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Share Name | Share Symbol | Market | Type |
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Bank of America Corp. Market Index Target Term Securities (Mitts) Linked TO The S&P 500 Index | AMEX:MLA | 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 | - |
RNS Number:4911U Merrill Lynch Asset Allocator PLC 21 January 2004 21 January 2004 MERRILL LYNCH ASSET ALLOCATOR plc INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2003 * Re-organisation completed and new investment management arrangements implemented with effect from 3 November 2003. * Growth shares NAV increase of 6.0% over six month period (with net income reinvested). * Balanced shares NAV increase of 1.4% over six month period (with net income reinvested). The Chairman, Michael Mason, commented on the outlook for the Company: "Whilst 2003 has seen improvements in equity markets, many commentators have expressed doubts on the economic recovery underlying the rises in equities, and markets in 2004 are likely to continue to prove challenging. The successful conclusion of the war in Iraq has positively impacted investor sentiment, but ongoing geopolitical risk could destabilise any recovery. Your Board believes that in putting the new management arrangements in place, we have increased the emphasis on capital preservation in the Growth Portfolio, and structured the returns available to holders of Balanced Shares so that a reasonable level of income can be expected." Contacts: Lynn Ruddick - Managing Director 020 7743 2427 Investment Trusts Merrill Lynch Investment Managers William Clutterbuck 020 7379 5151 Maitland Consultancy REVENUE STATEMENT - GROWTH SHARES for the six months ended 30 November 2003 Six months ended 30 November 2003 #'000 Income 1,491 Investment management fees (181) Operating expenses (215) -------- Net revenue before finance costs and taxation 1,095 Interest payable and similar charges (340) ---------- Revenue on ordinary activities before taxation 755 Taxation on ordinary activities (168) ---------- Revenue on ordinary activities after taxation transferred to reserves 587 ====== STATEMENT OF TOTAL RETURN PER GROWTH SHARE for the six months ended 30 November 2003 Basic Basic (weighted) (actual) Diluted Earnings 0.44p 0.44p 0.37p Capital return 3.91p 4.00p 3.36p ---------- ---------- ---------- Total return per Growth share 4.35p 4.44p 3.73p ====== ====== ====== SUMMARY NET ASSETS STATEMENT - GROWTH SHARES as at 30 November 2003 30 November 2003 #'000 Investments: - Equities 48,486 - Interest bearing 21,559 - Hedge funds 30,043 Current assets 27,712 Creditors (21,789) ---------- Net assets 106,011 ====== Net asset value per Growth share 80.31p ====== REVENUE STATEMENT - BALANCED SHARES for the six months ended 30 November 2003 Six months ended 30 November 2003 #'000 Income 301 Investment management fees (35) Operating expenses (38) -------- Net revenue before finance costs and taxation 228 Interest payable and similar charges - ---------- Revenue on ordinary activities before taxation 228 Taxation on ordinary activities (60) ---------- Revenue on ordinary activities after taxation transferred to reserves 168 ====== STATEMENT OF TOTAL RETURN PER BALANCED SHARE for the six months ended 30 November 2003 Basic Basic (weighted) (actual) Diluted Earnings 0.76p 0.73p 0.37p Capital return 0.28p 0.27p 0.14p ---------- ---------- ---------- Total return per Balanced share 1.04p 1.00p 0.51p ====== ====== ====== SUMMARY NET ASSETS STATEMENT - BALANCED SHARES as at 30 November 2003 30 November 2003 #'000 Investments: - Interest bearing 13,097 - Equities 4,947 Current assets 2,991 Creditors (277) ---------- Net assets 20,758 ====== Net asset value per Balanced share 90.51p ====== REVENUE STATEMENT - COMPANY for the six months ended 30 November 2003 Six months Six months Year ended ended ended 30 30 31 November November May 2003 2002 2003 #'000 #'000 #'000 (unaudited) (unaudited) (audited) Income 1,792 2,395 4,363 Investment management fees (216) (216) (421) Operating expenses (253) (204) (490) ---------- ---------- ---------- Net revenue before finance costs and taxation 1,323 1,975 3,452 Interest payable and similar charges (340) (475) (890) ---------- ---------- ---------- Revenue on ordinary activities before taxation 983 1,500 2,562 Taxation on ordinary activities (228) (138) (319) ---------- ---------- ---------- Revenue on ordinary activities after taxation 755 1,362 2,243 Dividends in respect of equity shares - - (2,207) ---------- ---------- ---------- Transfer to reserves 755 1,362 36 ====== ====== ====== BALANCE SHEET - COMPANY as at 30 November 2003 Growth Balanced Total Growth Balanced Total Growth Balanced Total 30 30 30 30 30 30 31 31 31 November November November November November November May May May 2003 2003 2003 2002 2002 2002 2003 2003 2003 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited) (audited) Investments at valuation Equities 48,486 4,947 53,433 72,658 3,160 75,818 60,649 2,471 63,120 Interest bearing 21,559 13,097 34,656 47,650 12,767 60,417 49,414 13,495 62,909 Hedge funds 30,043 - 30,043 - - - - - - ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------- ---------- 100,088 18,044 118,132 120,308 15,927 136,235 110,063 15,966 126,029 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Current assets Debtors 1,308 539 1,847 5,537 233 5,770 14,774 4,085 18,859 Cash 26,404 2,452 28,856 12,369 4,223 16,592 17,846 4,162 22,008 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 27,712 2,991 30,703 17,906 4,456 22,362 32,620 8,247 40,867 Creditors - amounts falling due within one year (including FRNs) (21,778) (277) (22,055) (30,350) (133) (30,483) (39,446) (4,263) (43,709) ---------- ---------- ----------- ---------- ---------- ----------- ---------- ----------- ---------- Net current assets/ (liabilities) 5,934 2,714 8,648 (12,444) 4,323 (8,121) (6,826) 3,984 (2,842) ---------- ---------- ----------- ---------- ---------- ----------- ---------- ----------- ---------- Total assets less current liabilities 106,022 20,758 126,780 107,864 20,250 128,114 103,237 19,950 123,187 Provision for liabilities and charges (11) - (11) (11) - (11) (13) - (13) ---------- ---------- ----------- ---------- ---------- ----------- ---------- ----------- ---------- Net assets 106,011 20,758 126,769 107,853 20,250 128,103 103,224 19,950 123,174 ====== ====== ====== ====== ====== ====== ====== ====== ====== Capital and reserves Share capital 155 165 159 Share premium 3,373 2,702 2,899 Capital redemption reserve 22 12 18 Capital reserve - realised (45,144) (43,671) (49,610) Capital reserve - unrealised (57) (7,566) (929) Special reserve 167,580 175,050 170,552 Revenue reserve 840 1,411 85 ---------- ---------- ---------- Total equity shareholders' funds 126,769 128,103 123,174 ====== ====== ====== Net asset value per share 80.31p 90.51p 76.12p 87.22p 75.72p 89.26p ====== ====== ====== ====== ====== ====== CASH FLOW STATEMENT - COMPANY for the six months ended 30 November 2003 Six Six Year months months ended ended 30 ended 30 31 November November May 2003 2002 2003 #'000 #'000 #'000 (unaudited) (unaudited) (audited) Net cash inflow from operating activities 1,158 1,121 2,108 Returns on investment and servicing of finance - interest on FRNs (357) (505) (942) Taxation received/(paid) 36 - (21) Capital expenditure and financial investment: - Purchase of investments (185,257) (100,850) (171,779) - Proceeds from the sale of investments 199,378 104,503 186,997 - Realised gains on foreign currency transactions 291 1,377 1,021 Equity dividends paid (2,207) (2,242) (2,239) Financing Purchase of shares (2,972) (3,586) (8,084) Redemption of FRNs (3,087) (541) (2,368) Re-organisation expenses (135) - - ---------- ---------- ---------- Increase/(decrease) in cash 6,848 (723) 4,693 ====== ====== ====== RECONCILIATION OF NET RETURN BEFORE FINANCE COSTS AND TAXATION TO NET CASH FLOW FROM OPERATING ACTIVITIES - COMPANY Six Six Year months months ended ended 30 ended 30 31 November November May 2003 2002 2003 #'000 #'000 #'000 (unaudited) (unaudited) (audited) Net return before finance costs and taxation 1,323 1,975 3,452 Investment management fees capitalised (417) (390) (723) Decrease/(increase) in debtors 234 (161) (299) Increase/(decrease) in creditors 102 (256) (200) Tax on investment income included within gross income (84) (47) (122) -------- -------- -------- Net cash inflow from operating activities 1,158 1,121 2,108 ===== ===== ===== NOTES TO THE INTERIM ANNOUNCEMENT 1 Principal activity The Company conducts its business so as to qualify as an investment trust company within the meaning of section 842 of the Income and Corporation Taxes Act 1988. 2 Basis of preparation The interim financial statements have been prepared on the basis of the accounting policies set out in the Company's financial statements at 31 May 2003. Income and operating expenses have been recognised in accordance with the same principles used in the preparation of the annual financial statements. The taxation charge has been calculated by applying an estimate of the annual effective tax rate to the profit for the period. 3 Income Growth Balanced Total Growth Balanced Total Growth Balanced Total Six months ended Six months ended Year ended 30 November 2003 30 November 2002 31 May 2003 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited) (audited) Income from investments: Dividends - UK listed 200 38 238 354 1 355 858 8 866 - Overseas listed 513 7 520 475 14 489 972 22 994 Interest bearing - UK listed 575 72 647 805 51 856 1,241 54 1,295 - Overseas listed - 126 126 - 208 208 - 362 362 -------- -------- -------- -------- -------- -------- -------- -------- -------- 1,288 243 1,531 1,634 274 1,908 3,071 446 3,517 -------- -------- -------- -------- -------- -------- -------- -------- -------- Interest receivable and other income: Deposit and cash fund 203 58 261 422 65 487 701 145 846 interest -------- -------- -------- -------- -------- -------- -------- -------- -------- 203 58 261 422 65 487 701 145 846 -------- -------- -------- -------- -------- -------- -------- -------- -------- Total income 1,491 301 1,792 2,056 339 2,395 3,772 591 4,363 ===== ===== ===== ===== ===== ===== ===== ===== ===== 4 Investment management fees Growth Balanced Total Growth Balanced Total Growth Balanced Total Six months ended Six months ended Year ended 30 November 2003 30 November 2002 31 May 2003 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited) (audited) Charged to revenue: Investment management fee 161 31 192 163 30 193 318 57 375 Irrecoverable VAT thereon 20 4 24 19 4 23 39 7 46 ----- ----- ----- ----- ----- ----- ----- ----- ------ Total 181 35 216 182 34 216 357 64 421 === === === === === === === === ==== Charged to capital: Investment management fee 338 31 369 319 30 349 587 57 644 Irrecoverable VAT thereon 44 4 48 37 4 41 72 7 79 ----- ----- ----- ----- ----- ----- ----- ----- ------ Total 382 35 417 356 34 390 659 64 723 === === === === === === === === ==== 5 Operating expenses Growth Balanced Total Growth Balanced Total Growth Balanced Total Six Months Ended Six Months Ended Year Ended 30 November 2003 30 November 2002 31 May 2003 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited) (audited) Custodian and administration fees 119 20 139 124 17 141 241 35 276 Other administrative costs 96 18 114 52 11 63 185 29 214 ----- ----- ----- ----- ----- ----- ----- ----- ----- 215 38 253 176 28 204 426 64 490 === === === === === === === === === 6 Dividend The Board has not declared an interim dividend, as dividends are considered and paid annually in respect of each accounting period. 7 Shares and FRNs in issue Growth Balanced Growth Balanced Growth Balanced 30 30 30 30 31 31 November November November November May May 2003 2003 2002 2002 2003 2003 (unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited) The weighted average number of shares in issue during the period, on which the return per share was calculated, was: 134,725,273 22,204,521 142,020,036 21,246,096 142,573,712 21,819,380 The actual number of shares in issue at the end of each period on which the NAV per share was calculated, was: 132,009,436 22,935,630 141,689,349 23,217,411 136,318,898 22,350,428 The adjusted number of shares assuming conversion of all FRNs into shares of that class at the period end: 157,323,022 45,398,283 175,730,623 52,930,346 167,320,558 48,620,872 Share price 70.00p 79.00p 70.00p 82.00p 69.50p 82.50p 30 November 2003 30 November 2002 31 May 2003 Amount of FRNs in issue: #20,330,947 #25,915,622 #23,891,934 8 Gearing ratios Growth Share Portfolio 30 November 2003 30 November 2002 31 May 2003 (unaudited) (unaudited) (audited) The ratio of borrowings to net assets were: Total borrowings 19.2% 24.0% 23.1% Effective borrowings* nil nil nil *Total borrowings, less bonds and cash There are no borrowings in the Balanced Share Portfolio. 9 Publication of non-statutory accounts The financial information contained in this interim statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the six months ended 30 November 2002 and 30 November 2003 has not been audited. The information for the year ended 31 May 2003 has been extracted from the latest published audited financial statements, which have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under sections 237(2) or (3) of the Companies Act 1985. 33 King William Street London EC4R 9AS 21 January 2004 5 January 2004N:/data/MAM Private Investors/UK Retail/TRUSTS/MAA/ stockexchangeann/interim03 draft.doc This information is provided by RNS The company news service from the London Stock Exchange END IR ILFLELRILFIS
1 Year Bank of America Corp. Market Index Target Term Securities (Mitts) Linked TO The S&P 500 Index Chart |
1 Month Bank of America Corp. Market Index Target Term Securities (Mitts) Linked TO The S&P 500 Index Chart |
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