p and the middle market share price at the close of business that day was 23.5p which was a premium of 32% to the net asset value. Of course this also means that the claim of the Convertible Unsecured Loan Stock as at the same date is entirely covered by the total assets less current liabilities. The Directors approved the payment of a fourth interim dividend per Geared Ordinary Share of 2.275p which, when taken together with the quarterly dividends already declared, makes a total of 9.1p per Geared Ordinary Share. The total ordinary dividend for this year is the same as that paid in the Trust's first four financial years. The fourth interim dividend will be paid on 31 July 2003 to shareholders on the register on 27 June 2003. Outlook The unusual circumstances in the UK equity market in the last three months of the Trust's year depressed share prices, and particularly recovery stock share prices, too far. We are in the midst of a recovery in those prices. However we shall endeavour to be alert to the possibility that the current enthusiasm may take prices to levels that do not fully reflect the circumstances in a still difficult real world. Philip Stephens Chairman 30 June 2003 Statement of Total Return (Incorporating the Revenue Account) for the year ended 30 April 2003 2002 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Losses on - (15,225) (15,225) - (706) (706) investments Exchange - - - - 1 1 differences Income 2,649 - 2,649 2,516 - 2,516 Investment (125) (232) (357) (167) (311) (478) management fee Other expenses (184) - (184) (166) - (166) Net return before 2,340 (15,457) (13,117) 2,183 (1,016) 1,167 finance costs and taxation Interest payable (637) (1,172) (1,809) (631) (1,171) (1,802) and similar charges Return on ordinary 1,703 (16,629) (14,926) 1,552 (2,187) (635) activities before taxation Tax on ordinary - - - - - - activities Return on ordinary 1,703 (16,629) (14,926) 1,552 (2,187) (635) activities after taxation for the financial year Appropriation in - (1,375) (1,375) - (1,277) (1,277) respect of non- Equity shares Dividends in (1,688) - (1,688) (1,688) - (1,688) respect of equity shares Transfer to/(from) 15 (18,004) (17,989) (136) (3,464) (3,600) reserves Basic return per 9.18p (89.64)p (80.46)p 8.37p (11.79) (3.42)p Geared Ordinary p Share Basic return per - 10.38p 10.38p - 9.64p 9.64p Zero Dividend Preference Share The revenue column of this statement is the profit and loss account of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. Reconciliation of Movements in Shareholders' Funds for the year ended 30 April 2003 2002 Equity Non-equity Total Equity Non-equity Total Interest Interest Interest Interest £'000 £'000 £'000 £'000 £'000 £'000 Revenue return for 15 - 15 (136) - (136) the year Capital return for (16,629) - (16,629) (2,187) - (2,187) the year Appropriations in (1,375) 1,375 - (1,277) 1,277 - respect of non-equity shares Net movement in (17,989) 1,375 (16,614) (3,600) 1,277 (2,323) Shareholders' funds Opening Shareholders' 16,576 17,882 34,458 20,176 16,605 36,781 funds Closing Shareholders' (1,413) 19,257 17,844 16,576 17,882 34,458 funds Balance Sheet as at 30 April 2003 2002 £'000 £'000 Fixed assets Investments 38,265 50,205 Current assets Debtors 1,552 509 Cash at bank 974 6,431 2,526 6,940 Creditors: amounts falling due within one year (1,747) (1,487) Net current assets 779 5,453 Total assets less current liabilities 39,044 55,658 Creditors: amounts falling due after more than (21,200) (21,200) one year Total net assets 17,844 34,458 Capital and reserves Called-up share capital 318 318 Share premium account 30,114 30,114 Other reserves Capital reserve - realised 1,376 6,134 Capital reserve - unrealised (20,240) (6,994) Redemption reserve 6,007 4,632 Revenue reserve 269 254 Shareholders' funds 17,844 34,458 Analysis of Shareholders' funds Equity interests (Geared Ordinary Shares) (1,413) 16,576 Non-equity interests (Zero Dividend Preference Shares) 19,257 17,882 17,844 34,458 Net asset value per share Geared Ordinary Share - Basic - 89.4p - Fully-diluted 67.9p 129.6p Zero Dividend Preference Share 145.3p 135.0p Cash Flow Statement for the year ended 30 April 2003 2002 £'000 £'000 Cash inflow from operating activities 1,680 1,915 Servicing of finance (1,809) (1,802) Taxation 8 123 Net financial investment (3,648) (284) Equity dividends paid (1,688) (1,688) Net cash (outflow)/inflow before management (5,457) (1,736) of liquid resources and financing Management of liquid resources 3,993 3,624 (Decrease)/increase in cash (1,464) 1,888 Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash (1,464) 1,888 Cash inflow from increase in liquid resources (3,993) (3,624) Change in net funds resulting from cash flows (5,457) (1,736) Translation difference - 1 Movement in net debt in the year (5,457) (1,735) Net debt at beginning of year (14,769) (13,034) Net debt at end of the year (20,226) (14,769) The accompanying notes are an integral part of this statement. The financial information set out above does not constitute the Company's statutory accounts for the year ended 30 April 2003 or 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 the 2002 statutory accounts and their report was unqualified and did not contain a statement under s237(2) or (3) of the Companies Act 1985. The statutory accounts for 2003 will be finalised on the basis of the 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. Notes 1. Income 2003 2002 £'000 £'000 Income from investments UK dividends 2,072 1,843 Unfranked investment income - interest 549 456 2,621 2,299 Other income Deposit interest 28 216 Underwriting commissions - 1 28 217 Total income 2,649 2,516 Total income comprises: Dividends 2,072 1,843 Interest 577 672 Other income - 1 2,649 2,516 Income from investments: Listed UK 2,621 2,299 2,621 2,299 2. Investment management fee 2003 2002 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Investment management 106 198 304 142 265 407 fee Irrecoverable VAT 19 34 53 25 46 71 thereon 125 232 357 167 311 478 (i) INVESCO Asset Management Limited acts as Managers and Secretaries to the Company under an agreement dated 9 March 1998. This agreement was for an initial fixed period of two years and was renewed on 16 June 2000. It is terminable by one year's written notice subject to earlier termination as provided for therein. The fee is calculated at the rate of 0.75 per cent. per annum (plus VAT) by reference to the gross assets at the end of July, October, January and April in the current accounting period. At 30 April 2003 £84,000 (2002: £120,000) was due for payment in respect of management fees. (ii) The Managers, with their Associates, receive indirect benefits for certain investment services in the form of soft commission resulting from agreements with a number of brokers. The value of services supplied may depend upon a minimum threshold of commissions or a percentage of such commissions arising on dealings in securities for all clients, including this Company. Dealings are effected at best terms and the practice of best execution is not compromised by these arrangements. 3. Other expenses 2003 2002 £'000 £'000 General expenses 105 92 Aggregate Directors' fees (see below) 55 55 Auditors' remuneration - for audit services 15 14 - for other services 9 5 184 166 Of the Directors' fees disclosed above £21,000 (2002: £21,000) was payable to third parties in respect of making available Mr Clark's and Mr Nathanson's services as Directors. Mr Clark's fees of £10,500 (2002: £10,500) was paid to Atlantic Wealth Management Limited, a fellow subsidiary of the Manager and a Member of the AMVESCAP Group. The Directors' fees authorised by the Articles of Association are £100,000 per annum. 4. Interest payable and similar charges 2003 2002 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Interest on CULS: Repayable between 1 and 637 1,172 1,809 - - - 2 years, not by instalments Repayable between 2 and - - - 631 1,171 1,802 5 years, not by instalments 637 1,172 1,809 631 1,171 1,802 5. Appropriation in respect of non-equity shares 2003 2002 £'000 £'000 Increase in the calculated value of the Zero 1,375 1,277 Dividend Preference Shares 6. Tax on ordinary activities (a) Analysis of charge in year: There is no liability to corporation tax for the year ended 30 April 2003 (2002: nil). UK dividends are not subject to UK corporation tax and other income is offset by the management expenses of the year. (b) Factors affecting current tax charge for the year: 2003 2002 £'000 £'000 Revenue on ordinary activities before 1,703 1,552 taxation Theoretical tax at UK Corporation tax rate of 511 466 30% (2002: 30%) Effects of: - UK dividends which are not taxable (622) (553) - movement in excess management expenses and 531 532 non-trading loan relationship debits - expenses charged to capital for which a (420) (445) deduction is claimed Current tax charge for the year - - (c) There is an unrecognised deferred tax asset of £2,368,000 (2002: £ 1,842,000). The deferred tax asset relates to current and prior year unutilised management expenses and non-trading loan relationship debits. It is considered too uncertain that there will be taxable profits in the future against which the deferred tax assets can be offset and, therefore the asset has not been recognised. 7. Dividends in respect of equity shares 2003 2002 pence £'000 pence £'000 Dividends on Geared Ordinary Shares: ordinary - first interim paid 2.275 422 2.275 422 ordinary - second interim paid 2.275 422 2.275 422 ordinary - third interim paid 2.275 422 2.275 422 ordinary - fourth interim payable on 2.275 422 2.275 422 31 July 2003 9.100 1,688 9.100 1,688 8. Return per share The revenue return per Geared Ordinary Share is based on the revenue on ordinary activities after taxation and on 18,549,891 (2002: 18,549,891) Geared Ordinary Shares, being the number of Geared Ordinary Shares in issue during the year. The capital return per Geared Ordinary Share is based on net capital return on ordinary activities after taxation and on 18,549,891 (2002: 18,549,891) Geared Ordinary Shares, being the number of Geared Ordinary Shares in issue during the year. Capital return per Zero Dividend Preference Share is the increase in the calculated value per Zero Dividend Preference Share for the year. The terms of the Convertible Unsecured Loan Stock are such that conversion can only take place on the business day prior to a voluntary winding-up. Therefore, conversion would have no impact on the ongoing revenue and capital returns per Geared Ordinary Share and accordingly, no diluted return per Geared Ordinary Share has been disclosed. 9. Notes to the cash flow statement (a) Reconciliation of revenue to net cash inflow from operating activities 2003 2002 £'000 £'000 Return before finance costs and taxation 2,340 2,183 (Increase)/decrease in debtors (361) 67 (Decrease) in creditors (67) (24) Management fee allocated to capital reserve - (232) (311) realised Net cash inflow from operating activities 1,680 1,915 (b) Analysis of net (debt)/funds 1 May Cash 30 April flow 2002 2003 £'000 £'000 £'000 £'000 £'000 Cash at bank 1,463 (1,464) (1) Cash placed on short-term deposit 4,968 (3,993) 975 Debt due after 1 year (21,200) - (21,200) Net debt (14,769) (5,457) (20,226) The audited Report and Accounts will be posted to shareholders shortly. Copies may be obtained during normal business from the Company's Registered Office, 30 Finsbury Square, London, EC2A 1AG. The Annual General Meeting will be held at the Companies Registered Office on Thursday, 31 July 2003 at 2.30pm. By order of the Board INVESCO Asset Management Limited - Secretaries 30 June 2003 END
1 Year Intersearch Grp. Chart |
1 Month Intersearch Grp. Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions