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Share Name | Share Symbol | Market | Type |
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Quantum Graphite Limited | ASX:QGL | Australian Stock Exchange | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 2.08% | 0.49 | 0.475 | 0.49 | 0.49 | 0.485 | 0.49 | 53,287 | 07:10:49 |
RNS Number:2298Z Quilter Global Enhanced Income Tst 29 July 2002 NEWS RELEASE UNAUDITED RESULTS YEAR ENDED 31 MARCH 2002 For Immediate Release: 29 July 2002 Period from Year ended 24 December 1999 to 31 March 2001 31 March 2002 Net Asset Value per Ordinary Share (Alternative Basis)* (113.65)p 39.75p Net Asset Value per Ordinary Share (Statutory Basis) (115.13)p 38.16p Net Revenue before taxation £662,000 £2,063,000 Net Revenue after taxation £296,000 £2,014,000 Total Return per Ordinary Share (150.92)p (50.75)p CHAIRMAN'S REPORT This is the second annual report of Quilter Global Enhanced Income Trust PLC (the "Company"). During the last financial year stock market conditions have continued to prove extremely difficult. This along with the impact of gearing and the poor performance of split capital investment trusts in general has led to the Company becoming insolvent. Performance During the year, the gross assets (total assets less current liabilities, excluding bank loan and CULS, using mid market prices) of the Trust have fallen by 58.0% (from £58.58m to £24.57m) compared with a fall of 9.8% in the FTSE Investment Companies Index, 4.1% for the MSCI World Index (Sterling-adjusted) and a fall of 43.3% for the Datastream Highly Geared Ordinary Share Index. Capital Structure As stated in the Interim Report, the Company's balance sheet on 30 September 2001 showed an excess of liabilities over assets. As a result of this, the Company suspended payments of dividends and interest payments on the Geared Ordinary Shares and Convertible Unsecured Loan Stock 2010 (the "Stock") respectively. Furthermore, as at 30 September 2001 the total investments had a value of £45.87 million compared with the total amount borrowed from Bank of Scotland of £32.38 million, resulting in a value to loan ratio of 1.42 times compared with 1.65 times level required by the facility agreement. This breach on the main covenant entitled the Bank of Scotland to call for repayment of the entire facility at any time. As an interim solution, the Board agreed to repay the Euro and Japanese Yen tranches of the multi-currency bank facility during December 2001. £10.49m was repaid with total break costs of £0.61m, leaving, at that time, £22.15m in debt of which 75% was denominated in Sterling and 25% in US dollars. At the same time, the Board were finalising plans to restructure the Company for the long term benefit of Shareholders and Stockholders. On 26 February 2002, the Directors put forward reorganisation proposals. These involved the outstanding Stock being cancelled and converted into a new class of Income Shares, the existing Geared Ordinary Shares being consolidated on a 10 for 1 basis into New Ordinary Shares and £12.5 million being raised through the Placing of a new class of Preference Shares. The Directors believed at that time that the Proposals were in the best interests of Shareholders as they offered the opportunity to continue their investment in the Company and to continue to receive a dividend stream, albeit at a substantially reduced level from that envisaged at the Company's launch, with the prospect of some capital growth over the long term. Unfortunately, from the date of publication of the Prospectus, a further material deterioration in the Split Capital Investment Trust sector meant that the Company was not able to proceed with the planned reorganisation and placing. By 31 March 2002, the Company's gross assets had fallen to £21.67 million (on an estimated net realisable value basis) compared to liabilities of £46.81m (including a provision for liquidation costs). In addition, the dividend cuts and suspensions suffered on certain of the Company's holdings within its portfolio further compromised the new structure's ability to pay dividends going forward. Consequentially the reorganisation proposals were withdrawn. Post Balance Sheet Events As at the time of writing, the Company remains insolvent and the Board, following discussions with the Bank of Scotland and the Law Debenture Trust Corporation p.l.c (the Trustee of the Company Stock), decided that a controlled realisation of the Company's assets would take place in order to realise as much value as possible from the Company's portfolio. This course of action is being pursued rather than the Bank of Scotland taking possession of the Company's assets, pursuant to the breach of banking covenants; however this does not preclude the Bank of Scotland exercising its rights under the bank loan covenants at any time in the future. The realisation commenced on 11 June 2002 and it is intended that this process will be completed within nine months. For this period, it has been agreed between the Bank of Scotland and the Board, that costs should be restrained as much as possible. Mr Charles Arthur and Mr Mark Mathias both resigned as Directors on 10 June 2002 and the two remaining Board Members have agreed to forego directors' fees during the realisation process. It should also be noted that the Board has worked without a fee from July 2001 and that the Investment Manager has worked without a fee from July 2001 to June 2002. It is saddening to see that the aspirations of the parties involved in the Company have not been realised given their huge efforts. Basis of Preparation of Accounts As a consequence of the decision to effect a controlled realisation of the Company's assets, the accounts have been prepared on a realisation basis. The Company is not considered to be a going concern as defined in the Companies Act 1985. This means that the Board has valued the assets and liabilities of the Company based on estimated net realisable value and made appropriate provisions for future costs to be incurred up to the expected completion date of the realisation exercise. The comparative figures represent the results of the Company on a going concern basis. Valuation of Investments The investments that remain unrealised as at 24 July 2002 have fallen further in value from that at which they were held at 31 March 2002. Using the same basis for valuing investments at estimated net realisable value, the effect of further market movements is to reduce the value of investments by £3.8m as at 24 July 2002. Since 31 March 2002, the Company has raised £4.9m through the realisation of investments. As part of the new agreement with the Bank of Scotland, agreed in June 2002, these funds have been partly used to repay the bank loan. As at 24 July 2002, £15.8m of the bank loan remains unpaid. Nicholas Durlacher Chairman 29 July 2002 The figures and financial information for the year ended 31 March 2002 do not constitute the statutory financial statements for that year. Those financial statements have not yet been delivered to the Registrar, nor have the auditors yet reported on them. For further information: Derek Larcombe 020 7662 6262 Neil Winward 020 7662 6239 Quilter & Co. Limited * Net Asset Value per Ordinary Share (Alternative Basis) is calculated on a winding up basis. Unaudited Statement of Total Return (incorporating the revenue account*) for the year ended 31 March 2002 On a realisation basis On a going concern basis Period from 24 December 1999 to 31 Year ended 31 March 2002 March 2001** Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Losses on investments - (24,428) (24,428) - (10,728) (10,728) Provision for realisation - (2,834) (2,834) - - - Income from investments Investment income 3,631 - 3,631 3,151 - 3,151 Other income Exchange (loss)/gain on bank loan - (92) (92) - 184 184 Bank interest 282 - 282 249 - 249 Total income and capital losses 3,913 (27,354) (23,441) 3,400 (10,544) (7,144) Investment management fee (45) (105) (150) (169) (393) (562) Administrative expenses (327) - (327) (221) - (221) Anticipated administrative expenses from 1 April 2002 to realisation completion (252) (32) (284) - - - Return on ordinary activities before finance costs 3,289 (27,491) (24,202) 3,010 (10,937) (7,927) Finance costs (1,678) (3,916) (5,594) (947) (2,210) (3,157) Anticipated finance costs from 1 April 2002 to realisation completion (949) (2,214) (3,163) - - - Return on ordinary activities for the period before taxation 662 (33,621) (32,959) 2,063 (13,147) (11,084) Taxation (366) 365 (1) (49) 49 - Return on ordinary activities for the period after taxation 296 (33,256) (32,960) 2,014 (13,098) (11,084) Dividends Dividends paid from 2001 reserves (519) - (519) (1,147) - (1,147) Transfer to reserves (223) (33,256) (33,479) 867 (13,098) (12,231) Reserves at beginning of period 867 (13,098) (12,231) - - - Reserves at 31 March 644 (46,354) (45,710) 867 (13,098) (12,231) Return per Geared Ordinary Share 1.36p (152.28)p (150.92)p 9.22p (59.97)p (50.75)p Diluted return per Geared Ordinary Share 2.88p (120.99)p (118.11)p 9.13p (46.13)p (37.00)p * The revenue column of this statement is the profit and loss account of the Company. Unaudited Balance Sheet at 31 March 2002 On a realisation basis On a going concern basis 31 March 2002 31 March 2001 £'000 £'000 £'000 £'000 Fixed assets Investments - 55,296 Current assets Investments 17,604 - Debtors 98 1,273 Cash at bank and in hand 3,967 2,697 21,669 3,970 Current liabilities Creditors (1,361) (685) Bank loan (23,408) - Convertible Unsecured Loan Stock (18,598) - (43,367) (685) Net current (liabilities) / assets (21,698) 3,285 Total assets less current liabilities (21,698) 58,581 Creditors: amounts falling due after one year Bank loan - (32,495) Convertible Unsecured Loan Stock - (17,752) - (50,247) Provision for liabilities and charges (3,447) - Net (liabilities) / assets (25,145) 8,334 Share capital and reserves Called up ordinary share capital 2,184 2,184 Share premium account - 18,381 Capital reserve - realised (11,273) (2,605) Capital reserve - unrealised (35,081) (10,493) Special reserve 18,381 - Revenue reserve 644 867 Total equity shareholders' funds (25,145) 8,334 Geared Ordinary Shares - Basic net asset value per share (115.13)p 38.16p - Alternative net asset value per share (113.65)p 39.75p Unaudited Cash Flow Statement for the year ended 31 March 2002 On a realisation basis On a going concern basis Period from Year ended 24 December 1999 to 31 March 2002 31 March 2001 £'000 £'000 £'000 £'000 Net cash inflow from operating activities 4,519 2,683 Servicing of finance Interest paid (2,054) (2,673) Loan breakage costs paid (614) - (2,668) (2,673) Financial investments Purchase of investments (11,215) (95,700) Sale of investments 21,645 28,629 Net cash inflow / (outflow) from financial investments 10,430 (67,071) Equity dividends paid (519) (1,147) Financing Share issue - 21,839 Issue expenses - (1,802) (Repayment) / proceeds of bank loan (10,492) 32,668 Convertible Unsecured Loan Stock proceeds - 18,200 (10,492) 70,905 Increase in cash 1,270 2,697 Reconciliation of net cashflow to movement in net funds: Increase in cash 1,270 2,697 Net funds at beginning of period 2,697 - Net funds at 31 March 3,967 2,697 This information is provided by RNS The company news service from the London Stock Exchange
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