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Name | Symbol | Market | Type |
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Amazon | TG:AMZA | Tradegate | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 74.569 | 74.51 | 74.571 | 0 | 10:45:34 |
RNS Number:9009S American ZDP Limited 04 December 2003 American ZDP Limited Preliminary Announcement of Annual Unaudited results For the year ended 30 September 2003 Chairman's Statement Market conditions for all aspects of the Company's investments in the first half of the current financial year remained very difficult. The Company's net asset value per Zero Dividend Preference ("ZDP") share remains substantially below the entitlement of 129.17p at 30th September 2003, standing at 36.84p. At this level Group assets would have to grow by circa 48.18 per cent. Compound per annum between 1st October 2003 and redemption on 31st March 2008 in order for the Company to be able to redeem the ZDP shares at their full entitlement of 190.43p. On 25th June 2002 shareholders approved resolutions giving the Company a general authority to purchase its own Zero Dividend Preference ("ZDP") shares in the market and cancel up to 14.99 per cent of ZDP shares. This authority was not renewed at the Annual General Meeting held on 29th January 2003. It is intended that this should be rectified at the forthcoming Annual General Meeting in 2004. Current advice received by the Directors suggests that the Company cannot buy back any ZDP shares until such time as the dividends on the parent company's annuity shares have been fully restored. However, a resolution will be proposed at the AGM to enable repurchases should circumstances change in the future Robert Ottley Chairman 4 December 2003 Statement of Total Return ---------------------- ----------------- ----------------- Year ended Year ended 30 September 2003 30 September 2002 (unaudited) (audited) ----------------- ----------------- Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 ---------------------- ------- ------- ------- ------- ------- ------- Provision against loan - (14,211) (14,211) - - - to parent company ---------------------- ------- ------- ------- ------- ------- ------- Net loss on ordinary - (14,211) (14,211) - - - activities Dividends and other appropriations Compounding - (2,400) (2,400) - (2,202) (2,202) entitlement of ZDP shares ---------------------- ------- ------- ------- ------- ------- ------- Transfer from - (16,611) (16,611) - (2,202) (2,202) reserves ---------------------- ------- ------- ------- ------- ------- ------- Return per share per ZDP share (pence): Per Articles of - (81.66) (81.66) - 9.79 9.79 Association ---------------------- ------- ------- ------- ------- ------- ------- Per FRS 4 - 10.67 10.67 - 9.79 9.79 ---------------------- ------- ------- ------- ------- ------- ------- The revenue column of this statement represents the revenue account of the Company. All revenue and capital items in the above statement derive from continuing operations. Balance Sheet -------------------------------- ------------ ----------- As at As at ------------ ----------- 30 September 30 September 2003 2002 (unaudited) (audited) ------------ ----------- #'000 #'000 -------------------------------- ------------ ----------- Fixed assets Loan to parent company 22,500 22,500 Provision on loan to parent company (14,211) - -------------------------------- ------------ ----------- Net assets 8,289 22,500 -------------------------------- ------------ ----------- Share capital and reserves Called-up share capital 225 225 Special reserve 22,275 22,275 Capital reserve (20,774) (4,163) ZDP shares redemption reserve 6,563 4,163 -------------------------------- ------------ ----------- Total Shareholders' funds 8,289 22,500 -------------------------------- ------------ ----------- Attributable under an Articles of Association basis: ZDP shares 8,289 26,663 Ordinary shares - (4,163) -------------------------------- ------------ ----------- 8,289 22,500 -------------------------------- ------------ ----------- Attributable under a FRS 4 basis: ZDP shares 29,063 26,663 Ordinary shares (20,774) (4,163) -------------------------------- ------------ ----------- 8,289 22,500 -------------------------------- ------------ ----------- Net Asset Value per share on an Articles of Association basis (pence): ZDP 36.84 118.50 -------------------------------- ------------ ----------- Net Asset Value per share on a FRS 4 basis (pence): ZDP 129.17 118.50 -------------------------------- ------------ ----------- Cash Flow Statement ---------------------------------- ----------- ----------- Year ended Year ended 30 September 30 September ----------- ----------- 2003 2002 (unaudited) (audited) ----------- ----------- #'000 #'000 ---------------------------------- ----------- ----------- Net cash inflow from operating - - activities Net cash inflow from financing - - ---------------------------------- ----------- ----------- Movement in cash in year - - ---------------------------------- ----------- ----------- Reconciliation of net cash flow to movements in net debt Movement in cash in year as above - - Opening net funds - - ---------------------------------- ----------- ----------- Closing net funds - - ---------------------------------- ----------- ----------- There were no cash inflows/(outflows) for the years ended 30 September 2003 and 30 September 2002. Notes: 1. Return per share Articles basis The capital return per ZDP share is based on the compounding entitlement payable on redemption of the shares of #2,400,000 (2002 - #2,202,000), less the provision on the loan to the holding company of #14,211,000 (2002 - #nil) and less the shortfall in assets of the holding company of #6,563,000 (2002 - #nil) to meet the liability of the Ordinary shares under the subscription agreement and on 22,500,000 (2002 - 22,500,000) ZDP shares, being the weighted average number of ZDP shares in issue during the year. FRS 4 basis The capital return per ZDP share is based on the compounding entitlement payable on redemption of the shares of #2,400,000 (2002 - #2,202,000) and on 22,500,000 (2002 - 22,500,000) ZDP shares, being the weighted average number of ZDP shares in issue during the year. 2. Net asset value per share The net asset value per share and the net asset values attributable to each class of share at the year end on an Articles basis were as follows: 2003 2002 Net asset value Net asset values per share attributable attributable 2003 2002 2003 2002 p p #'000 #'000 ZDP shares 36.01 118.50 8,103 26,663 --------- ------- ------ ------- The net asset value per share and the net asset values attributable to each class of share at the year end on a FRS 4 basis were as follows: 2003 2002 Net asset value Net asset values per share attributable attributable 2003 2002 2003 2002 p p #'000 #'000 ZDP shares 129.17 118.50 29,063 26,663 -------- ------- ------- ------- The movements during the year of the assets attributable to each class of share on an Articles of Association basis were as follows: ZDP Ordinary shares shares Total #'000 #'000 #'000 Balance at 1 October 2002 26,663 - 26,663 Transfer of accrued redemption premium 2,400 - 2,400 Shortfall to meet the liability of the Ordinary shares under the subscription agreement (6,563) - (6,563) Provision on loan to holding company (14,397) - (14,397) --------- ------- -------- Balance at 30 September 2003 8,103 - 8,103 --------- ------- -------- The movements during the period of the assets attributable to each class of share on a FRS 4 basis were as follows: ZDP Ordinary shares shares Total #'000 #'000 #'000 Balance at 1 October 2002 26,663 (4,163) 22,500 Transfer of accrued redemption premium 2,400 (2,400) - Provision on loan to holding company - (14,397) (14,397) -------- ------- ------- Balance at 30 September 2003 29,063 (20,960) 8,103 -------- ------- ------- The net asset value per ZDP share on an Articles basis is based on net ZDP Shareholders' funds of #8,289,000 (2002 - #26,289,000) and on 22,500,000 (2002 - 22,500,000) ZDP shares, being the number of ZDP shares in issue at the year end. The net asset value per ZDP share on an FRS 4 basis is based on net ZDP Shareholders' funds of #29,063,000 (2002 - #26,663,000) and on 22,500,000 (2002 - 22,500,000) ZDP shares, being the number of ZDP shares in issue at the year end. The analysis of Shareholders' funds on the face of the Balance Sheet has been computed in accordance with the provision of Financial Reporting Standard 4 "Capital Instruments" and also under the Articles the respective classes of share on a return of assets at 30 September 2003. A reconciliation between the FRS 4 and Articles basis is shown below: 30 September 30 September 2003 2002 Reconciliation of FRS 4 to Articles of #'000 #'000 Association basis FRS 4 ZDP shares net assets attributable 29,063 26,663 Provision on loan to holding company (14,397) - Shortfall to meet the liability of the - - Ordinary shares under the subscription agreement (6,563) - --------- --------- ZDP shares net assets attributable under 8,103 26,663 the Articles of Association --------- --------- There is currently a shortfall in assets to meet the obligations of the ZDP Shareholders in the holding company of #20,774,000, made up of the provision on the loan to the holding company of #14,211,000 and the shortfall to meet the liability of the Ordinary shares under the subscription agreement of #6,563,000. If the Group had been wound up on 30 September 2003 there would not have been enough assets to fully meet the obligations of the ZDP Shareholders.The net asset value of the ZDP shares at 31 September 2003, taking into account this shortfall but excluding notional liquidation costs and adjustments to the carrying value of investments, would be 36.84p per share. The hurdle rate of the ZDP Shareholders to achieve the planned redemption amount of 190.43p on 31 March 2008 at 30 September 2003 was 48.18 per cent compound per annum. The rate of cover was 0.17. 3. Loan to parent company The Directors have considered the recoverability of the loan to the parent company in light of its net liabilities of #20,774,000 and the shortfall in assets attributable to the ZDP shareholders of the Group of #20,774,000. The Directors consider that it is prudent and best accounting practice to have a provision against the loan to the holding company. The Company has a fixed life to 31 March 2008 at which time it will be wound up and if sufficient assets are available at this time ZDP Shareholders will be paid their final capital entitlement.This is still some time away and the Directors still consider the Group and Company to be a going concern. By providing #14,211,000 against the loan to the holding company and by reflecting the shortfall to meet the liability of the Ordinary shares under the subscription agreement of #6,563,000, the Directors consider the financial statements to fairly reflect the shortfall in assets of the holding company of #20,774,000. 4. The financial information for the year ended 30 September 2003 comprise non-statutory accounts. The financial information for the year ended 30 September 2002 has been extracted from the published accounts that have been delivered to the Jersey Financial Services Commission and on which the report of the auditors is unqualified and did not contain a statement under Article 111 of the Companies (Jersey) Law 1991. The statutory accounts for 2003 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Jersey Financial Services Commission in due course. 5. The Annual Report will be posted to shareholders in due course and further copies will be available from the registered office, Aberdeen Asset Managers Jersey Limited, No.1 Seaton Place, St. Helier, Jersey JE4 8YJ. Aberdeen Asset Managers Jersey Limited Secretaries 4 December 2003 This information is provided by RNS The company news service from the London Stock Exchange END FR EAXALELNDFFE
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