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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:5553M American ZDP Limited 19 June 2003 AMERICAN ZDP LIMITED PRELIMINARY ANNOUNCEMENT OF INTERIM UNAUDITED RESULTS for the period ended 31 March 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, adjusted to reflect the shortfall in assets of the parent company of #21,2106,000, remains substantially below the full entitlement of 123.71p at 31 March 2003, standing at 29.41p. At this level Group assets would have to grow by circa 45.3 per cent. annually between 1st April 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. The Directors consider it to be prudent and best accounting practice to make a provision against the loan to the holding company of #15,882,000, to reflect the assets of the holding company currently available to meet the entitlement of the Company. R L Ottley Chairman 19 June 2003 Statement of Total Return (unaudited) Six months ended Six months ended 31 March 2003 31 March 2002 Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 Dividends and other appropriationsProvision - (15,882) (15,882) - - - against loan to holding company Net loss on ordinary activities - (15,882) (15,882) - - - Dividends and other appropriations: Compounding entitlement of Zero Dividend Preference shares - (1,171) (1,171) - (1,074) (1,074) Transfer from reserves - (17,053) (17,053) - (1,074) (1,074) Return/(loss) per Zero Dividend Preference share (pence): Per Articles of Association - (89.09) (89.09) - 4.77 4.77 Per FRS4 - 5.20 5.20 - 4.77 4.77 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. The Statement of Total Return is presented in accordance with the Statement of Recommended Practice for Financial Statements of Investment Trust Companies. Balance Sheet As at As at As at 31 March 31 March 30 September 2003 2002 2002 (unaudited) (unaudited) (audited) #'000 #'000 #'000 Fixed assets Loan to holding company 22,500 22,500 22,500 Provision on loan to holding company (15,882) - - Total net assets 6,618 22,500 22,500 Capital and reserves Called-up share capital 225 225 225 Share premium account - 22,275 - Special reserve 22,275 - 22,275 Capital reserve (21,216) (3,035) (4,163) Zero Dividend Preference shares redemption reserve 5,334 3,035 4,163 Total shareholders' funds 6,618 22,500 22,500 Shareholders' funds attributable on an Articles of Association basis: Ordinary shares - (3,035) (4,163) Zero Dividend Preference shares 6,618 25,535 26,663 6,618 22,500 22,500 Shareholders' funds attributable on an FRS4 basis: Ordinary shares (21,216) (3,035) (4,163) Zero Dividend Preference shares 27,834 25,535 26,663 6,618 22,500 22,500 Net asset value per share on an Articles of Association basis: Zero Dividend Preference shares (pence) 29.41 113.49 118.50 Net asset value per share on an FRS4 basis: Zero Dividend Preference shares (pence) 123.71 113.49 29.14118.50 Cash Flow Statement (unaudited) Six months Six months ended Ended 31 March 2003 31 March 2002 #'000 #'000 Net cash inflow from operating activities - - Net cash inflow from financing - - Movement in cash in the period - - There were no cash inflows/(outflows) for the six months ended 31 March 2003 and 31 March 2002. Notes: 1. Return per share Articles of Association basis The capital return per Zero Dividend Preference share is based on the compounding entitlement payable on redemption of the shares of #1,171,000 (2002 - #1,074,000), less the provision on the loan to the holding company of #15,882,000 (2002 - nil) and less the shortfall in assets of the holding company of #5,334,000 (2002 - nil) to meet the liability of the Ordinary shares under the subscription agreement and on 22,500,000 (2002 - 22,500,000) Zero Dividend Preference shares being the weighted average number of Zero Dividend Preference shares in issue during the period. FRS4 basis The capital return per Zero Dividend Preference share is based on the compounding entitlement payable on redemption of the shares of #1,171,000 (2002 - #1,074,000) and on 22,500,000 (2002 - 22,500,000) Zero Dividend Preference shares being the weighted average number of Zero Dividend Preference shares in issue during the period. 2. Net asset value per share The net asset value per share and the net asset values attributable to each class of share on an Articles of Association basis at the period end were as follows: Net asset value Net asset value per share attributable attributable 31 March 31 March 30 September 31 March 31 March 30 September 2003 2002 2002 2003 2002 2002 p p p #'000 #'000 #'000 Zero Dividend Preference shares 29.41 113.49 118.50 6,618 25,535 26,663 The net asset value per share and the net asset values attributable to each class of share on a FRS4$ basis at the period end were as follows: Net asset value Net asset value per share attributable attributable 31 March 31 March 30 September 31 March 31 March 30 September 2003 2002 2002 2003 2002 2002 p p p #'000 #'000 #'000 Zero Dividend Preference shares 123.71 113.49 118.50 27,834 25,535 26,663 The movements during the period of the assets attributable to each class of share on an Articles of Association basis were as follows: Zero Dividend Preference Ordinary shares shares Total #'000 #'000 #'000 Balance brought forward 26,663 - 26,663 Transfer of accrued redemption premium 1,171 - 1,171 Shortfall to meet the liability of the Ordinary shares under the subscription agreement (5,334) - (5,334) Provision on loan to holding company (15,882) - (15,882) Balance at 31 March 2003 6,618 - 6,618 The movements during the period of the assets attributable to each class of share on an FRS4 basis were as follows: Zero Dividend Preference Ordinary shares shares Total #'000 #'000 #'000 Balance brought forward 26,663 (4,163) 22,500 Transfer of accrued redemption premium 1,171 (1,171) - Provision on loan to holding company - (15,882) (15,882) Balance at 31 March 2003 27,834 (21,216) 6,618 The net asset value per Zero Dividend Preference ("ZDP") share on an Articles of Association basis is based on net ZDP shareholders' funds of #6,618,000 (31 March 2002 - #25,535,000 and 30 September 2002 - #26,663,000) and on 22,500,000 (31 March 2002 - 22,500,000 and 30 September 2002 - 22,500,000) ZDP shares, being the number of ZDP shares in issue at the period end. The net asset value per Zero Dividend Preference ("ZDP") share on an FRS4 basis is based on net ZDP shareholders' funds of #27,834,000 (31 March 2002 - #25,535,000 and 30 September 2002 - #26,663,000) and on 22,500,000 (31 March 2002 - 22,500,000 and 30 September 2002 - 22,500,000) ZDP shares, being the number of ZDP shares in issue at the period 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 of Association of the respective classes of share on a return of assets at 31 March 2003. A reconciliation between FRS4 and the Articles of Association basis is shown below: 31 March 31 March 31 September 2003 2002 2002 Reconciliation of FRS4 to Articles of Association basis #'000 #'000 #'000 FRS4 Zero Dividend Preference shares net assets attributable 27,834 25,535 26,663 Provisions on loan to holding company (15,882) - - Shortfall to meet the liability of the Ordinary shares under the subscription agreement (5,334) - - Zero Dividend Preference shares net assets attributable under the Articles of Association 6,618 25,535 6,557 There is currently a shortfall in assets to meet the obligations of the ZDP shareholders in the parent company of #21,2106,000 made up of the provision on the loan to the holding company of #15,882,000 and the shortfall to meet the liability of the Ordinary shares under the subscription agreement of #5,334,000. If the Group had been wound up on 31 March 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 March 2003, taking into account this shortfall but excluding notional liquidation costs and adjustments to the carrying value of investments, would be 29.41p per share. 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 #21,2106,000 and the shortfall in assets attributable to the ZDP shareholders of the Group of #21,2106,000. The Directors think 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 #15,882,000 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 #5,334,000, the Directors consider the financial statements to fairly reflect the shortfall in assets of the holding company of #21,216,000. 4. The results for the period ended 30 September 2002 have been extracted from published accounts that have been delivered to the Registrar of Companies in Jersey and on which the report of the auditors was unqualified. The interim accounts have been prepared on the same basis as the annual accounts. 5. The Interim Report will be posted to shareholders in due course and further copies will be available from the registered office, No.1 Seaton Place, St. Helier, Jersey, JE4 8YJ. 19 June 2003 Aberdeen Asset Managers Jersey Limited Secretaries Independent Review Report by KPMG to American ZDP Limited Introduction We have been instructed by the Company to review the financial information for the six months ended 31 March 2003 set out above. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Listing Rules of the Financial Services Authority and The Channel Islands Stock Exchange. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached. Directors' Responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority and The Channel Islands Stock Exchange which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where they are to be changed in the next annual accounts in which case any changes, and the reasons for them, are to be disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/ 4: Review of Interim Financial Information issued by the United Kingdom Auditing Practices Board. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review Conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 March 2003. 19 June 2003 KPMG Chartered Accountants Jersey This information is provided by RNS The company news service from the London Stock Exchange END IR UKRBROWRNAAR
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