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Name | Symbol | Market | Type |
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Hsbc Bk 25 | LSE:76IS | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
RNS No 9153p DEUTSCHE INVESTMENT CORPORATION INC. 10 May 1999 Interim Announcement of Unaudited Results for the period 1 August 1998 to 31 January 1999. The unaudited Financial Statements were approved on behalf of the Board of Directors on 7 May 1999. Results for the six months ended 31 January 1999. The half year to 31 January 1999 saw a slight fall in the net asset value of DIC from DM 21.48 per share as at 31 July 1998 to DM 20.73 per share as at 31 January 1999, a decline of 3.5%. The decline arrives primarily from provisions for possible tax liabilities relating to sale of investments. The value of DM 20.73 compares with DM 18.77 as at 31 January 1998, an increase over the year of 10.4%. Net Income before tax for the six months fell in comparison with the same period last year, which benefited from dividend income from an investment which has since been sold. The effect of this was offset by an increase in bank deposit interest arising in this half year from the proceeds of the sale of investments. The past six months also saw a new investment in Deutsche Woolworth, which is the largest single investment made by the Company and was also one of the largest MBO's of the year in Germany. Since 31 January, there has also been a successful disposal of the Company's investment in Wap Reinigungssysteme. The sale of this investment which had been held for just over one year had a significant impact on the net asset value of the Company, resulting in an increase (after providing for taxation and assuming that there are no claims under the warranties arising on the sale) of DM 3.07 per share. The Directors estimate that the net asset value per share as at 30 April 1999 was DM 23.80. Future of the Group The Board announced on 1 March 1999 that it had been aware for some time that a number of shareholders wished to realise their investment in the Company. In addition recent developments had led the Board to conclude that the Group was no longer the best investment vehicle for German private equity investment. As a result the Board decided to cease making further investments. Since then, the Board has conducted a detailed review of options open to the Group and now considers that the remaining investments should be realised in an orderly manner with a view to winding up the affairs of the Group. A circular to shareholders giving details of the Board's recommendations and convening an Extraordinary General Meeting of the Company will be dispatched as soon as possible. Board Composition The review into the Group's future having been completed, I shall step down from the Board on 1 June 1999. I am pleased to announce that I shall be succeeded as Chairman on that date by Mr Iain Saunders, who will lead the Group through what is likely to be the final stage of its life. David Marlow Chairman NET ASSETS As at 31 January 1999 1998 DM DM Net Assets 124,370,222 112,613,548 Net assets per share DM 20.73 DM 18.77 The preliminary figures for the six months ended 31 January 1999 have been extracted from the latest unaudited financial statements of the Group which will be sent to shareholders in due course. The interim report will be made available to shareholders at the Company's registered office, P.O. Box 309, Grand Cayman, Cayman Islands, British West Indies, and at the office of Electra Fleming German Managers Limited, 28 New Street, St Helier, Jersey, JE2 3TE, Channel Islands and at Electra Fleming Holdings Limited, 65 Kingsway, London WC2B 6OT For further information please contact: Fred Vinton Director 0171 831 6464 Damien Lane Electra Fleming 0171 831 6464 END COMAILSTETIILAA
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