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| Name | Symbol | Market | Type |
|---|---|---|---|
| Pacer Salt High truBeta US Market ETF | AMEX:SLT | AMEX | Exchange Traded Fund |
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RNS Number:8500M
Second London American Trust PLC
26 June 2003
SECOND LONDON AMERICAN TRUST PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS
The Directors announce the statement of consolidated results for the year
ended 31 March 2003 as follows:
Chairman's Statement
At 31 March 2003 the Company's net asset value was #7.2 million or 7.8 pence per
share compared to #10.8 million or 11.8 pence per share at 31 March 2002. Taking
into account the 1 pence per share capital repayment made in August 2002, the
net asset value per share declined by 3 pence per share during the year.
As you will see in the Hambrecht & Quist Manager's Review, progress continued
with the group's realisation policy. Approximately $1.2 million was generated
primarily through the sale of quoted holdings in the portfolio, but continuing
restrictions on certain holdings along with generally lower stock markets meant
that the amounts raised during the year were relatively low. I am, therefore,
pleased to be able to report that, subsequent to year end, Made2Manage Systems
received an offer of $5.70 per share in cash for its entire share capital.
Assuming this offer is successful, the Company should receive slightly in excess
of $2.3 million for its holding.
Last year I highlighted the fact that approximately 80% of the group's net
assets were represented by four holdings, of which three were unquoted. Two of
these, Sinogen International and Financial Technologies were written down during
the year as a result of re-financing. In the case of the latter company, it was
written down to a nil value since the re-financing was highly dilutive. Sinogen
alone now accounts for 45% of net assets.
In the Board's view, the group has insufficient liquid resources at this time to
make a meaningful capital repayment but a modest final dividend of 0.15 pence
per ordinary share totalling #137,000 is proposed.
In conjunction with the manager, we will continue to actively seek to realise
the remaining holdings in the portfolio, particularly the listed stocks, and
will keep shareholders abreast of any developments.
P F Dicks
Chairman
26 June 2003
CONSOLIDATED STATEMENT OF TOTAL RETURN
(*incorporating the revenue account) for the year ended 31 March
2003 2002
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
(Losses)/gains on investments - (2,740) (2,740) - 225 225
Exchange differences on - (50) (50) - - -
capital items
Dividends and interest 253 - 253 441 - 441
Other income (2) - (2) 2 - 2
Administration and investment
management fees (157) (65) (222) (162) (105) (267)
Operating expenses (152) - (152) (147) - (147)
(Loss)/return on ordinary
activities
before taxation (58) (2,855) (2,913) 134 120 254
Taxation on ordinary - - - - - -
activities
(Loss)/return on ordinary
activities
after taxation (58) (2,855) (2,913) 134 120 254
Minority interest 21 258 279 16 31 47
(Loss)/return attributable to
Ordinary shareholders (37) (2,597) (2,634) 150 151 301
Proposed dividend (137) - (137) (229) - (229)
Transfer (from)/to reserves (174) (2,597) (2,771) (79) 151 72
pence pence pence pence pence pence
Basic (loss)/return per
Ordinary share (0.04) (2.83) (2.87) 0.16 0.16 0.32
* The revenue column of this statement is the consolidated revenue account of
the Group.
The accounts have been prepared using accounting standards and policies adopted
at the
previous year end.
All revenue and capital items in the above statement derive from continuing
operations. The results include those of London Trust Productions, a previously
unconsolidated subsidiary, with effect from 23 December 2002 (see notes).
BALANCE SHEETS
as at 31 March
2003 2002
Group Company Group Company
#'000 #'000 #'000 #'000
Fixed assets
Investments 7,214 1,329 10,770 2,198
Films and film rights 25 - - -
Investments in subsidiaries - 5,198 - 7,320
Total investments 7,239 6,527 10,770 9,518
Current assets
Debtors 11 650 15 1,419
Cash at bank 789 137 1,175 257
800 787 1,190 1,676
Current liabilities
Creditors: amounts falling due
within one year (519) (167) (422) (352)
Net current assets 281 620 768 1,324
Total assets less current liabilities 7,520 7,147 11,538 10,842
Capital and reserves
Called-up share capital 917 917 917 917
Capital repayment reserve 4,057 4,057 4,974 4,974
Capital reserve - realised 2,722 3,402 8,377 3,402
- unrealised (436) (1,241) (3,494) 1,509
Revenue reserve (102) 12 72 40
Equity shareholders' funds 7,158 7,147 10,846 10,842
Minority interest 362 - 692 -
7,520 7,147 11,538 10,842
pence pence
Net asset value per Ordinary Share: 7.8 11.8
CONSOLIDATED CASHFLOW STATEMENT
for the year ended 31 March
2003 2002
#'000 #'000
Net cash (outflow)/inflow from operating activities (204) 19
Taxation - -
Capital expenditure and financial investments
Purchase of fixed asset investments (339) (17)
Purchase of Treasury Bills (4,333) (23,646)
Proceeds from sale of fixed asset investments 719 2,866
Proceeds from sale of Treasury Bills 4,986 22,936
Purchase of London Trust Productions debt (1) -
Net cash inflow from capital
expenditure and financial investments 1,032 2,139
Net cash acquired on consolidation of London Trust Productions Limited
(see notes) 2 -
Equity dividends paid (229) -
Net cash inflow before financing 601 2,158
Financing
Repayment of capital to shareholders (917) (2,751)
Repayment of capital to minority interest (51) (187)
Net cash outflow from financing (968) (2,938)
Decrease in cash (367) (780)
Notes:
The above results for the year ended 31 March 2003 are audited.
The calculation of basic revenue deficit per Ordinary Share of 0.04 pence (2002
return: 0.16 pence) is based on the net deficit after taxation and minority
interest of #37,000 (2002: net return of #150,000) and 91,689,911 Ordinary
Shares (2002: 91,689,911), being the number of Ordinary Shares in issue
throughout the year. The calculation of the basic capital deficit per Ordinary
Share of 2.83 pence (2002: return 0.16 pence) is based on net losses of
#2,597,000 (2002: gains of #151,000) and 91,689,911 Ordinary Shares (2002:
91,689,911) being the number of Ordinary Shares in issue throughout the year.
The consolidated net asset value per Share is based on net assets after minority
interest of #7,158,000 (2002: #10,846,000) and on 91,689,911 Ordinary Shares
(2002: 91,689,911), being the number of Ordinary Shares in issue at the year
end.
The consolidated statement of total return includes the financial statements of
the Company and its subsidiary undertakings for the whole year apart from London
Trust Productions Limited whose results have been included from 23 December 2002
(see below). The consolidated balance sheet includes the financial statements of
the Company and all its subsidiaries, (31 March 2002: all subsidiaries except
London Trust Productions Limited). Prior to 23 December 2002 the results of
London Trust Productions were not consolidated on the basis of immateriality.
On 23 December 2002, the Company reached agreement with the liquidator of London
American Growth Trust PLC ("LAGT") and paid #1,000 to acquire the loan stock and
debt owing from London Trust Productions Limited (which had net assets of
#15,000 after adjusting for inter-company debt) to LAGT.
The statutory accounts for the year ended 31 March 2003 which are audited, will
be delivered to the Registrar of Companies following the Company's Annual
General Meeting. The Annual Report will be posted to shareholders and those
individuals on the Company's mailing list as soon as practicable after printing
and will also be available on request from the Company Secretary, J O Hambro
Capital Management Limited, at Ground Floor, Ryder Court, 14 Ryder Street,
London SW1Y 6QB.
At the Annual General Meeting to be held on Monday 4 August 2003 at 3.00 pm in
the Board Room, Ground Floor, Ryder Court, 14 Ryder Street, London SWIY 6QB a
resolution to declare a final dividend of 0.15 pence per Ordinary share of 1
pence each in respect of the year ended 31 March 2003 will be put to
shareholders and, if approved, will be paid on 8 August 2003 to shareholders on
the Register of Members as at close of business on 11 July 2003.
The financial information set out above does not constitute the Company's
statutory financial statements for the years ended 31 March 2002 or 2003 (but is
derived from and has been prepared on the same basis as those financial
statements).
The above results for the years ended 31 March 2002 and 2003 are an abridged
version of the Company's full accounts which received an audit report that was
unqualified and did not contain statements under section 237(2) or (3) of the
Companies Act 1985. The Company's full accounts for the year ended 31 March 2002
have been filed with the Registrar of Companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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