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Share Name | Share Symbol | Market | Type |
---|---|---|---|
InvenTrust Properties Corporation | NYSE:IVT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.31 | -1.11% | 27.61 | 27.87 | 27.47 | 27.84 | 216,849 | 22:30:00 |
INVESCO Recovery Trust 2005 plc Unaudited Preliminary Announcement For the Six Months Ended 30 April 2002 Chairman's Statement In this, my first interim report to shareholders as the Chairman of INVESCO Recovery Trust 2005, I am disappointed to have to report a decrease in the total assets less current liabilities of the Trust, which fell by 2.6%, during the first six months of the Trust's current financial year. There is no single benchmark against which the Company's investment performance should be measured. However, the Board considers the performance of the FTSE Actuaries All-Share Index, the FTA Government All Stock Index and the Merrill Lynch Sterling High Yield Index when assessing the performance of the Trust's portfolio. The total returns for those indices for the six months ended 30 April 2003 are respectively -0.5%, 2.8% and 22.3%, which compare with the total return on the portfolio that we calculate to be -0.7%. The nature of the Trust's investments, whether equity or fixed interest, are orientated towards company specifics and the Board considers that the performance of the two company orientated indices, namely the FTSE Actuaries All-Share Index and the Merrill Lynch Sterling High Yield Index, are generally more relevant to the Trust for performance comparison purposes. The total return on the Trust's portfolio has fallen short of that of both of these indices, which the Board considers to be disappointing. However, the conditions prevailing in the UK equity market during February, March and April were, in some respects, exceptional, exemplified by the FTSE 100 Index falling by 4.8% in one day in March only to regain its loss the next day. During this time recovery stocks were particularly adversely affected. The Board is pleased to note therefore that between the Trust's six month period end and the date of the last declared net asset value on 11 June 2003, the total net assets less current Liabilities of the Trust have increased by 13.7%, which exceeds the capital returns of both the FTSE Actuaries All-Share Index of 7.3% and the Merrill Lynch Sterling High Yield Index of 6.5%. The structure of the Trust has remained robust throughout this difficult period. The revenue account remains in good shape and the portfolio consists of securities that have good recovery potential and, as always, have no exposure to other split capital trusts. The Board and the Investment Manager have not been forced by circumstances to change the investment stance of the Trust at a disadvantageous time. Therefore the geared exposure to a wide range of securities with capital upside remains. A second interim dividend of 2.2625p per Ordinary Share has been declared in respect of the financial period ending 30 April 2003 and will be paid on 31 July 2003 to shareholders on the register on 27 June 2003. The first interim dividend of 2.2625p was paid on 30 April 2003 in accordance with our indicated timetable. The gearing of the Trust means that the change in the net asset value of the Ordinary Shares will be greater than the change in total assets less current liabilities. In particularly adverse circumstances the final capital entitlement of the Zero Dividend Preference Shares of 174.7 p per share would not be met in full. I refer you to the tables included below that show the impact of changes in total assets less current liabilities in the different classes of equity in the Trust. Projected Net Asset Value of Ordinary Shares Percentage Growth per annum in Total -4.3 nil 5.0 10.0 12.7 Assets less Current Liabilities Approximate NAV per share (pence) 0.0 22.9 51.5 82.3 100.0 The above projected net asset values show the estimates of capital repayments which could be made to the ordinary shareholders assuming a variety of different growth rates in the Trust's total assets less current liabilities to wind-up in 2005. Projected Net Asset Value of Zero Dividend Preference Shares Percentage Growth per annum in Total -37.5 -30.0 -20.0 -10.0 -4.3 Assets less Current Liabilities Approximate NAV per share (pence) 0.0 29.7 77.9 136.4 174.7 If the total assets less current liabilities of the Trust remain at the 30 April 2003 interim level, then the Zero Dividend Preference shareholders would receive their pre-determined final capital entitlement of 174.7p. However, if the total assets less current liabilities fell at a rate greater than 4.3% per annum (the level at which approximate net asset value per Ordinary Share is 0.0p) then the Zero Dividend Preference shareholders would receive an amount below the final capital entitlement of 174.7p. The table above illustrates this point. The unusual circumstances in the UK equity market in the last three months of this reporting period depressed share prices and particularly recovery stock share prices too far. We are in the midst of a recovery in those prices, which I expect to continue. Lord Naseby Chairman 19 June 2003 Statement of Total Return (Incorporating the Revenue Account) Six months to 30 April 2003 (Unaudited) Revenue Capital Total £'000 £'000 £'000 (Losses)/gains on investments - - (2,151) (2,151) realised - unrealised - 1,189 1,189 Exchange differences Income UK dividends 1,037 - 1,037 UK unfranked investment income 141 - 141 Deposit interest 22 - 22 Gross return 1,200 (962) 238 Investment performance management fee - - - - note 1 Other expenses (148) - (148) Net return before finance costs and 1,052 (962) 90 taxation Finance costs of non-equity interests - (700) (700) Interest payable - note 1 (64) (254) (318) Return on ordinary activities before 988 (1,916) (928) taxation Tax on ordinary activities - note 2 - - - Return on ordinary activities after 988 (1,916) (928) tax for the financial period (attributable to equity shareholders) Dividend in respect of equity shares - (784) - (784) note 3 Transfer to/(from) reserves 204 (1,916) (1,712) Basic return per Ordinary Share - note 5.70p (11.06) (5.36)p 4 p Basic return per Zero Dividend - 5.52p 5.52p Preference Share - note 4 The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. Statement of Total Return (Incorporating the Revenue Account) Year to 31 October Six months to 30 April 2002 2002 (Unaudited) (Audited) Revenue Capital Total Total £'000 £'000 £'000 £'000 Gains/(losses) on investments - 2,495 2,495 2,919 - realised - unrealised - 3,632 3,632 (10,369) Exchange differences - - - - Income UK dividends 674 - 674 1,625 UK unfranked investment 87 - 87 198 income Deposit interest 115 - 115 155 Gross return 876 6,127 7,003 (5,472) Investment performance - (457) (457) - management fee - note 1 Other expenses (135) (5) (140) (278) Net return before finance 741 5,665 6,406 (5,750) costs and taxation Finance costs of non-equity - (646) (646) (1,330) interests Interest payable - note 1 (63) (252) (315) (635) Return on ordinary activities before taxation 678 4,767 5,445 (7,715) Tax on ordinary activities - (1) 1 - - note 2 Return on ordinary activities after tax for the financial period 677 4,768 5,445 (7,715) (attributable to equity shareholders) Dividends in respect of (784) - (784) (1,567) equity shares - note 3 Transfer (from)/to reserves (107) 4,768 4,661 (9,282) Basic return per Ordinary 3.91p 27.52p 31.43p (44.54)p Share - note 4 Basic return per Zero - 5.10p 5.10p 10.49p Dividend Preference Share - note 4 Balance Sheet At 30 April At 31 At 30 April October 2003 2002 2002 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Fixed Assets Investments Listed at market value 35,182 37,077 45,737 35,182 37,077 45,737 Current assets Amounts due from brokers 661 626 - Tax recoverable - - 23 Prepayments and accrued 759 381 355 income Cash at bank 1,709 1,478 6,569 3,129 2,485 6,947 Creditors: amounts falling due within one year Amounts due to brokers 299 544 - Accruals and deferred income 209 203 610 Proposed dividend 392 392 392 900 1,139 1,002 Net current assets 2,229 1,346 5,945 Total assets less current 37,411 38,423 51,682 liabilities Creditors: amounts falling due 10,000 10,000 10,000 after one year Total net assets 27,411 28,423 41,682 Capital and reserves Called up share capital 300 300 300 Share premium account 29,100 29,100 29,100 Other reserves: Capital reserve - realised 8,287 11,392 11,452 Capital reserve - unrealised (16,827) (18,016) (4,015) Redemption reserve 5,400 4,700 4,016 Revenue reserve 1,151 947 829 Shareholders' funds 27,411 28,423 41,682 Analysis of Shareholders' funds Equity interests (Ordinary 9,331 11,043 24,986 Shares) Non-equity interests (Zero Dividend Preference Shares) 18,080 17,380 16,696 27,411 28,423 41,682 Net asset value per share - note 5 Ordinary Share - basic 53.9p 63.8p 144.3p Zero Dividend Preference Share 142.6p 137.1p 131.7p Cash Flow Statement Six months Year to Six months to 30 April 31 to 30 April October 2003 2002 2002 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Cash flow from operating 683 1,645 662 activities Servicing of finance (321) (635) (321) Taxation - 141 119 Capital expenditure and financial investment Purchase of investments (12,322) (19,849) (4,341) Sale of investments 12,975 20,679 10,170 Equity dividends paid (784) (1,775) (992) Net cash inflow before 231 206 5,297 management of liquid resource Management of liquid (230) (217) (4,834) resources Increase/(decrease) in cash 1 (11) 463 Cash outflow from increase in 230 217 4,834 liquid resources Movement in net funds in the 231 206 5,297 period Net debt at beginning of the (8,522) (8,728) (8,728) period Net debt at the end of the (8,291) (8,522) (3,431) period Notes to the Interim Accounts 1. Interest payable on debt to finance investments is allocated 80% to capital and 20% to revenue in line with the Board's expected long-term split of returns from the investment portfolio of the Company. No capital investment performance management fee is charged if the Total Assets growth does not exceed the hurdle rate of 4.15% pa, 1% plus VAT is chargeable if growth exceeds the hurdle rate but is less than twice the hurdle rate, and 1.5% plus VAT if the growth rate exceeds twice the hurdle rate. This fee is, therefore, charged wholly to capital and £nil has been accrued in these accounts based on a rate of 1.5% and Total Assets as at 30 April 2003 (30 April 2002: £457,000 based on a rate of 1.5% and Total Assets as at 30 April 2002; 31 October 2002: no fee payable). 2. The tax effect of expenditure is allocated between capital and revenue on the same basis as the particular item to which it relates, using the standard rate of tax for the accounting period and the marginal method. 3. The Directors have declared interim dividends totalling 4.525p (2002: 4.525p) per Ordinary Share in respect of the year ending 31 October 2003. The first interim dividend of 2.2625p was paid on 30 April 2003 and the Directors have declared a second interim dividend of 2.2625p payable on 31 July 2003 to shareholders on the register on 27 June 2003. 4. The revenue return per Ordinary Share is based on the net revenue return on ordinary activities after taxation and on 17,320,000 Ordinary Shares, being the number of Ordinary Shares in issue in the period. The capital return per Ordinary Share is based on the net capital return on ordinary activities after taxation and the capital return due to Zero Dividend Preference Shares and on 17,320,000 Ordinary Shares in issue in the period. The capital return per Zero Dividend Preference Share is the increase in the calculated value per share for the period. 5. The net asset value per Ordinary Share of 1p is calculated after deducting 12,680,000 Zero Dividend Preference Shares of 1p each at £1 together with the accumulated growth in their value to 30 April 2003 of £5,400,000 (31 October 2002: £4,700,000; 30 April 2002: £4,016,000) based on the final projected value on 16 November 2005 of 174.7p per share. 6. It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions for approval as an investment trust company set out in section 842 of the Income and Corporation Taxes Act 1988. 7. The foregoing information at 31 October 2002 is an abridged version of the Company's full accounts which carry an unqualified Auditor's report and have been filed with the Registrar of Companies. By order of the Board INVESCO Asset Management Limited Secretaries 19 June 2003 END
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