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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Codemasters Group Holdings Plc | LSE:CDM | London | Ordinary Share | GB00BFWZ2G72 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 602.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS No 2161x
CAIRNGORM DEMUTUALISATION IT PLC
21st September 1998
Strong First Results from Cairngorm Demutualisation
Investment Trust
Final results for period ended 31 July 1998
* Total return of 13.4% = 12.72 pence per share
* Capital gains of 10.2% = 9.53 pence per share
* Net Asset Value = 104.7 pence per share
* NAV increase of 10.2% substantially above benchmark
* Dividend yield 48% higher than FTSE All-Share Index
* Final Dividend of 2.10 pence payable on 15 October
These figures reflect the results from 9 October 1997, when
the proceeds of the flotation were received and investment
commenced, until the end of the Company's financial year on
31 July 1998.
Commenting on the results the Chairman, Philip Court, said:
"The Company has got off to a good start. In the ten months
to 31 July 1998 the NAV increased by 10.2% over the initial
95p which the Trust received on flotation after issue
expenses. This is substantially above the increase in our
benchmark index, the FT Fixed Interest Index, which rose by
8.5% over the same period. The dividend yield for the
period is 48% higher than that for the FTSE All-Share Index,
comfortably above our predictions in the Interim Report and
the Company's investment objective."
For further enquiries, please contact:
Kenneth Murray
J P Cairngorm Asset Management Ltd 0131 226 6040
Brian Tait
J P Cairngorm Asset Management Ltd 0131 226 6040
Issued by:
Elizabeth Forbes
Grandfield 0171 417 4170
CAIRNGORM DEMUTUALISATION INVESTMENT TRUST PLC
Final results for the period ended 31 July 1998
Objective
The Cairngorm Demutualisation Investment Trust was
established to provide investors with a high level of
capital growth, and a dividend yield in excess of the FTSE
All-Share Index. The Trust can invest in PIBS, bonds, other
debt securities and policies (including endowment policies)
issued by mutual organisations (including building societies
and mutual life assurance companies) or their subsidiaries
and in equity and preference shares, and debt securities
issued by successor companies of mutual organisations and
other quoted financial companies).
Dividends
An interim dividend of 0.90p net per ordinary share was paid
on 30 April 1998. A final dividend of 2.10p net per
ordinary share has been proposed, payable on 15 October 1998
to shareholders on the register on 2 October 1998. The
Trust's shares will be quoted ex dividend on 28 September
1998.
Chairman's Statement
This is the first Annual Report and Accounts of the
Cairngorm Demutualisation Investment Trust and covers the
period to 31 July 1998. I am pleased to be able to inform
you that your Company has got off to a good start and that
considerable progress has been made towards achieving our
objective of providing investors with a high level of
capital growth, and a dividend yield in excess of the FTSE
All-Share Index.
Although the Trust was incorporated on 13 August 1997, the
proceeds of the flotation were not received until 9 October
1997 and the figures included in this Report and Accounts
only reflect the results since the latter date when
investment of the proceeds commenced. During this period of
less than 10 months we have made a total return of 12.72p
per share, comprising a capital gain of 9.53p and a revenue
return of 3.19p. This represents a total return of 13.4% on
the 95p which the Trust received on flotation after issue
expenses.
The capital performance of the Trust has been very
satisfactory and we made a capital gain of slightly over
#1.5 million in the ten months to 31 July 1998. The net
asset value at 31 July 1998 was 104.7p per share, an
increase of 10.2% over the 95p initially received, which is
substantially above the increase in our benchmark index, the
FT Fixed Interest Index, which rose by 8.5% in the same
period.
As you can see from the full list of the Trust's portfolio,
which is given on Page 3, we have invested all the monies
received in line with our stated policy. We have arranged a
#7,000,000 five year borrowing facility with Robert Fleming
& Co. Limited, and this has been fully drawn down and
invested. The ability to gear and increase investment
returns is one of the benefits investment trusts have over
unit trusts and OEICs (open-ended investment companies).
At 31 July 1998, 67% of the Trust's investments were in debt
securities and 33% were in equities. This reflected the
Investment Manager's caution regarding the short term
outlook for UK equities and we are content, against a
background of uncertainty for equities, to hold what is a
very defensive portfolio. Indeed, subsequent events have
shown the investment manager's judgement to have been
correct and the defensive structuring of the portfolio has
largely protected us from the recent steep falls in equity
markets. Longer term, our view that returns to
shareholders will be maximised by a portfolio comprising a
significantly higher equity element remains unaltered and we
will, when we believe it appropriate, increase the equity
element of the portfolio.
Turning to the revenue performance, the Trust has produced a
good return in its first ten months earning some #947,000 of
income and has easily fulfilled its objective of achieving a
dividend yield in excess of the FTSE All-Share Index yield,
despite the fact that we only had the benefit of ten months'
income. An interim dividend of 0.90p per share was paid in
April 1998 and we are recommending a final dividend of 2.10p
to be paid on 15 October 1998. Assuming the final dividend
is approved by shareholders, the total dividend for the
period will be 3.00p net (or 3.75p gross for basic rate tax
payers).
This equates to an annualised net dividend yield of
approximately 3.6% (4.5% gross) based on the issue price of
the shares. This is 48% higher than the net dividend yield
which was available on the FTSE All-Share Index on 31 July
1998 which was 2.44%. Based on our revenue projections for
the current year, and barring unforeseen circumstances, we
would expect to be able to declare an increased dividend for
the year to 31 July 1999.
As we anticipated at the time of the launch of the Company,
corporate activity in the financial services sector has
continued to gain momentum. Indeed, we believe that the
rate of conversions, takeovers and mergers will accelerate
if, as we expect, the United Kingdom joins the Euro. Such a
move would greatly increase the level of competition faced
by companies operating in the financial services sector and
in order to succeed in this more competitive environment
companies will have to improve their efficiency by accessing
economies of scale. This they will do by acquiring,
integrating and rationalising their competitors. We have
positioned ourselves so as to profit from this inevitable
restructuring of the United Kingdom's financial services
sector and I look forward to the future with confidence.
Indeed you may have noticed that the directors have been
adding to their shareholdings over the period.
Many shareholders have requested that we establish a Savings
Plan in order that they may increase their investment in the
Trust. Accordingly, shareholders will be pleased to know
that the Investment Manager is currently developing a
Savings Plan to cover all of the Cairngorm Investment Trusts
which will allow shareholders to make regular savings in the
Trust. The Savings Plan will also allow shareholders to
reinvest dividends and make lump sum investments in the
Trust. I hope that many of you will take advantage of what
should be a very cost effective Savings Plan about which I
will be writing to you in the near future.
Philip Court
Chairman
STATEMENT OF TOTAL RETURN
(incorporating the revenue account)
for the period from 13 August 1997 to 31 July 1998
Period
to
31 July
1998
Revenue Capital Total
(#) (#) (#)
Capital gains on investments
Net realised gains - - -
Movement in unrealised - 1,521,285 1,521,285
appreciation
of investments
-------- -------- -------
Total capital gains on - 1,521,285 1,521,285
investments
Income from investments 840,511 - 840,511
Other interest receivable 107,100 - 107,100
-------- -------- -------
Gross revenue and capital 947,611 1,521,285 2,468,896
gains
Administrative expenses 239,893 109,065 348,958
-------- -------- -------
Net return on ordinary 707,718 1,412,220 2,119,938
activities
before interest payable and
taxation
Interest payable 116,268 116,268 232,536
-------- -------- -------
Net return on ordinary 591,450 1,295,952 1,887,402
activities
before taxation
Taxation on net return on 138,678 (56,762) 81,916
ordinary
activities
-------- -------- -------
Net return attributable to 452,772 1,352,714 1,805,486
ordinary
shareholders
-------- -------- -------
Dividends
Interim dividend of 0.90p 127,732 - 127,732
paid
Final dividend of 2.10p 298,040 - 298,040
proposed
-------- -------- -------
425,772 - 425,772
-------- -------- -------
Transfer to reserves 27,000 1,352,714 1,379,714
-------- -------- -------
Return per ordinary share 3.19p 9.53p 12.72p
-------- -------- -------
The revenue column of this statement represents the revenue
account of the Company.
All revenue and capital items in the above statement derive
from continuing operations.
BALANCE SHEET
at 31 July 1998
1998
(#) (#)
Fixed assets
Equity investments 7,113,981
Non-equity investments 14,505,56
2
---------
21,619,543
Current assets
Debtors 604,806
Cash at bank 112,817
-----------
717,623
Creditors: amounts falling due 7,474,672
within one year
Net current liabilities (6,757,049)
---------
Net assets 14,862,494
---------
Capital and reserves
Called-up share capital 7,096,200
Share premium account 6,147,138
Other reserves
Capital reserve - realised (168,571)
Capital reserve - unrealised 1,521,285
Warrant reserve 239,442
Revenue reserve 27,000
---------
Ordinary shareholders' funds 14,862,494
---------
Net asset value per ordinary share 104.7p
---------
The financial statements were approved by the Board of
Directors on 21 September 1998 and were signed on its behalf
by:
Philip Court
Director
The Company employs J P Cairngorm Asset Management Ltd to
manage its portfolio.
The Report & Accounts for the Company will be sent to
shareholders on Monday 21st September 1998.
If approved at the Annual General Meeting of the Company the
final dividend will be paid on 15 October 1998. The first
Annual General Meeting of the Company will be held at the
offices of Shepherd & Wedderburn, WS, Saltire Court, 20
Castle Terrace, Edinburgh on Wednesday 14 October 1998 at
10.00am.
END
FR SFUFWAUAUFIU
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