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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 0987v DEUTSCHLAND INVESTMENT CORPORATION INC. 7th May 1998 Interim Announcement of Unaudited results for the period 1 August 1997 to 31 January 1998 The unaudited Report and Financial Statements were approved on behalf of the Board of Directors on 1 May 1998. Chairman's Report I am pleased to report that at 31 January 1998 your Company's unaudited net asset value had increased to 18.77DM per share, an increase since 31 January 1997 of 15.44% and an increase of 6.10% since 31 July 1997. The rise was largely due to the revaluation of our holding in 1 & 1 Aktiengesellschaft & Co. KgaA (formerly 1 & 1 Holdings GmbH) at 31 January 1998. The six months were a busy period for Electra Fleming, the investment managers, who have now established a new office in Hamburg. Deal flow was strong in the period, culminating in the exchange of contracts in December for an investment of 12mDM in WAP GmbH, a leading German producer of commercial cleaning equipment. In addition, considerable time was spent researching a number of other potential transactions and managing the disposal, through successful stock market flotations after the half year, of our investments in 1 & 1 and Kamps AG. Following these realisations the directors estimate DIC's net asset value to be 21.24 DM per share at 30 April 1998. The Board has been considering the timing of regular announcements to the London and Berlin Stock Exchanges of DIC's net asset value. It has been decided that regular announcements of net asset value will continue to be made four times a year. Additional announcements will be made where there is a significant change from the last announcement of net asset value. DIC's net asset value will continue to be published in the Financial Times and Borsen Zeitung. I would draw your attention to the note below detailing these arrangements. The second half has started well for DIC and I remain optimistic that, with Electra Fleming now firmly established in the German private equity market, your Company will continue to see additional investment opportunities. David Marlow Chairman ANNOUNCEMENTS OF NET ASSET VALUE Regular announcements of DIC'S net asset value will continue to be made four times a year as at 31 July (the year end), 31 October, 31 January (the half year) and 30 April. Those at 31 July and 31 January will compromise a full revaluation of the portfolio and will be accompanied by the Chairman's Statement. The 31 October and 30 April announcements will only reflect realisations of investments made since the previous announcement and movements in liquidity and the value of any quoted securities. Other unlisted assets will not usually be revalued for such announcements. Additional announcements will be made where there is a significant change from the last published announcement of net asset value. DIC's net asset value will continue to be published in the Financial Times and Borsen Zeitung. NET ASSETS AND EARNINGS As at 31 January 1998 1997 DM DM Net Assets 112,603,548 97,589,936 Net Assets per share DM18.77 DM16.26 Earnings per share DM0.132 DM0.212 The preliminary figures for the six months ended 31 January 1998 have been extracted from the last unaudited report and financial statements of the Company which will be sent to shareholders in due course. The interim report will be made available to shareholders at the Company's registered office, PO Box 309, Grand Cayman, Cayman Islands, British West Indies, and at the offices of Robert Fleming Management (Jersey) Limited, Queen's House, Don Road, St.Helier, Jersey, JE2 4QD, Channel Islands and at Electra Fleming Holdings Limited, 65 Kingsway, London, WC2B 6OT Contact: Caroline Syvret Robert Fleming Management F(Jersey) Limited 01534 887889 END IR ARMRBLLBMBJP
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