We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Manhattan Assoc Dl 01 | TG:MHT | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 288.00 | 284.00 | 288.00 | 0.00 | 08:29:58 |
Hot Features
Premium
RNS Number:0910P
Monthly High Income Trust PLC
27 August 2003
NEWS RELEASE
UNAUDITED RESULTS
SIX MONTHS ENDED 31 MAY 2003
For Immediate Release: 27th August 2003
Six months ended Six months ended
31 May 2003 31 May 2002
Net Asset Value per Ordinary Share (accounting basis)* (6.99)p 18.77p
Net Asset Value per Ordinary Share (Articles of
Association basis) * Nil 18.77p
Net Revenue before Tax #1,196,000 #1,611,000
Net Revenue after Tax #1,196,000 #1,501,000
Total Return per Ordinary Share (3.55)p (4.55)p
Dividend per Ordinary Share 1.20p 1.98p
* The Articles of Association basis is the more relevant measure of Net Asset
Value in the present circumstances of the Company.
CHAIRMAN'S STATEMENT
Death of Lord McGowan
It is with great regret that I have to report that Lord McGowan, Director,
passed away on 6 May after a brief illness. The Company has benefited enormously
from his experience from a long and distinguished career and he will be greatly
missed by his fellow Board members.
Review of the half-year
World equity markets have shown some recovery after the Iraq War. But weakness
of the US dollar and poor economic statistics continues to affect investor
sentiment.
At 31 May 2003 the Net Asset Value per Ordinary Share remained at zero. The Zero
Dividend Preference Shareholders continued to see a shortfall in their
entitlement of #5.61m or 6.99 pence per Zero Dividend Preference Share. MHIT's
net assets fell by 2.7 % over the six months to #52.1m. This compares to a fall
of 3.4% in the FTSE 350 High Yield Price Index, a fall of 1.7% in the broader
FTSE All Share Price Index and a fall in the Micropal UK Equity Income Sector
Price Index of 2.6%.
After all expenses, including the accrued redemption premium payable on the Zero
Dividend Preference Shares, there was a total negative return of 3.55 pence per
Ordinary Share. This comprised of capital losses of 5.04 pence and income
receipts of 1.49 pence.
Equity Portfolio
In the six month period, after an initial decline due to Iraqi war fears the
FTSE All Share recovered a little as those fears were thought to be overdone.
The company's equity portfolio recovered, outperforming the All Share and the
FTSE 350 High Yield Indices but underperforming the Micropal UK Equity Income
Total Return Index over the six months. The MHIT portfolio outperformed all
three indices for the last three months of the period.
Investment Trust Portfolio
Some recovery has been seen in the split capital closed ended funds market.
Although the portfolio's total return lagged slightly the Datastream Split Cap
Highly Geared Ords Index return of 12.2%.
Dividends
In consultation with its advisers the Board continues to review the financial
position of the Company. A monthly dividend of 0.2 pence has been paid for this
six month period.
Shortfall in the Zero Dividend Preference Share Entitlement
Shareholders and Zero Dividend Preference Shareholders are aware that, as there
are insufficient assets in the company, the amount available to Zero Dividend
Preference Shareholders as at 31 May 2003, amounts to 64.89 pence, or 86 % of
their repayment value on 3 December 2003.
Zero Dividend Preference Shareholders should note that as at 31 July 2003 there
is a # 4.70m shortfall in assets attributable to their final entitlement. After
allowing for accrued costs, if the assets do not rise before December 2003 then
they will not receive their full entitlement.
The table below illustrates what returns there could be under various scenarios.
This does not include any provision for costs incurred on winding up the Company
and should only be used as a general guide:
Growth or decline in Assets (# million) ZDP Asset Value
attributable assets(%) * (pence per share)
-10% 48.4 60.3741
-5% 51.1 63.7282
0% 53.8 67.0823
5% 56.5 70.4489
10% 59.2 73.8155
15% 61.9 75.0376 **
20% 67.8 75.0376 **
* Attributable assets are defined as investments, cash and other net current
assets.
** Planned final entitlement per ZDP share.
Winding up arrangements
The Board and the manager continue to plan for winding up on 3 December 2003.
PriceWaterhouse Coopers has been appointed liquidators.
In the meantime the Board intends to continue to pay monthly dividends, the
final dividend will be announced on 13 November 2003 and will be paid on 28
November 2003.
The Board has instructed the managers to liquidate the investment trust and
preference share portfolios by the end of September. At the same date, following
approximately equal monthly sales, the company's exposure to UK equities will
have been reduced to 50% of total assets. It is currently intended to maintain
as high an exposure to UK equities as is prudently possible until the end of the
trust's life in order to participate in market rallies, such that the deficit on
the Zero Dividend Preference share entitlement might possibly be closed. The
other 50% of the company's assets will be retained in short term Floating Rate
Notes issued by highly rated borrowers and in cash deposits with highly rated
banks.
Outlook
The Board continues to review the options available to the Company and the
interests of both sets of shareholders.
Nicholas Hood CBE
Chairman
20th July 2003
The unaudited financial statements of the Group (The Monthly High Income Trust
PLC and MHIT Securities PLC) are attached.
For further information:
Neil Smith 020 7809 6151
Morley Fund Management
Unaudited Group Statement of Total Return
(incorporating the revenue account of the Group) for the six months ended 31 May
2003
Six months ended 31 May 2003 Six months ended 31 May 2002
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Losses on investments - (1,532) (1,532) - (2,852) (2,852)
Investment income 1,378 - 1,378 1,831 - 1,831
Other income 79 - 79 26 - 26
Total income 1,457 (1,532) (75) 1,857 (2,852) (995)
Investment management fee (105) (105) (210) (150) (149) (299)
Other expenses (156) (37) (193) (96) (23) (119)
Net return before taxation 1,196 (1,674) (478) 1,611 (3,024) (1,413)
Taxation - - - (110) 52 (58)
Net return after taxation 1,196 (1,674) (478) 1,501 (2,972) (1,471)
Non-equity minority interest - (2,367) (2,367) - (2,175) (2,175)
Net return to Ordinary Shareholders 1,196 (4,041) (2,845) 1,501 (5,147) (3,646)
Dividends
Dividends paid (642) - (642) (1,059) - (1,059)
Proposed dividends (321) - (321) (529) - (529)
Transfer to reserves 233 (4,041) (3,808) (87) (5,147) (5,234)
Reserves at 1 December 269 (39,804) (39,535) 394 (17,843) (17,449)
Reserves at 31 May 502 (43,845) (43,343) 307 (22,990) (22,683)
Return per Ordinary Share 1.49p (5.04)p (3.55)p 1.87p (6.42)p (4.55)p
Unaudited Balance Sheet
at 31 May 2003
31 May 2003 30 November 2002
Company Group Company Group
#'000 #'000 #'000 #'000
Fixed assets
Investments 41,282 41,282 49,150 49,150
Current assets
Cash at bank and in hand 9,314 9,328 4,534 4,544
Debtors 2,157 2,147 291 281
11,471 11,475 4,825 4,825
Creditors: amounts falling due within one year (709) (709) (490) (486)
Net current assets 10,762 10,766 4,335 4,339
Total assets less current liabilities 52,044 52,048 53,485 53,489
Creditors: amounts falling due after one year
Provision for shares to be subscribed in MHIT Securities
PLC (17,552) - (15,185) -
Net assets 34,492 52,048 38,300 53,489
Share capital and reserves
Called up share capital 1,203 802 1,203 802
Share premium account - - - -
General capital reserve (28,708) (28,712) (19,834) (19,838)
Unrealised (depreciation) / appreciation of investments (15,133) (15,133) (19,966) (19,966)
Special reserve 76,632 36,933 76,632 36,933
Revenue reserve 498 502 265 269
Total shareholders' funds 34,492 (5,608) 38,300 (1,800)
Non-equity minority interests - 57,656 - 55,289
Total capital employed 34,492 52,048 38,300 53,489
Shareholders' funds attributable to:
Ordinary shareholders (5,608) (5,608) (1,800) (1,800)
Non-equity shareholders 40,100 - 40,100 -
34,492 (5,608) 38,300 (1,800)
Net asset value per Ordinary Share (accounting basis) (6.99)p (2.25)p
Net asset value per Ordinary Share (Articles of
Association basis) Nil Nil
Net asset value per Zero Dividend Preference Share
(including the accrued redemption premium) (accounting
basis) 71.89p 68.94p
Net asset value per Zero Dividend Preference Share
(Articles of Association basis) 64.89p 66.69p
Unaudited Group Cash Flow Statement
for the six months ended 31 May 2003
Six months ended Six months ended
31 May 2003 31 May 2002
#'000 #'000 #'000 #'000
Net cash inflow / (outflow) from operating activities (590) 955
Taxation paid -
Financial investment
Purchases of investments (10,645) (23,225)
Sales of investments 16,981 23,431
Net cash inflow from financial investment 6,336 206
Equity dividends paid (962) (2,142)
(Decrease) / increase in cash 4,784 (981)
Reconciliation of net cash flow to movement in cash at
bank and in hand:
(Decrease) / increase in cash 4,784 (981)
Cash at bank and in hand at 1 December 4,544 2,465
Cash at bank and in hand at 31 May 9,328 1,484
By order of the Board
Aviva Company Secretarial Services Limited, Secretary
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ILFEETRIDFIV
1 Year Manhattan Assoc Dl 01 Chart |
1 Month Manhattan Assoc Dl 01 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
