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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Asset Man Inv | LSE:AMN | London | Ordinary Share | GB0000580653 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 70.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAMN RNS Number : 5074D Asset Management Investment Co.PLC 02 December 2009 For immediate release 3 December 2009 ASSET MANAGEMENT INVESTMENT COMPANY PLC FINAL RESULTS FOR THE YEAR TO 30 SEPTEMBER 2009 Asset Management Investment Company PLC ('AMIC'), the specialist investor in the global asset management industry, announces its results for the year to 30 September 2009. Highlights * Net assets GBP13.7 million (30 September 2008 GBP23.6 million) * Gearing Nil (30 September 2008 9%) * NAV per share 75.12p (30 September 2008 125.46p) * Pre-tax revenue profit GBP1.87 million (30 September 2008 GBP1.79 million) * Final dividend 4.5p net per share (2008 4.5p net per share) * Dividend for the year 7.0p net per share (2008 6.5p per share) * Capital distribution of 27p per share in February 2009 Chairman's statement The dislocation in credit markets which commenced in August 2007 and to which I referred in my statement which accompanied the annual report for 2008 introduced a period of economic recession and great uncertainty and turbulence in all financial markets. Many well known names in the sector either disappeared or had to accept radical financial restructuring. These conditions to some extent are still present, but at the end of 2009 it is now possible to have some degree of optimism that the worst has passed and we are seeing the beginning of the hoped for economic recovery. Your Company's investment portfolio inevitably was not immune from the general financial sector problems through the difficult period, during which the valuation of investments had to be lowered to reflect the reduced level of assets under management by investee companies. However, the period also reflected the improved conditions, particularly the strong performance of world stock markets, since March 2009. The markets through 2008 anticipated world recession and possible deflation and depression, but this has been replaced by the anticipation of recovery and better times ahead. However, despite the strong stock market recovery this year there are still many who believe in the real danger of a second dip into a further period of recession and there can be no room for complacency. Investment portfolio Your company holds two quoted investments, City of London Investment Group plc and Integrated Asset Management plc. City of London invests in emerging markets through the medium of international closed-end companies and the company and the price of its shares have benefitted greatly this year through good investment management performance and the general strength in emerging markets. The level of assets under management has seen a strong recovery, which is being reflected in revenue flows and it is expected in due course will benefit the dividends received by your Company. Integrated Asset Management in September completed a transaction by which the company sold the bulk of its funds under management to its largest shareholder, the German private bank Sal. Oppenheim, in exchange for a cash consideration and the cancellation of the 28% of the equity held by Sal. Oppenheim. The company now has healthy cash balances, the ownership of an institutional broker and modest residue of funds under management. The directors of Integrated Asset Management have under review a number of options for the future of the company. Inevitably weakness in the Japanese stock markets in the course of the year had an impact on the valuation of your Company's investment in IFDC Group S.A. However, there has been a significant recovery in the level of assets under management and your Board remain confident in the future prospects for the business. International Foreign Exchange Concepts Holdings, Inc, an investment manager specialising in the foreign exchange markets, in October 2008 exercised its option to buy back the equity held by your Company and AMIC now holds a $5m note repayable in June 2011 which is a major contributor to revenue. Lombardia Capital Partners, located in California, who are managers of large cap, mid cap and small cap equity portfolios invested in the United States stock markets, have also seen their assets under management recover with better markets and a consistently excellent investment management performance to almost $2 billion, the highest level during the period of your company's investment. Two exits from investments were completed in the course of the year. MMCM Holdings Inc. was sold back to its management for a nominal amount, and Columbus Financial Services Limited was dissolved. Both investments had been held at a nil valuation for a number of years. The second payment of $0.54 million due following the disposal of your Company's interest in Hillview Capital Advisors Inc., a private wealth management company located in New York City, which was sold to the management of Hillview in December 2007, was received earlier than anticipated in September 2009 and your company has a continuing participation in the revenues of Hillview in respect of the years 2009, 2010 and 2011. Your Board continues to take a cautious and prudent approach to the valuation of the investments in the portfolio, notwithstanding the recovery both in equity markets generally and the assets under management in the companies in which AMIC is invested. Corporate developments In September 2008 your Company announced that it had received notification from FX Concepts, Inc. of its intention to exercise the call option which it held in respect of the ordinary shares of FX Concepts Inc held by AMIC. Following receipt of the sterling amount of the consideration of approximately GBP5.7 million in October 2008 your Board consulted with major shareholders and its advisers to determine the most appropriate method for returning the proceeds of this sale to Shareholders in accordance with the strategy approved by Shareholders in October 2006. On 21 November 2008 a circular was sent to Shareholders detailing the arrangements for the return of 27p per share in cash, which was duly completed on 15 February 2009. Your Company will continue the programme of buying back ordinary shares for cancellation as and when reasonable lines of shares are available at levels of discount which make such buy-backs of advantage to shareholders. Between 1 October 2008 and 30 September 2009 642,500 ordinary shares were bought back and cancelled at a cost of GBP0.32 million, equal to 3.38 % of the ordinary share capital in issue at the start of the financial year. Financial results Revenue profit before tax and minority interests for the year was GBP1.87 million (2008: GBP1.79 million), an increase of 4.47%. Profit after taxation increased by 9.39% to GBP1.50 million (2008: GBP1.37 million) and revenue return per ordinary share increased by 15.66% to 8.05p (2008: 6.96p). Your Board is recommending payment of a final dividend of 4.5p net per share (2008: 4.5p net per share), which, together with the interim dividend of 2.5p net per share (2008: 2.0p net per share) paid on 14 August 2009, will make a total payment of 7.0p net per share (2008: 6.5p net per share). The final dividend will be proposed at the Annual General Meeting on 4 February 2010 for payment on 9 February 2010 to shareholders on the register at the close of business on 15 January 2010. At 30 September 2009 gearing (being the proportion of interest bearing debt to total assets) stood at Nil (30 September 2008: 9.54 %). Outlook The major economic and financial problems throughout the world still persist and the impact of the credit crunch is likely to be felt for a considerable time to come. However, there are signs that the worst of the crisis is over and hopefully 2010 will confirm this. Provided the current level of stock markets is maintained the current year should be an easier one for the asset management industry, with improved revenue flow and a more receptive marketing environment. Your Board believes that the companies in which AMIC is invested are all well positioned to benefit from better market conditions and able to continue to survive in the event that there is a further downturn. Your Board have the future of the Company and its management under regular view, with particular regard to the continuing reduction in total assets as investments are realised and cash returned to shareholders. Charles Wilkinson Chairman 3 December 2009 +-------------------------------------------------------------------------------------------------------+ | INCOME STATEMENT | | for the | | year | | ended | | 30 | | September | | 2009 | | Year ended Year ended | | 30-Sep-09 30-Sep-08 | | Revenue Capital Total Revenue Capital Total | | Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 | | Gain or - (4,039) (4,039) - (1,212) (1,212) | | loss on | | investments | | held at | | fair value | | through | | profit or | | loss | | Investment 2,020 - 2,020 2,109 - 2,109 | | income | | Administration (200) (601) (801) (287) (860) (1,147) | | expenses | | | | Profit/(loss) 1,820 (4,640) (2,820) 1,822 (2,072) (250) | | before | | finance costs | | and taxation | | Interest (19) (55) (74) (75) (226) (301) | | payable | | Fair 39 118 157 (11) (34) (45) | | value | | movement | | on loan | | redemption | | derivative | | Interest 30 - 30 54 - 54 | | receivable | | Profit/(loss) on 1,870 (4,577) (2,707) 1,790 (2,332) (542) | | ordinary | | activities before | | taxation | | Taxation (368) 179 (189) (417) 229 (188) | | Profit/(loss) 1,502 (4,398) (2,896) 1,373 (2,103) (730) | | for the year | | | | Earnings | | per | | share | | Return 3 8.05p (23.56p) (15.51p) 6.96p (10.66p) (3.7p) | | per | | ordinary | | share | | (basic) | | Return 3 8.05p (23.56p) (15.51p) 6.96p (10.66p) (3.7p) | | per | | ordinary | | share | | (diluted) | | The total column of this statement represents the Income Statement, prepared in | | accordance with International Financial Reporting Standards. The supplementary | | revenue and capital columns are both prepared under guidance published by the | | Association of Investment Companies. All items in the above statement derive from | | continuing operations. | | BALANCE SHEET | | as at 30 September 2009 | | 30 30 | | September September | | 2009 2008 | | Notes GBP'000 GBP'000 GBP'000 GBP'000 | | Non-current assets 4 2 | | Property, plant and equipment | | Investments | | Fair value through profit or | | loss | | - Listed investments 4,549 3,765 | | - Unlisted investments 8,219 13,319 | | 12,768 17,084 | | 12,772 17,086 | | Current assets | | Investment - 5,614 | | Receivables 1,134 2,675 | | Cash and cash equivalents 303 1,233 | | 1,437 9,522 | | Total assets 14,209 26,608 | | Current liabilities | | Payables (275) (400) | | Bank loans - (2,244) | | Loan redemption derivative (137) (295) | | (412) (2,939) | | Net assets 13,797 23,669 | | Equity | | Ordinary share capital 4,591 4,752 | | Special Reserve 7,435 4,433 | | Capital Redemption Reserve 180 8,764 | | Other capital reserves (1,031) 3,367 | | Retained earnings 2,618 2,430 | | Own share reserve 4 (77) | | Total equity 13,797 23,669 | | Allocation of shareholders' | | funds | | Net asset value per ordinary | | 25p share (basic) 4 75.12p 125.46p | | Net asset value per ordinary | | 25p share (diluted) 4 75.12p 125.46p | | STATEMENT OF CHANGES IN | | EQUITY | | For the year ended 30 | | September 2009 | | Share Special Capital Own Other Retained Total | | Capital Reserve Redemption Share capital earnings | | Reserve Reserve reserve | | GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 | | Net assets as at 30 5,186 6,438 8,330 (68) 5,470 2,267 27,623 | | September 2007 | | Profit/(loss) for the year - - - - (2,103) 1,373 (730) | | Total recognised income and 5,186 6,438 8,330 (68) 3,367 3,640 26,893 | | expenses | | for the period | | Cancellation of ordinary (434) (2,005) 434 - - - (2,005) | | shares | | Ordinary dividends paid - - - - - (1,210) (1,210) | | Movement in own shares - - - (9) - - (9) | | Net assets as at 30 4,752 4,433 8,764 (77) 3,367 2,430 23,669 | | September 2008 | | Profit/(Loss) for the year - - - - (4,398) 1,502 (2,896) | | Total recognised income and 4,752 4,433 8,764 (77) (1,031) 3,932 20,773 | | expenses | | for the period | | Cancellation of capital - 8,764 (8,764) - - - - | | redemption | | Cancellation of ordinary (161) (324) 161 - - - (324) | | shares | | Cancellation of non-voting (19) (5,132) 19 - - - (5,132) | | B & C shares | | Cost associated with - (287) - - - - (287) | | cancellation of B & C | | shares | | Bonus issue B and C shares 19 (19) - - - - - | | Ordinary dividends paid - - - - - (1,314) (1,314) | | Movement in own shares - - - 81 - - 81 | | Net assets as at 30 4,591 7,435 180 4 (1,031) 2,618 13,797 | | September 2009 | | CASH FLOW STATEMENT | | for the year ended 30 September | | 2009 | | 30 30 September | | September 2008 | | 2009 | | GBP'000 GBP'000 GBP'000 GBP'000 | | Net income from operations before (2,707) (542) | | tax | | Depreciation 2 1 | | Decrease in receivables 1,541 994 | | (Decrease)/increase (143) 140 | | in payables | | Losses on investments held at fair 4,039 1,212 | | value through profit and loss | | (Gains)/loss on (158) 44 | | derivative | | Net payment to EBT 81 (9) | | scheme | | Cash generated by 2,655 1,840 | | operations | | Taxation (171) (103) | | Investing | | activities | | Sale of 5,704 4,157 | | investments | | Purchase of (2) - | | tangible fixed | | assets | | Net cash inflow from investing 5,702 4,157 | | activities | | Net cash inflow before financing 8,186 6,100 | | Financing | | activities | | Repurchase of (5,743) (2,005) | | ordinary shares | | Repayment of (2,244) (4,286) | | loan | | Drawdown of - 1,000 | | loan | | Equity dividend (1,314) (1,210) | | paid | | Net cash outflow from financing (9,301) (6,501) | | Decrease in cash (1,115) (401) | | Effect of foreign exchange rate 185 235 | | changes | | | | Changes in cash and cash (930) (166) | | equivalents | | Cash and cash equivalents at 1,233 1,399 | | beginning of period | | Cash and cash equivalents at end 303 1,233 | | of period | | | +-------------------------------------------------------------------------------------------------------+ Asset Management Investment Company PLC Notes to the Financial Statements: 1.Accounting policies Basis of preparation The financial information has been prepared in accordance with International Financial Reporting Standards ("IFRS"), comprising standards and interpretations issued by the International Accounting Standards Board ("IASB") as adopted by the European Union and in accordance with Companies Act 2006. The financial information is presented in pounds sterling, rounded to the nearest thousand. The financial information is prepared under the historic cost convention except for measurement at fair value of investments. The financial information has been prepared using accounting policies consistent with those applied in the annual report for the year ended 30 September 2008. Where presentational guidance set out in the Statement of Recommended Practice ("the SORP") for investment trusts issued by the Association of Investment Companies ("the AIC") in January 2009 is consistent with the requirements of IFRS, the directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP. Following the dissolution of the remaining subsidiary, in the previous financial year only the Company financial statements have been presented this year and only the Company comparatives have been included. 2.Dividends An interim dividend of 2.5p per share was paid on 14 August 2009 to the shareholders on the register on 25 July 2008. A final dividend of 4.5p will be proposed at the next Annual General Meeting. 3.Return per share Basic returns per ordinary share are calculated on the basis of retained net revenue after taxation of GBP1,502,000(30 September 2008:
GBP1,373,000) divided by weighted average number of shares in issue during the period being 18,668,628 (30 September 2008: 19,865,833) following adjustments for shares held inan Employee Benefit Trust.
4. Net asset value The net asset value per ordinary share for the Company is based on a net asset value of GBP13,797,000 (30 September 2008: 23,669,000) and on 18,365,833 (30 September 2008: 18,865,833) ordinary shares in issue at year-end. The basic net asset value per ordinary share as at 30 September 2009 is calculated on the basis of net assets attributableto equity
shareholders divided by the number of shares that would in issue following adjustment for shares held inEmployee Benefit Trust 2009: Nil
(2008:142,500). 5. Principal Risks and Uncertainties Market price risk The Company's investment portfolio is exposed to uncertainty about future prices of investments held in its portfolio.It represents the potential
loss the company might suffer through holding market positions in the face of pricemovements. The Investment Manager constantly monitors the price
of listed investments held by the Company on areal-time basis. The
Investment manager reports to the Board on the unlisted investments and constantly monitorstheir carrying values.
Liquidity risk Liquidity risk arises as the investment portfolio will comprise mainly unlisted securities, which represent a potential delayfor realisation. This
risk is managed by the holding of cash balances to meet payments in the foreseeable future. Credit risk exposure This is the risk of failure of the counterparty to a transaction to discharge its obligations under that transaction thatcould result
in the company suffering a loss. The amount of cash at Bank GBP303,000 (2008: GBP1,233,000) and debtorsGBP1,134,000 (2008: GBP2,675,000)
represent the maximum exposure to credit risk at 30 September 2009. Most of the debtorsare receivables from investee companies and of
this amount GBP729,000 has been received after year-end. Foreign Currency risk The Board has identified three principal areas where foreign currency risk could impact the Company: Movements in exchange rates affect the value of investments Movement in exchange rates affect the income received Movement in exchange rates affect the value of bank borrowings and interest payments Foreign currency risk arises as the income and capital value of the Company's investments can be affected byexchange rate movements as some of the
Company's assets and income are denominated in currencies otherthan
sterling which is the Company's reporting currency. As at 30 September 2009, the Company had no openforward contracts. The Company may use
short term forward currency contracts to manage capital requirements. Market share price risk The Company's share price can trade at a discount to its underlying net asset value which is not a factor the Company isable to control. Some
influence over the discount may exercised by the use of the buy- back of shares in the market bythe Company.
Regulatory risk The Company operates in a regulatory environment and faces a number of regulatory risks. Any breach of regulations, such as Section 842 of the Income and Corporation Taxes Act, the UKLA Listing Rules among other things could lead todetrimental
outcomes. The Audit Committee monitors compliance with regulations by reviewing internal control reportsfrom both internally and externally.
6. Basis of preparation The financial information set out above does not constitute statutory financial statements as defined in section435 Companies Act 2006.
The statutory accounts for 2009 will be finalised on the basis of the financial information presented by the Directors in this announcement and will be delivered to the Registrar of Companies following the Annual General Meeting. The information for the year ended 30 September 2008 has been extracted from the latest published audited accounts. Theaudited accounts
for the year ended 30 September 2008 have been filed with the Registrar of Companies. The report of theauditors on those accounts contained
no qualification or statement under either section 237(2) or (3) of the CompaniesAct 1985.
7. Related Party Transactions Please refer to the information given in the Directors Remuneration Report of the Company's Annual Report for the yearended 30 September 2009
which will be published shortly. The compensation given to the Company's key managementpersonnel is mentioned therein.
The terms of the agreement between the Company and the Managing Director is also set out in the DirectorsRemuneration Report.
There have been no other related party transactions requiring disclosure. 8. Responsibility Statement We confirm to the best of our knowledge: In accordance with Disclosure and Transparency Rules we confirm, in respect of the Annual Report for the year ended30 September 2009
of which this statement is an extract, that to the best of our knowledge: * the financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS") as adopted by the European Union. * the Annual Report, to be published shortly includes a fair review of the information required by the Disclosure and Transparency Rules, being an indication of important events that have occurred during the financial year and description of principal risks and uncertainties. By Order of the Board Bharat Bhagani Company Secretary 3 December 2009 Copies of the Annual financial Report will be posted to shareholders during January 2010 and will be available from the registered office at 32 Ludgate Hill, London EC4M 7DR. The Annual financial report will also be available on the Company website at www.amicplc.com. This information is provided by RNS The company news service from the London Stock Exchange END FR EAAAAEFNNFAE
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