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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CrossFirst Bankshares Inc | NASDAQ:CFB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0774 | 0.43% | 17.9274 | 17.73 | 17.83 | 18.2598 | 17.48 | 17.65 | 745,199 | 21:00:22 |
RNS Number:0455S Close Finsbury Eurotech Trust PLC 13 November 2003 13 November 2003 Close Finsbury EuroTech Trust PLC Preliminary Results for the year ended 31 August 2003 Highlights As at As at % change 31 August 2003 31 August 2002 (Unaudited) (Audited) Total net assets #12.5m #8.7m 43.7 Net asset value per Ordinary 36.66p 25.51p 43.7 share Share Price 28.5p 19.8p 43.9 Discount 22.3% 22.4% - FTSE eTX All Share Index (sterling 191.1 159.9 19.5 adjusted) FTSE eTX Innovation Index 161.4 149.2 8.2 (sterling adjusted) Morgan Stanley Capital International Pan-Euro Index (sterling adjusted) 808.4 770.3 4.9 According to data provided by the Association of Investment Trust Companies, the Company was the best performing of all UK listed investment trusts in the twelve months to 30 September 2003. Chairman, Peter Gray, commented: 'These results reflect a significant recovery in the prospects for investment in technology markets and demonstrate the exceptional strength of Reabourne Technology Investment Management Limited as advisers on such investment. There are now substantial grounds for anticipating sustained long term growth from early stage investment in European companies pioneering new technologies, and we believe that Close Finsbury EuroTech Trust plc has established itself as the leading vehicle for obtaining exposure to this field. By offering a broadly diversified, professionally selected portfolio of investments, through a closed end structure, the Company has an important role to play in offering access to the high returns potentially available, at much lower levels of risk and with considerably greater liquidity than would be the case from investment direct.' - ENDS - The following are attached: * Chairman's Statement * Statement of Total Return * Balance Sheet for the Company * Cash Flow Statement * Notes For further information please contact:- Michael Bourne Reabourne Technology Investment Management Limited 020 7426 6290 Alastair Smith Close Finsbury Asset Management Limited 020 7426 6240 Tracey Gower Close Finsbury Asset Management Limited 020 7426 6219 Fiona Harris Quill Communications 020 7763 6977 Peter Gray Chairman 020 7863 6574 CLOSE FINSBURY EUROTECH TRUST PLC Chairman's Statement Performance The year to 31 August 2003, taken as a whole, has seen a sharp recovery in performance both in absolute terms and relative to the technology sector as a whole. Net assets rose by 43.7%, from 25.5p to 36.7p per share. The share price rose by a similar amount from 19.8p to 28.5p per share, representing a discount to net asset value virtually unchanged at 22.3%. By comparison the FTSE eTX All Share and Innovation indices rose by 19.5% and 8.2% respectively. The long term performance benchmark, the MSCI Pan-European Index (sterling adjusted), which reflects the performance of European stock markets generally, rather than the technology sector in particular, rose by 4.9% over the same period. Since 31 August 2003 this recovery has continued further. At 11 November 2003, the latest practicable date before the release of these results, the net assets of the Company had risen to 41.72p per share and the price of its ordinary shares to 34.5p per share, resulting in a reduced discount to net asset value of 17%. According to data provided by the Association of Investment Trust Companies, the Company was the best performing of all UK listed investment trusts in the twelve months to 30 September 2003. Activity These results reflect action taken earlier in the year to re-position the portfolio in order to take full advantage of a recovery in technology markets when it occurred. As described at greater length in the interim report, this was designed to increase exposure to companies pioneering new technologies with significant long term growth potential, many of which had become exceptionally undervalued by the market - for example, at levels where market capitalisation barely exceeded net cash resources, despite net cash flow being firmly under control. This undervaluation reflected the relatively small size of many of these companies, the lack of marketability in their shares, restricted ability to assess the technology involved and a decline in research coverage and broker support. Your Board, however, believe that the Company's investment advisers, Reabourne Technology Investment Management, have demonstrated that they are particularly well equipped to identify attractive investment opportunities in this field. Investment Prospects In the opinion of your Board and of Reabourne, the recovery in technology markets that has now occurred should be seen primarily as a response to stabilisation in the industry and a correction to oversold market levels. It has not yet begun to anticipate prospects of a more fundamental recovery in the longer term technology cycle, at least so far as shares in European technology companies are concerned. However, current expenditure on technology remains at well below 1999 levels; there is substantial unsatisfied demand for new technologies, such as digital and wireless broadband applications in which the position of European technology companies is particularly strong; and the range of new applications of technology in general to many aspects of life is becoming ever more extensive. Although there are currently mixed signals as to the extent to which such a recovery in the technology cycle is already under way, the imminence of such a recovery is not in question. In a context of relatively moderate prospects for global economic growth overall, therefore, the prospects for sustained growth from investment in technology look conspicuously attractive. Future of the Company On the one hand, as indicated above and in previous reports, we remain convinced of the validity of European technology as a distinct and attractive investment theme; we believe that current prospects for investment in this area are exceptionally favourable; and we regard Reabourne as particularly well qualified to advise on such investment. We also consider the structure of your Company to be appropriate for this purpose - the inherently risky nature of the underlying investments requiring a broadly diversified portfolio and the illiquidity of these investments requiring a closed end vehicle, despite the possibilities for shares to trade at a discount to asset value that this creates. On purely investment grounds, therefore, the overall priority must be to ensure that shareholders, particularly those that invested early in the Company's life and who have suffered substantial loss on their investment so far, benefit to the maximum possible degree from the sustained recovery in technology markets that is clearly now in prospect. On the other hand, the relatively small size of the Company, leading to illiquidity in its own shares and the discount to asset value at which they have recently tended to trade, discourages the sort of large scale institutional investor that might otherwise find it particularly attractive. If the Company is to fulfil its true potential it ought to be increased in size and your Board believes that current prospects for investment in technology are such as to justify further commitment on a significant scale. It is against this background and in the light of the continuation vote to be put to shareholders at the 2003 AGM that your board and their advisers are assessing the future of the Company and considering proposals to expand the Company in the interests of shareholders as a whole. A further announcement will be made in conjunction with the posting of the annual report and accounts for the year ended 31 August 2003. Peter Gray Chairman 13 November 2003 CLOSE FINSBURY EUROTECH TRUST PLC Statement of Total Return Incorporating the revenue account for the year to 31 August 2003 (unaudited) (audited) year to year to 31 August 2003 31 August 2002 Revenue Capital Total Revenue Capital Total 2003 2003 2003 2002 2002 2002 #'000 #'000 #'000 #'000 #'000 #'000 Profit/(loss) on - 4,109 4,109 - (5,417) (5,417) investments Exchange losses on - (18) (18) - (16) (16) currency balances Income 75 - 75 96 - 96 Investment management (106) - (106) (184) - (184) fee Other expenses (244) - (244) (297) - (297) ------- ------ ------ ------ ------- ------- Net (loss)/return (275) 4,091 3,816 (385) (5,433) (5,818) before finance costs and taxation Interest payable and (1) - (1) (1) - (1) similar charges ------- ------ ------ ------ ------- ------- (Loss)/return on (276) 4,091 3,815 (386) (5,433) (5,819) ordinary activities before taxation Taxation on ordinary (3) - (3) (2) - (2) activities ------- ------ ------ ------ ------- ------- (Loss)/return on (279) 4,091 3,812 (388) (5,433) (5,821) ordinary activities after taxation Dividends on Ordinary - - - - - - shares (equity) ------- ------ ------ ------ ------- ------- (Loss)/return for the (279) 4,091 3,812 (388) (5,433) (5,821) year ------- ------ ------ ------ ------- ------- (Loss)/return per (0.82)p 11.96p 11.14p (1.13)p (15.89)p (17.02)p Ordinary share ------- ------ ------ ------ ------- ------- The revenue column of this statement is the profit and loss account of the Company. CLOSE FINSBURY EUROTECH TRUST PLC Balance Sheet As at 31 August 2003 (Unaudited) (Audited) as at as at 31 August 03 31 August 02 #'000 #'000 --------- --------- Fixed asset investments 12,547 8,629 Current assets Debtors 290 210 Cash at bank 14 105 --------- 304 315 Creditors Amounts falling due within one year (313) (218) --------- --------- Net current (liabilities)/assets (9) 97 --------- --------- Net assets 12,538 8,726 --------- --------- Capital and reserves Share capital 3,420 3,420 Share premium account 29,976 29,976 Capital reserve - realised (18,579) (15,000) Capital reserve - unrealised (1,418) (9,088) Revenue reserve (861) (582) --------- --------- Total equity shareholders' funds 12,538 8,726 --------- --------- Net asset value per Ordinary share 36.66p 25.51p --------- --------- Cash Flow Statement For the year to 31 August 2003 (Unaudited) (Audited) year ended year ended 31 August 2003 31 August 2002 #'000 #'000 ---------- ----------- Net cash outflow from operating (224) (409) activities Servicing of finance Interest paid (1) (1) Taxation Net tax recovered 1 2 Financial investments Purchases of investments (5,361) (12,297) Sales of investments 5,517 12,808 ---------- ----------- Net cash inflow from financial investment 156 511 Net cash (outflow)/inflow before (68) 103 financing Financing - - ---------- ----------- Net cash flow from financing - - ---------- ----------- (Decrease)/increase in cash for the year/ (68) 103 period ---------- ----------- CLOSE FINSBURY EUROTECH TRUST PLC Notes to the Accounts 1. Revenue Account The revenue column of the Statement of Total Return represents the revenue account of the Company. 2. Income Income for the year was derived from the following sources: (unaudited) audited year year to 31 to 31 August August 2003 2002 #000 #000 Income from investments Franked dividends 12 16 Overseas dividends 44 31 Interest income on debt securities 14 36 Other income Bank interest income 5 13 ------------ ------------- Total Income 75 96 ------------ ------------- 3. Investment Management Fee (unaudited ) audited year year to 31 to 31 August August 2003 2002 #000 #000 Periodic Fee 92 160 Irrecoverable VAT thereon 14 24 ------------ -------------- Total 106 184 ------------ -------------- 4. (Loss)/return per ordinary share Revenue Loss Revenue loss per share is based on the revenue losses attributable to equity shareholders of #279,000 (2002: #388,000 loss). Capital Return/(Loss) Capital return per share is based on the capital returns attributable to equity shareholders of #4,091,000 (2002: #5,433,000 loss). Both the revenue loss and the capital return are based on the weighted average number of 34,200,875 (2002: 34,200,875) Ordinary shares in issue throughout the year. 5. Net Asset Value per Share The net asset value per Ordinary share is based on the assets attributable to equity shareholders of #12,538,000 (2002: #8,726,000) and on the number of Ordinary shares in issue at the year end of 34,200,875 (2002: 34,200,875). 6. Comparative Information The figures and the financial information for the year ended 31 August 2002 are an extract from the latest published accounts and do not constitute statutory accounts for that year as defined by Section 240 of the Companies Act 1985. Those accounts have been delivered to the Registrar of Companies and included in the report of the auditors which was unqualified and did not contain a statement under either Section 237 (2) and 237 (3) of the Companies Act 1985. The annual report and accounts for the year ended 31 August 2003 will be sent to shareholders in due course. Close Finsbury Asset Management Limited Company Secretary 13 November 2003 This information is provided by RNS The company news service from the London Stock Exchange END FR NKNKKPBDDKDD
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