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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Progress Software Corp | TG:PGR | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 1.60% | 63.50 | 63.00 | 63.50 | 63.50 | 63.00 | 63.00 | 296 | 20:55:37 |
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RECOVERY TRUST PLC
(formerly Pavilion Geared Recovery Trust PLC)
PRELIMINARY ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS
The Directors present the unaudited interim results for the period from 1
August 2002 to 31 January 2003.
Over the period under review, total assets have fallen 24.6% to £13,400,000 .
Shareholders are no doubt aware that this was mainly caused by our exposure to
the split capital investment trust sector.
Montanaro Investment Managers Limited ("Montanaro") were appointed as the new
Managers of the Company with effect from 2 January 2003. Montanaro's existing
funds have a strong and consistent track record of outperforming their
benchmarks. A clear focus on recovery investment opportunities provides a sound
basis for rebuilding shareholder value over time. At 31 January 2003 66.7% of
our assets were represented by our recovery portfolio and the new Managers are
taking opportunities to re-position this part of the portfolio. While we still
retain split capital holdings these are now predominantly not fund of fund type
trusts.
Revenue profits for the period amounted to £ 304,000. On 5 March 2003 the Board
declared a second interim dividend of 0.75p per Ordinary Income share which
will be paid on 31 March to shareholders on the Register as at 14 March 2003.
Following this dividend revenue reserves attributable to the Ordinary Income
shares amounted to £ 163,000.
An Extraordinary General Meeting was held on 4 March 2003 at which a resolution
was passed changing the name of the Company to Recovery Trust PLC.
These changes should be regarded as the first steps in a continuing process
that demonstrates your Board's efforts to restore shareholder value.
During the period, your Board paid the Company's first interim dividend of
0.75p in November 2002, which, taken together with the second interim dividend
of 0.75p brings the total for the period to 1.50p.
SUMMARISED STATEMENT OF TOTAL RETURN
(*incorporating the revenue account) of the Company
1 August 2002 to 15 August 2001 to
31 January 2003 31 January 2002
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Losses on investments - (4,192) (4,192) - (6,528) (6,528)
Dividends and interest 446 - 446 1,743 - 1,743
Investment management fees (32) (32) (64) (114) (114) (228)
Other expenses (110) - (110) (117) - (117)
Return on ordinary activities 304 (4,224) (3,920) 1,512 (6,642) (5,130)
for the period
Interest payable - - - (209) (209) (418)
Return on ordinary activities 304 (4,224) (3,920) 1,303 (6,851) (5,548)
before and after taxation for
the period
Appropriations in respect of
non-equity shares
- Zero Dividend Preference - (691) (691) - (631) (631)
Return attributable to 304 (4,915) (4,611) 1,303 (7,482) (6,179)
Ordinary Income shareholders
1st interim dividend paid of (225) - (225) (600) - (600)
0.75p (2002: 2.0p) per
Ordinary Income share
2nd interim dividend proposed (225) - (225) (600) - (600)
of 0.75p (2002: 2.0p) per
Ordinary Income share
Transfer (from)/ to reserves (146) (4,915) (5,061) 103 (7,482) (7,379)
Return per share
Ordinary Income 1.01 (16.38) (15.37) 4.34 (24.94) (20.60)
Zero Dividend Preference - 4.99 4.99 - 4.21 4.21
* The revenue column of this statement is the revenue account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
SUMMARISED BALANCE SHEET
As at As at As at
31 January 31 July 31 January
2003 2002 2002
£'000 £'000 £'000
(unaudited) (audited) (unaudited)
Investments at valuation 11,397 17,062 50,833
Net current assets 1,969 674 1,046
Total assets less current liabilities 13,366 17,736 51,879
Bank loan - - (14,972)
Total shareholder funds 13,366 17,736 36,907
Less current period revenue 146 - (103)
Total net assets for the purpose of 13,512 17,736 36,804
calculating the net asset value per
share
Net asset value per: pence pence pence
Ordinary Income share 0.00** 9.02 70.63
Zero Dividend Preference share 95.43 108.64 104.09
** The net asset value announced for the Ordinary Income shares is 0.00p with
accrued income attributable of 1.03p. This has been calculated in accordance
with entitlements as at 31 January 2003, and the Company's Articles of
Association.
The net assets and net asset values per share reflect the entitlements of
shareholders as set out in the Articles of Association and differ from those in
the Balance Sheet which are calculated in accordance with Financial Reporting
Standard No. 4.
SUMMARISED STATEMENT OF CASHFLOWS
1 August 2002 15 August 2001
to to
31 January 31 January 2002
2003
£'000 £'000
Net cash inflow from operating activities 327 1,325
Net cash outflow from servicing of finance - (251)
Capital expenditure and financial investment
Purchase of investments (4,071) (76,303)
Sale of investments 5,480 18,450
Net cash inflow/ (outflow) from capital 1,409 (57,853)
expenditure and financial investments
Equity dividends paid (450) (600)
Net cash inflow/ (outflow) before financing 1,286 (57,379)
Financing
Proceeds of share issue - 45,000
Issue expenses - (1,304)
Draw down of long term loan - 14,972
Increase in cash 1,286 1,289
The above financial information has been prepared using the accounting policies
set out in the statutory accounts for the period to 31 July 2002.
NOTES
1. The above financial information does not constitute statutory financial
statements as defined in section 240 of the Companies Act 1985. The statutory
accounts for the period to 31 July 2002, which contained an unqualified
auditors' report, have been lodged with the Registrar of Companies and did not
contain a statement under section 273(2) or (3) of the Companies Act 1985.
2. The Directors have declared a second interim dividend of 0.75p per Ordinary
Income share, payable on 31 March 2003 to the holders of Ordinary Income shares
on the Register at 14 March 2003.
3. The revenue return per Ordinary Income share is based on earnings of £
304,000 (2002: £1,303,000) and on 30,000,000 Ordinary Income shares in issue
throughout the period.
4. The capital return per Ordinary Income share is based on net capital losses
of £4,915,000 (2002: £7,482,000) and on 30,000,000 Ordinary Income shares in
issue throughout the period.
5. There are 13,835,000 Zero Dividend Preference shares in issue. The Zero
Dividend Preference shareholders are entitled to receive 167.74p per share on
15 August 2007. In accordance with Financial Reporting Standard No: 4, the
accrued compound growth entitlement of £691,000 (2002: £631,000) which takes
into account the allocation of share issue expenses to the Zero Dividend
Preference shareholders, has been charged against the capital reserve. The
appropriation is used to calculate the capital return per Zero Dividend
Preference share.
6. An amount of £32,000 (2002: £323,000) has been charged to capital in respect
of management fees, other expenses and interest in accordance with accounting
policy.
7. 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 on Section 842 of the Income and Corporation Taxes Act 1988.
END
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