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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cayenne Tst | LSE:TCT | London | Ordinary Share | GB0006369119 | 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% | 157.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTCT
RNS Number : 8793Z
The Cayenne Trust Plc
23 September 2015
THE CAYENNE TRUST PLC
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 JULY 2015
Interim Management Report
During the six months to 31st July, the Company's Net Asset Value per share (NAV), calculated in accordance with AIC guidelines, increased by 1.6%. On a fully diluted basis NAV increased by 4.2%. By comparison, over the same period the FTSE All Share Equity Investment Instruments Index increased by 3.39%.
A dividend of 3.8p was paid on 21st August to shareholders on the register on 7th August, including those shareholders whose shares resulted from their conversion at the end of July of their holdings of the Company's Convertible Unsecured Loan Stock (CULS).
Since 31st January the Company has repurchased 11,021,191 shares and GBP10,329,634 nominal of CULS. These repurchases were at prices representing discounts of between 3% and 5% to NAV at the time of repurchase and have therefore enhanced NAV.
Following conversion of GBP2,299,113 nominal CULS on the 31st July, representing more than 80% of the outstanding CULS, your Board has converted compulsorily the remaining CULS, except where CULS holders requested cash redemption instead. This allows a much speedier return of capital to shareholders than would have been the case if they had had to wait for redemption of the CULS in August 2016.
As explained in the Investment Manager's Report, the Company's investment portfolio is in good shape to allow for its liquidation over a few months. The Company's FTSE put options, used as hedging, expired on 18 September 2015 and in view of the cost of renewing them and the Company's stated intention to liquidate the portfolio in the near future, the Board has decided not to continue hedging the portfolio.
We announced on 15 September 2015 that the Company had entered into Heads of Agreement with F&C Managed Portfolio Trust plc under which those of the Company's shareholders who do not wish their capital to be returned to them in cash will have the opportunity of rolling-over their shares into shares of F&C Managed Portfolio Trust plc. A circular will be sent to shareholders in connection with these proposals shortly.
Jonathan Agnew
Chairman
22 September 2015
Investment Manager's Report
Equity markets entered the six months under review following an ebullient performance in January which saw the FTSE All Share index advance by 2.5% and, perhaps more impressively, the DAX index in Germany gain 9%. Markets saw further progress for the balance of the first quarter of 2015 but an accumulation of negative news provoked a sell-off in May and June. Amongst the factors scaring investors were: the (now regular) revival of fears of a Greek sovereign debt default and the associated withdrawal of Greece from the Euro; slowing growth in China; US interest rate hikes; and falling bond, oil and commodity prices. In fact the falls in bond prices, which were at times dramatic, appear quite rational to us as the astonishingly low, and for some countries negative, yields seen early in the year could not possibly be justified over any long period.
Markets appear to have recovered their poise after the latest Greek "solution", but the latter half of the review period saw little net progress as markets floundered in the midst of the macro-economic uncertainty. Looking forward we can expect an environment where interest rates remain historically low, unemployment continues falling in the major western economies, and commodity prices reflect subdued global demand.
The Company's portfolio at the period end retained its basic structure with allocations split amongst five main categories: Listed Private Equity (10%), Convertible Unsecured Loan Stocks (14%), Sector Specialists (15%), Specialist Equity (17%) and Real Estate (9%). There was also cash weighting of circa 25%, as it was expected that markets were going to be volatile over the summer months. A redemption request has been made for the remaining holding in Apollo Fund (10%), following the partial redemption at the end of June; and this is expected to result in a full cash exit of that position by the end of September.
Several of the year-end holdings have now been exited completely: BB Biotech, Ediston Properties REIT, Electra Private Equity 5% CULS 29/12/2017 and Princess Private Equity (profit taking), JZ Capital Partners Limited 6% CULS 31/07/2016 and River and Mercantile UK Micro Cap (ongoing liquidity fears). The F & C Private Equity holding was also exited entirely, at a substantial profit. This was the first private equity investment the Company made in 2009, however the illiquidity of the position has made it imperative that we exited it when possible not when compelled to. The majority of the holding in New Star Investment Trust was also sold and the balance has been sold since the period end. Shareholders will note from the holdings list that three positions - Caledonia Investments, BlackRock World Mining Trust (unfortunately, given its abysmal performance) and RIT Capital Partners - are unchanged from the year end. These companies offer the greatest trading liquidity amongst the portfolio's holdings. Elsewhere positions have been pared back on a pro-rata basis to finance both the large scale repurchases of CULS and Ordinary shares and to provide a higher than usual cash balance. This strategy has ensured that sales have been made in an orderly fashion and within the constraints of available market depth.
The performance of the healthcare, private equity, property, technology and CULS positions have all been quite satisfactory over the period. The only problematic position (lossmaking) has been BlackRock World Mining Trust which had a torrid time as the economic slowdown in China led to a collapse of mining and natural resource shares globally. It is still unclear to what extent this has potentially been overdone, if at all; in the meantime the current dividend yield offers some support to the share price.
The portfolio enters the second half of the year in fine shape (albeit with only 23 positions) and offers good liquidity, should it be required, in the fourth quarter. The two forward foreign exchange hedge positions expired in mid-August but were not renewed given the smaller exposures the Company now holds and the shorter life expectancy of the Company
Cayenne Asset Management Limited
Investment Manager
22 September 2015
Statement of Comprehensive Income
Six months ended Six months ended Year ended 31 July 2015 31 July 2014 31 January 2015 Unaudited Unaudited Audited Revenue Capital Total Revenue Capital Total Revenue Capital Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Gains on investments held at fair value - 1,380 1,380 - 2,419 2,419 - 7,995 7,995 Current assets held at fair value: Gains on futures contracts - 102 102 - - - - - - Losses on put options - (487) (487) - (998) (998) - (1,047) (1,047) Gains on forward currency contracts - 357 357 - 187 187 - 295 295 Losses on cancellation of 3.25% Convertible Unsecured Loan Stock 2016 - (1005) (1,005) - - - - (14) (14) Exchange (losses)/gains on currency balances - (23) (23) - 12 12 - 11 11 Investment and other income 660 - 606 689 - 689 1,295 - 1,295 Investment management fee (47) (187) (234) (59) (238) (297) (121) (485) (606) Investment performance fee - - - - - - - (13) (13) Other expenses (191) (119) (310) (179) (4) (183) (364) (10) (374) -------- -------- -------- -------- -------- -------- -------- -------- -------- Net return before finance costs and taxation 368 18 386 451 1,378 1,829 810 6,732 7,542 Interest payable and similar charges (37) (146) (183) (60) (239) (299) (120) (481) (601) -------- -------- -------- -------- -------- -------- -------- -------- -------- Return on ordinary activities before taxation 331 (128) 203 391 1,139 1,530 690 6,251 6,941 Tax on ordinary - - - - - - - - activities - -------- -------- -------- -------- -------- -------- -------- -------- -------- Transfer to reserves 331 (128) 203 391 1,138 1,530 690 6,251 6,941 -------- -------- -------- -------- -------- -------- -------- -------- -------- Return per Ordinary share Basic 1.11p (0.43p 0.68p 1.13p 3.28p 4.41p 2.00p 18.12p 20.12p Diluted 1.01p (0.43p 0.58p 1.03p 3.15p 4.18p 1.86p 15.49p 17.35p
(MORE TO FOLLOW) Dow Jones Newswires
September 23, 2015 02:00 ET (06:00 GMT)
The total column of this statement is the profit and loss account of the Company. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.
A statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement.
Statement of Changes in Equity
For the six months ended 31 July 2015 (unaudited)
Ordinary Capital Equity Share Share Special Redemption Component Capital Revenue Capital Premium Reserve Reserve CULS Reserve Reserve Total 2016 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 31 January 2015 9,775 15,601 7,783 2,592 1,449 16,138 1,485 54,823 3.25% Convertible Unsecured Loan Stock 2016 bought back and cancelled - - - - (1,167) - 1,167 - Ordinary shares re-issued out of treasury from conversion of CULS 2016 - - 2,299 - (243) - - 2,056 Ordinary shares bought back and held in treasury - - (15,859) - - - - (15,859) Ordinary shares cancelled out of treasury (2,958) - - 2,958 - - - - Net return from ordinary activities - - - - - 128 331 203 Final dividend paid for the year ended 31 January 2015 - - - - - - - - --------- ---------- ---------- ------------ ----------- ---------- ---------- --------- At 31 July 2015 6,817 15,601 (5,777) 5,550 39 16,010 2,983 41,223 --------- ---------- ---------- ------------ ----------- ---------- ---------- ---------
For the six months ended 31 July 2014 (unaudited)
Ordinary Capital Equity Share Share Special Redemption Component Capital Revenue Capital Premium Reserve Reserve CULS Reserve Reserve Total 2016 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 31 January 2014 9,775 15,601 10,089 2,592 1,473 9,887 1,187 50,604 Ordinary shares bought back and held in treasury - - (305) - - - - (305) Net return from ordinary activities - - - - - 1,139 391 1,530 Final dividend paid for the year ended 31 January 2014 - - - - - - (416) (416) --------- ---------- ---------- ------------ ----------- ---------- ---------- -------- At 31 July 2014 9,775 15,601 9,784 2,592 1,473 11,026 1,162 51,413 --------- ---------- ---------- ------------ ----------- ---------- ---------- --------
For the year ended 31 January 2015 (audited)
Ordinary Capital Equity Share Share Special Redemption Component Capital Revenue Capital Premium Reserve Reserve CULS Reserve Reserve Total 2016 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 31 January 2014 9,775 15,601 10,089 2,592 1,473 9,887 1,187 50,604 3.25% Convertible Unsecured Loan Stock 2016 bought back and cancelled - - - - (24) - 24 - Ordinary shares bought back and held in treasury - - (2,306) - - - - (2,306) Net return from ordinary activities - - - - - 6,251 690 6,941 Final dividend paid for the year ended 31 January 2014 - - - - - - (416) (416) --------- ---------- ---------- ------------ ----------- ---------- ---------- -------- At 31 January 2015 9,775 15,601 7,783 2,592 1,449 16,138 1,485 54,823 --------- ---------- ---------- ------------ ----------- ---------- ---------- --------
Statement of Financial Position
31 July 31 July 31 January 2015 2014 2015 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Fixed Assets Investments held at fair value through profit or loss 31,071 61,911 61,955 ----------- ----------- ----------- Current Assets Listed put options held at fair value through profit or loss 204 490 297 Forward currency contracts held at fair value through profit or loss 391 139 206 Debtors 382 1,925 151 Cash at bank 10,201 54 5,273 ----------- ----------- ----------- 11,178 2,608 5,927 ----------- ----------- ----------- Creditors: amounts falling due within one year Forward currency contracts held at fair value through profit or loss (333) - (74) Bank overdraft - (29) - Other creditors (165) (214) (242) ----------- ----------- ----------- (468) (243) (316) ----------- ----------- ----------- Net current assets 10,680 2,235 5,611 ----------- ----------- ----------- Total assets less current liabilities 41,751 64,276 67,566 Creditors: amounts falling due after more than one year 3.25% Convertible Unsecured Loan Stock 2016 (528) (12,863) (12,743) ----------- ----------- ----------- Net assets 41,223 51,413 54,823 ----------- ----------- ----------- Capital and reserves Ordinary share capital 6,817 9,775 9,775 Share premium account 15,601 15,601 15,601 Other reserves: Special reserve (5,777) 9,784 7,783 Capital redemption reserve 5,550 2,592 2,592 Equity component 3.25% Convertible Unsecured Loan Stock 2016 39 1,473 1,449 Capital reserve 16,010 11,026 16,138 Revenue reserve 2,983 1,162 1,485 ----------- ----------- ----------- Equity Shareholders' funds 41,223 51,413 54,823 ----------- ----------- ----------- Net asset value per Ordinary share Basic 166.36p 148.69p 165.02p Diluted 166.36p 147.68p 160.77p
Notes to the Financial Statements
1. Accounting policies
The financial statements of the Company have been prepared under the historical cost convention modified to include the revaluation of fixed assets in accordance with United Kingdom law and Accounting Standards and with the Statement of Recommended Practice ("SORP") "Financial Statements of Investment Trust Companies and Venture Capital Trusts", issued by the Association of Investment Companies (dated November 2014) to comply with the revised reporting standard.
(MORE TO FOLLOW) Dow Jones Newswires
September 23, 2015 02:00 ET (06:00 GMT)
For the period ended 31 July 2015, the Company is applying for the first time, FRS104 the Interim Financial Reporting Standard, issued in March 2015. The revised reporting standard for half year reporting was issued following the introduction of FRS102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, effective for periods commencing on or after 1 January 2015. This forms part of the revised Generally Accepted Accounting Practice (New UK GAAP).
As a result of the first time adoption of New UK GAAP and the revised SORP, there has been no impact on the Statement of Comprehensive Income (previously called the Income Statement), Statement of Changes in Equity (previously called the Movement if Shareholders' Funds) or the Statement of Financial Position (previously called the Balance Sheet). A Cash Flow Statement is no longer required as the Company meeting the following 3 conditions for exemption:
-- Substantially all of the investments are highly liquid; -- Substantially all of the investments are carried at market value; and -- A Statement of Changes in Equity is provided.
The accounting policies and methods of computation followed in this half-year report are consistent with the most recent annual statements.
2. Investment and other income
Six months Six months ended ended Year ended 31 July 31 July 31 January 2015 2014 2015 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 UK dividends 348 432 742 Unfranked investment income 167 186 342 UK fixed interest 88 69 208 Short-term investment fund income 3 2 3 606 689 1,295 ----------- ----------- -------------
3. Return per Ordinary share
Basic earnings
Six Six months months ended ended Year ended 31 July 31 July 31 January 2015 2014 2015 Unaudited Unaudited Audited Total earnings per Ordinary share Total earnings (GBP'000) 203 1,530 6,941 Weighted average number of Ordinary shares in issue during the period* 29,846,605 34,702,775 34,499,645 Total earnings per Ordinary share 0.68p 4.41p 20.12p ----------- ----------- -------------
The total earnings per Ordinary share above can be further analysed between revenue and capital, as follows:
Revenue earnings per Ordinary share Revenue earnings (GBP'000) 331 391 690 Weighted average number of Ordinary shares in issue during the period* 29,846,605 34,702,775 34,499,645 Revenue earnings per Ordinary share 1.11p 1.13p 2.00p ----------- ----------- ----------- Capital earnings per Ordinary share Capital earnings (GBP'000) (128) 1,139 6,251 Weighted average number of Ordinary shares in issue during the period* 29,846,605 34,702,775 34,499,645 Capital earnings per Ordinary share (0.43)p 3.28p 18.12p ----------- ----------- -----------
*Excluding treasury shares
Diluted earnings
Six months ended 31 July 2015
The revenue earnings (but not the capital and total earnings) for the period ended 31 July 2015 are diluted. The diluted revenue earnings per Ordinary share have been calculated on the assumption that the 3.25% Convertible Unsecured Loan Stock 2016 was fully converted on the first day of the financial period, giving a weighted average of 36,431,851 Ordinary shares in issue, revenue earnings on ordinary activities after taxation of GBP367,837 after adding back finance costs of GBP36,614. The diluted capital and total earnings per Ordinary share are equal to the basic returns per Ordinary share.
Six months ended 31 July 2014
The revenue, capital and total earnings for the period ended 31 July 2014 were diluted. The diluted revenue, capital and total earnings per Ordinary share have been calculated on an assumption that the 3.25% Convertible Unsecured Loan Stock 2016 was fully converted on the first day of the financial period, giving a weighted average of 43,648,618 Ordinary shares in issue, revenue earnings on ordinary activities after taxation of GBP450,670, capital earnings on ordinary activities after taxation of GBP1,376,465 and total earnings on ordinary activities after taxation of GBP1,827,136 after adding back finance costs of GBP59,471, GBP237,885 and GBP297,356 respectively. The diluted revenue earnings per Ordinary share of 1.03p, the diluted capital earnings per Ordinary share of 3.15p and the diluted total earnings per Ordinary share of 4.18p reflect the saving in finance costs of the loan stock.
Year ended 31 January 2015
The revenue, capital and total earnings for the year ended 31 January 2015 were diluted. The diluted revenue, capital and total earnings per Ordinary share have been calculated on an assumption that the 3.25% Convertible Unsecured Loan Stock 2016 was fully converted on the first day of the financial period, giving a weighted average of 43,441,981 Ordinary shares in issue, revenue earnings on ordinary activities after taxation of GBP809,774, capital earnings on ordinary activities after taxation of GBP6,730,512 and total earnings on ordinary activities after taxation of GBP7,540,286 after adding back finance costs of GBP120,030, GBP480,120 and GBP600,150 respectively. The diluted revenue earnings per Ordinary share of 1.86p, the diluted capital earnings per Ordinary share of 15.49p and the diluted total earnings per Ordinary share of 17.35p reflect the savings in finance costs of the loan stock.
4. Net asset value per Ordinary share
31 July 31 July 31 January 2015 2014 2015 Unaudited Unaudited Audited Net asset values attributable (GBP'000) 41,223 51,413 54,823 Ordinary shares in issue at the period end * 24,778,722 34,577,581 33,222,827 ----------- ----------- ----------- Basic net asset value per Ordinary share 166.36p 148.69p 165.02p ----------- ----------- -----------
The basic net asset value per Ordinary share is based on net assets of GBP41.223m after deducting the liability component of the 3.25% Convertible Unsecured Loan Stock 2016 and on 24,778,722 Ordinary shares, being the number of Ordinary shares in issue at the period end excluding 2,489,188 Ordinary shares treasury shares.
Under The Association of Investment Companies (AIC) guidelines, the basic net asset value per Ordinary share is calculated as follows:
31 July 31 July 31 January 2015 2014 2015 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Total assets less current liabilities (per the balance sheet) 41,751 64,276 67,566 Redemption value of 3.25% Convertible Unsecured Loan Stock 2016 (365) (13,138) (12,947) ----------- ----------- ----------- Net assets 41,386 51,138 54,619 Ordinary shares in issue at the period end * 24,778,722 34,577,581 33,222,827 ----------- ----------- ----------- Basic net asset value per Ordinary share 167.02p 147.89p 164.40p ----------- ----------- -----------
*Excluding 2,489,188 Ordinary shares held in treasury (31 July 2014: 4,525,329; 31 January 2015: 5,880,083).
5. Share Capital
During the period 10,001,521 (31 July 2014: 218,296; 31 January 2015: 1,573,050) Ordinary shares were bought back and placed in treasury for an aggregate net consideration of GBP15,859,355 (31 July 2014: GBP305,329; 31 January 2015: GBP2,306,254). No Ordinary shares held in treasury were re-issued into the market (31 July 2013: nil; 31 January 2014: 350,000). The Company cancelled during the period 11,835,000 (31 July 2014: none; 31 January 2015: none) Ordinary shares out of treasury.
The Company issued 1,557,416 (31 July 2014: none: 31 January 2015: none) Ordinary shares from treasury during the period in consideration of the conversion of "2,299,113 of CULS 2016.
The 27,267,910 Ordinary shares in issue at the period end (31 July 2014 and 31 January 2015: 39,102,910) includes 2,498,188 Ordinary shares held in treasury (31 July 2014: 4,525,329; 31 January 2015: 5,880,083).
(MORE TO FOLLOW) Dow Jones Newswires
September 23, 2015 02:00 ET (06:00 GMT)
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