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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.27 | 16.93 | 17.61 | 0 | 01:00:00 |
RNS Number:8585K Close Finsbury Eurotech Trust PLC 08 May 2003 To: City editors For immediate release 8 May 2003 CLOSE FINSBURY EUROTECH TRUST PLC Announces Interim Results for the six months to 28 February 2003 Financial Highlights: (Unaudited) (Audited) Six months ended Year ended 28 February 31 August 2003 2002 Total Net Assets #7.0m #8.7m Net asset value per Ordinary share 20.6p 25.5p Share price 14.5p 19.8p Discount 29.6% 22.4% FTSE eTX All Share Index (sterling adjusted) 146.3 159.9 FTSE eTX Innovation Index (sterling adjusted) 117.5 149.2 Morgan Stanley Capital International Pan-Euro Index (sterling adjusted) 671.0 770.3 - ENDS - The following are attached: * Chairman's Statement * Statement of Total Return * Balance Sheet * Cash Flow Statement * Notes to the interim accounts For further information please contact: Alastair Smith, Close Finsbury Asset Management Ltd 020 7426 6240 Fiona Harris, Quill Communications 020 7763 6970 CLOSE FINSBURY EUROTECH TRUST PLC Performance The six months to 28 February 2003 have seen a continuation of difficult trading conditions in the technology field generally, particularly in the new technology, early stage areas that this trust is committed to. This has been reflected in further weakness in the markets for technology shares. The FTSE eTX All Share Index, some 80% of whose capitalisation is represented by industry leaders, fell by 8.5% over the period, whereas the FTSE eTX Innovation Index, which more closely reflects the investment focus of this trust, fell by 21.2%. Against this background, the net asset value of the trust fell by 19.2% to 20.6p per share, while the share price fell by 26.8% to 14.5p per share, or a discount to net asset value of 29.6%. The trust's long term performance benchmark, the MSCI Pan European Index, which reflects the performance of European stock markets generally, rather than the technology sector in particular, fell by 12.9%. Activity In my last report to shareholders I recorded the view of your board and its investment advisers, Reabourne Technology Investment Management, that the long term case for investment in European technology remained valid, and that the current depressed level of technology markets, while unlikely to be reversed in the immediate future, offered investment opportunities that, in a longer term context, seemed exceptionally attractive. The company's managers have therefore been active in recent months in refocusing the investment portfolio in order to place it in the best possible position to take advantage of these opportunities in due course. Outlook There is increasing evidence that the economic fundamentals for the technology industry are now beginning to stabilise and trading prospects to improve, although market ratings are unlikely to recover significantly until investor confidence begins to reflect more positive developments in the macro economic and international political arenas. Nevertheless what is clear is that current valuation levels, on any medium to long term time horizon, are likely to prove exceptionally cheap and shareholders, particularly those that have suffered substantial losses on their investments so far, would be ill-advised to disinvest at what is likely to prove close to the bottom of the market. Your board are therefore considering with their advisers the best way to ensure that shareholders benefit fully from a recovery in valuations when this comes through and believe that the trust is particularly fortunate in having access to the services of Reabourne Technology Investment Management, a team that is exceptionally well placed to take advantage of the opportunities that lie ahead. Peter Gray Chairman 8 May 2003 CLOSE FINSBURY EUROTECH TRUST PLC Statement of Total Return For the six months ended 28 February 2003 (Unaudited) (Unaudited) (Audited) six months ended six months year ended 28 February 2003 28 February 2002 31 August 2002 Revenue Capital Total Revenue Capital Total Revenue Capital Total #000 #000 #000 #000 #000 #000 #000 #000 #000 Losses on investments - (1,538) (1,538) - (109) (109) - (5,417) (5,417) Exchange losses on currency balances - (12) (12) - (11) (11) - (16) (16) Income 46 - 46 32 - 32 96 - 96 Investment management fee (34) - (34) (109) - (109) (184) - (184) Other expenses (138) - (138) (156) - (156) (297) - (297) Net loss before finance costs and taxation (126) (1,550) (1,676) (233) (120) (353) (385) (5,433) (5,818) Interest payable and similar charges (1) - (1) - - - (1) - (1) Loss on ordinary activities before taxation (127) (1,550) (1,677) (233) (120) (353) (386) (5,433) (5,819) Taxation on ordinary activities (3) - (3) - - - (2) - (2) Loss on ordinary activities after taxation (130) (1,550) (1,680) (233) (120) (353) (388) (5,433) (5,821) Dividends on Ordinary shares - - - - - - - - - Deficit for the period/years (130) (1,550) (1,680) (233) (120) (353) (388) (5,433) (5,821) Loss per Ordinary (0.38)p (4.53)p (4.91)p (0.68)p (0.35)p (1.03)p (1.13)p (15.89)p (17.02)p share (note 1) The revenue columns of this statement represent the revenue account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period. CLOSE FINSBURY EUROTECH TRUST PLC Balance Sheet As at 28 February 2003 (Unaudited) (Unaudited) (Audited) 28 February 2003 28 February 2002 31 August 2002 #000 #000 #000 Fixed asset investments 7,021 14,076 8,629 Current assets Debtors 20 264 210 Cash at bank 71 353 105 91 617 315 Creditors: Amounts falling due within one year (66) (499) (218) Net current assets 25 118 97 Net assets 7,046 14,194 8,726 Capital and reserves Called up share capital 3,420 3,420 3,420 Share premium 29,976 29,976 29,976 Capital reserves - realised (17,604) (9,958) (15,000) Capital reserves - unrealised (8,034) (8,817) (9,088) Revenue reserve (712) (427) (582) Total shareholders' funds 7,046 14,194 8,726 Net asset value per Ordinary share (note 2) 20.6p 41.5p 25.5p CLOSE FINSBURY EUROTECH TRUST PLC Cash Flow Statement For the six months ended 28 February 2003 (Unaudited) six months ended (Unaudited) (Audited) 28 February six months ended year ended 2003 28 February 31 August #000 2002 2002 #000 #000 Net cash outflow activities (168) (210) (409) Servicing of finance Interest paid (1) - (1) Taxation - - 2 Financial Investments Purchase of investments (3,268) (5,951) (12,297) Sale of investments 3,420 6,512 12,808 (Decrease)/increase in cash for the period (17) 351 103 CLOSE FINSBURY EUROTECH TRUST PLC Notes to the Interim Accounts 1. Loss per Ordinary share Revenue loss per Ordinary share is based on losses attributable to the Ordinary shares of #130,000 (six months ended 28 February 2002: #233,000; year ended 31 August 2002: #388,000) and on the weighted average number of Ordinary shares in issue during the period of 34,200,875 (six months ended 28 February 2002: 34,200,875; year ended 31 August 2002: 34,200,875). Capital loss per Ordinary share is based on net capital losses attributable to the Ordinary shares of #1,550,000 (six months ended 28 February 2002: #120,000; year ended 31 August 2002: #5,433,000) and on the weighted average number of Ordinary shares in issue as shown above. 2. Net Asset Value per Ordinary Share (Unaudited) (Unaudited) (Audited) 28 February 28 February 31 August 2003 2002 2002 Net asset value per Ordinary share 20.6p 41.5p 25.5p The net asset value per Ordinary share is based on the assets attributable to ordinary shareholders of #7,046,000 (28 February 2002: #14,194,000: 31 August 2002: #8,726,000) and on 34,200,875 Ordinary shares (28 February 2002: 34,200,875; 31 August 2002: 34,200,875) being the number of Ordinary shares in issue at the end of the period. 3. 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 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. 4. Interim Report The Interim Report will be sent to shareholders in due course. Close Finsbury Asset Management Limited - Secretary 8 May 2003 This information is provided by RNS The company news service from the London Stock Exchange END IR ILFLVEDITIIV
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