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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aoi (Regs) | LSE:AOI | London | Ordinary Share | COM SHS USD0.0001 (REGS) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 77.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2565Q Australian Opp Inv Tst PLC 21 January 2002 Objective of the Company The objective of the Company is to provide long term capital appreciation by investing in a portfolio of listed Australasian securities including New Zealand, focusing on investment companies, financial services companies and small industrial companies. In addition, the Company may invest in unlisted and mining companies and up to 25% of its assets in special situations worldwide. Financial highlights % change At since 30 November 31 May 2001 2001 Australian Dollar Australian All Ordinaries Index 3276.9 -1.21% Australian Small Capitalisation Index 1689.7 -0.62% Total assets less current liabilities (A$'000) 37,396 -3.93% Fully-diluted net asset value per ordinary share (A$) 2.0512 6.61% Basic net asset value per ordinary share (A$) 1.7162 10.37% £ Sterling / Australian $ exchange rate 2.7419 2.17% £ Sterling Australian All Ordinaries Index (Sterling adjusted) 1195.1 0.97% Australian Small Capitalisation Index (Sterling 616.3 1.57% adjusted) Total assets less current liabilities (£'000) 13,639 -1.80% Fully-diluted net asset value per ordinary share 74.81 8.97% (pence) Basic net asset value per ordinary share (pence) 62.59 12.82% Middle Market share price per ordinary share (pence) 59.5 20.20% The Financial Times reported that the Company is the best performing Investment Trust in the Asia and Australasian region over one year. Chairman's Statement During the half year to 30 November 2001 the basic net asset value per ordinary share ("NAV") rose 12.8% from 55.5 pence to 62.6 pence, compared to a rise of 1.0% in the sterling adjusted Australian All Ordinaries Index and a rise of 1.6% in the sterling adjusted Australian Small Capitalisation Index, which is now the Company's benchmark. This is a strong out performance by the Company's portfolio of investments. The Australian economy showed continued strength during the period under review with GDP growing by 1.1% in the September quarter and with annualised growth of 4% for the first three quarters of the calendar year. The balance of payments current account deficit declined from A$4.3 billion in the March quarter to A$2.8 billion in the September quarter, reflecting robust export growth notwithstanding softening global demand. The weak Australian dollar, which moved in a range of A$2.70 and A$3.01 against sterling ending the period at A$2.74, provided a competitive edge to exporters and enabled the economy to record trade surpluses. Inflation remained low at 2.5%, which allowed the Reserve Bank to continue easing monetary conditions, along with other central banks, to counter global recessionary tendencies. The most recent cut of 1/4 % in official rates was in December. The Australian economy is expected to continue to perform well in 2002 on the basis that the US economy begins to recover. The New Zealand GDP is forecast to record growth of 2.5% in 2001, with continued good export performance supported by the competitive level of the New Zealand dollar. Over the period the stock market, as measured by the All Ordinaries Index, fell marginally by 1.2% from 3317 to 3276, with a high of 3425 being reached in June and a low of 2867 following the terrorist attacks on 11 September when all world markets fell sharply. The Small Capitalisation Index moved in a similar trend, declining 0.6% from 1700 to 1689, with highs and lows of 1701 and 1441. Within the Company's portfolio the price of Permanent Trustee Company, the Company's largest holding, declined marginally by 2%, but that of Trust Company of Australia, the second largest holding, rose by 24%. There were useful gains on other holdings. These were offset to some extent by Nonferral Recyclers, the Company's ninth largest holding, being placed in administration. The Company's principal exposure is through unsecured convertible notes, but as a precaution these have been written down. The current easier monetary policy, together with the prospect of economic recovery in the USA and in the Pacific Basin in 2002, should provide a positive background for the stock market. Although the Company's portfolio is concentrated in special situation smaller company stocks, the possibility of such a positive market background would bring additional support to the portfolio. A F Bushell Chairman 21 January 2002 Australian Opportunities Investment Trust PLC Consolidated Statement of Total Return Six months to Six months to Year ended 30 November 2001 30 November 2000 31 May 2001 Unaudited Unaudited Audited Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 535 535 - 576 576 - 295 295 Exchange differences - 20 20 - 142 142 - 164 164 Trading loss of - - - (8) - (8) (273) - (273) subsidiary Income 500 - 500 346 - 346 753 - 753 Investment management (31) - (31) (32) - (32) (63) - (63) fee Other expenses (138) (10) (148) (120) (3) (123) (244) (6) (250) Net return before finance costs and 331 545 876 186 715 901 173 453 626 taxation Interest payable and similar charges (161) - (161) (195) - (195) (362) - (362) Return / (deficit) on ordinary activities before tax 170 545 715 (9) 715 706 (189) 453 264 Tax on ordinary (51) - (51) (19) - (19) (20) - (20) activities Return / (deficit) on ordinary activities after tax for the 119 545 664 (28) 715 687 (209) 453 244 period Dividends in respect of equity - - - - - - (56) - (56) shares Transfer to / (from) 119 545 664 (28) 715 687 (265) 453 188 reserves Return / (loss) per ordinary share (pence): Basic 0.93 4.25 5.18 (0.19) 5.10 4.91 (1.49) 3.24 1.75 Diluted 1.05 2.86 3.91 0.35 3.54 3.89 (0.29) 2.24 1.95 The revenue column of this statement is the consolidated profit and loss account of the Group. All revenue and capital items in the above statement derive from continuing operations. Consolidated Balance Sheet 30 November 30 November 31 May 2001 2000 2001 Unaudited Unaudited Audited £'000 £'000 £'000 Fixed assets Investments 14,143 15,314 15,241 Current assets Investments 17 282 17 Debtors 273 501 469 Cash at bank and short-term deposits 100 125 27 390 908 513 Creditors: amounts falling due within one (894) (1,841) (1,866) year Net current liabilities (504) (933) (1,353) Total assets less current liabilities 13,639 14,381 13,888 Creditors: amounts falling due after more than one year Convertible Loan Stock 2007 (6,121) (6,108) (6,114) Net assets 7,518 8,273 7,774 Capital and reserves Called up share capital 3,003 3,503 3,503 Share premium account 2,095 2,515 2,515 Capital reserve - realised 8,693 7,876 7,747 Capital reserve - unrealised (4,679) (4,145) (4,278) Revenue reserve (1,594) (1,476) (1,713) Equity shareholders' funds 7,518 8,273 7,774 Net asset value per share: Ordinary - Basic 62.59p 59.04p 55.48p - Fully-diluted 74.81p 71.09p 68.65p Consolidated Cash Flow Statement Six months to Six months to Year to 30 November 30 November 31 May 2001 2000 2001 Unaudited Unaudited Audited £'000 £'000 £'000 Net cash inflow from operating activities 568 131 344 Returns on investments and servicing of finance (55) (88) (311) Taxation (57) (6) (22) Financial investment 1,586 1,729 1,581 2,042 1,766 1,592 Equity dividends paid (56) (315) (315) 1,986 1,451 1,277 Financing (882) (1,454) (1,327) Repurchase of ordinary shares (920) - - Increase/(decrease) in cash 184 (3) (50) Reconciliation of net cash flow to movement in net debt Increase/(decrease) in cash in the period 184 (3) (50) Cash outflow from movement in debt 882 1,454 1,327 Change in net debt resulting from cash flows 1,066 1,451 1,277 Exchange movements 20 142 164 Other non-cash flow movements (7) (5) (11) Opening net debt (7,676) (9,106) (9,106) Closing net debt (6,597) (7,518) (7,676) Represented by: Cash at bank 100 125 27 Overdrafts (10) (145) (120) Debt due within 1 year (566) (1,390) (1,469) Debt due after 1 year (6,121) (6,108) (6,114) (6,597) (7,518) (7,676) Reconciliation of Movements in Shareholders' Funds Six months to Six months to Year ended 30 November 2001 30 November 2000 31 May 2001 Unaudited Unaudited Audited £'000 £'000 £'000 Opening shareholders' funds 7,774 7,583 7,583 Net revenue / (deficit) for the 119 (28) (209) period Dividend paid - - (56) Conversion of 2007 Loan Stock - 3 3 Share Buy Back 13 August 2001 (920) - - Capital return for the period 545 715 453 Closing shareholders' funds 7,518 8,273 7,774 Notes: 1. The financial information for the year ended 31 May 2001 included in this half-year report has been taken from the Company's full accounts, which for the year to 31 May 2001 carry an unqualified audit report and did not include statements under section 237(2) or (3) of the Companies Act 1985 and which have been filed with the Registrar of Companies. 2. The financial statements for the period to 30 November 2001 have been prepared on a basis consistent with the accounting policies adopted by the Company in its statutory accounts for the year ended 31 May 2001. 3. The Statement of Total Return for the six months to 30 November 2001, six months to 30 November 2000 and year to 31 May 2001 have been prepared in accordance with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" which have been adopted by the Company. 4. The Statement of Total return includes the results of the Company and its subsidiary, and together with the Balance Sheet and Cash Flow Statement at 30 November 2001, are unaudited and do not constitute full statutory accounts within the meaning of Section 240 of the Companies Act 1985. 5. The basic consolidated net asset value per ordinary share is based on net assets at 30 November 2001 of £7,518,000 (31 May 2001: £7,774,000 and 30 November 2000: £8,273,000) (adjusted to reflect the deduction of the convertible debt at par) and on 12,010,918 ordinary shares in issue at 30 November 2001 (31 May 2001 and 30 November 2000: 14,010,352). 6. The fully-diluted consolidated net asset value per ordinary share is based on net assets at 30 November 2001 of £13,639,000 (31 May 2001: £13,888,000 and 30 November 2000: £14,381,000) (adjusted to reflect the conversion of the convertible debt) and on 18,229,505 ordinary shares in issue at 30 November 2001 (31 May 2001 and 30 November 2000: 20,229,506) calculated on the assumption that the 2007 Loan Stock was converted at the rate of 0.90545251 of an ordinary share of 25p for each unit of 2007 Loan Stock. 7.Basic returns: The calculation of the basic consolidated revenue return per ordinary share of 25 pence each is based on net revenue on ordinary activities after taxation of £119,000 for the six months ended 30 November 2001 (31 May 2001: deficit £209,000 and 30 November 2000: deficit £28,000) divided by 12,808,256 (31 May 2001:14,009,693 and 30 November 2000: 14,009,038) being the weighted average number of ordinary shares in issue during the period. The calculation of the basic consolidated capital return per ordinary share of 25 pence each is based on net capital profit of £545,000 for the six months ended 30 November 2001 (31 May 2001: profit £453,000 and 30 November 2000: profit £715,000) divided by 12,808,256 (31 May 2001: 14,009,693 and 30 November 2000: 14,009,038) being the weighted average number of ordinary shares in issue during the period. 8. Diluted returns: The diluted returns per ordinary share of 25p each for the six months ended 30 November 2001 have been calculated on the assumption that the Convertible Loan Stock 2007 was fully converted on the first day of that financial period giving a weighted average of 19,027,320 (31 May 2001 and 30 November 2000: 20,229,506) shares and based on net revenue on ordinary activities after taxation of £199,000 (31 May 2001: deficit £58,000 and 30 November 2000: profit £71,000) and net capital profit of £545,000 (31 May 2001: profit £453,000 and 30 November 2000: profit £715,000). The diluted revenue return of 1.05p (31 May 2001: (0.29)p and 30 November 2000: 0.35p) includes the savings of finance costs on the Loan Stock. 9. The Interim report will be sent to shareholders shortly. This information is provided by RNS The company news service from the London Stock Exchange
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