We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Life Offices | LSE:LOT | London | Ordinary Share | GB0005299143 | ORD 75P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 158.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
PRESS RELEASE LIFE OFFICES OPPORTUNITIES TRUST PLC Unaudited results for the six months to 30 June 2008 Key Points * Net asset value per share increased 2.1% to 165.62 pence. * Maturity proceeds were approximately 1.6% higher than forecast at the 2007 year end. * Company now almost fully in cash and equivalents * Liquidation vote to take place in mid October 2008 For further information please contact: Donald Robertson SVM Asset Management Limited 0131 226 6699 Colin McLean SVM Asset Management Limited 0131 226 6699 Roland Cross Broadgate 020 7726 6111 LIFE OFFICES OPPORTUNITIES TRUST PLC CHAIRMAN'S STATEMENT For the six months to 30 June 2008 Commenting on the results for the six months to 30 June 2008, Chairman, John Brumwell, said: "I am pleased to report the first half of 2008 has seen the Company's asset value again increased. Over the six month period, the net asset value per share rose by 2.1 per cent to 165.62 pence. The investment objective of the Company has been to achieve long term capital growth and no dividend is payable. As at the end of June 2008, there were only 31 endowment policies worth approximately £1.0 million still to mature. This represented 2.6% of net assets. Maturities continue apace and as at the close of business on 18 August 2008, there were only 4 policies outstanding representing less than 0.3% of net assets. The Managers have received details of the maturity proceeds for all the outstanding policies. Since the repayment of the gearing in 2007, the cash proceeds from maturities have been positioned in short dated UK government securities and bank deposits. Being aware of potential counterparty risk, the deposits have been placed with a range of well-financed major UK high street banks. We are pleased to report that on average the maturity proceeds were 1.6% higher than forecast at the 2007 year end. This is an exceptional result given the weakness in life offices' underlying assets. We suspect that the maturing of the Company's policies has been very well timed as recent market weakness is likely to affect future life office payouts. As the proceeds from the remaining policies will have been received by the end of the third quarter of 2008, the Board see no reason to delay the formal winding up of the Company. To this end, a circular to shareholders has been prepared in order to convene a formal shareholder meeting in mid October to approve the winding up of the Company. This will be sent to shareholders in mid September. Barring unforeseen circumstances, the first liquidation distribution should be payable soon after the date of liquidation with a further final distribution before the year end. " John Brumwell Chairman 20 August 2008 Summarised Income Statement (unaudited) 6 months to 30 June 2008 6 months to 30 June 2007 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on sale of - 7,253 7,253 - 1,549 1,549 investments Movement in unrealised - (7,077) (7,077) - 1,217 1,217 appreciation -------- -------- -------- -------- -------- -------- Gains on investments - 176 176 - 2,766 2,766 Income 882 - 882 27 - 27 Investment management - (161) (161) - (157) (157) fees Other expenses (25) (83) (108) (66) (76) (142) -------- -------- -------- -------- -------- -------- Return before interest 857 (68) 789 (39) 2,533 2,494 and taxation Bank overdraft interest - - - - (282) (282) -------- -------- -------- -------- -------- -------- Transfer (from) / to 857 (68) 789 (39) 2,251 2,212 reserves -------- -------- -------- -------- -------- -------- Return per ordinary share 3.64p (0.29p) 3.35p (0.17p) 9.56p 9.39p Summarised Cash Flow Statement (unaudited) 6 months to 6 months to 30 June 30 June 2008 2007 £'000 £'000 Net cash flow from operating (56) (604) activities Returns on investment and servicing - (282) finance Capital expenditure and financial 9,069 4,130 investment ---------- ---------- Increase in cash 9,013 3,244 ---------- ---------- Balance Sheet (unaudited) As at As at 30 June 30 June 2008 2007 £'000 £'000 Investments at fair value through - 43,617 profit or loss --------- --------- Current assets 39,323 24 Creditors: amounts falling due within (319) (7,718) one year --------- --------- Net current assets / (liabilities) 39,004 (7,694) --------- -------- Total assets less current liabilities 39,004 35,923 --------- --------- Equity shareholders' funds 39,004 35,923 -------- -------- Net asset value per ordinary share 165.62p 152.54p Summarised Reconciliation of Movement in Shareholders Funds (unaudited) Share Special Capital Capital Capital Revenue capital reserve redemption reserve reserve reserve reserve realised unrealised £'000 £'000 £'000 £'000 £'000 £'000 As at 1 January 2008 17,662 5,859 638 7,799 7,288 (1,031) Realised gain on sale - - - 7,253 - - of investments Expenses charged to - - - (244) - - capital Movement in unrealised - - - - (7,077) - appreciation on investments Return on ordinary - - - - - 857 activities after taxation ------- ------- ------- ------- ------- ------- As at 30 June 2008 17,662 5,859 638 14,808 211 (174) ------- ------- ------- ------- ------- ------- Share Special Capital Capital Capital Revenue capital reserve redemption reserve reserve reserve reserve realised unrealised £'000 £'000 £'000 £'000 £'000 £'000 As at 1 January 2007 17,662 5,859 638 (5,572) 16,051 (927) Realised gain on sale - - - 1,549 - - of investments Expenses charged to - - - (515) - - capital Movement in unrealised - - - - 1,217 - appreciation on investments Return on ordinary - - - - - (39) activities after taxation ------- ------- ------- ------- ------- ------- As at 30 June 2007 17,662 5,859 638 (4,538) 17,268 (966) ------- ------- ------- ------- ------- ------- Notes 1. The accounts have been prepared in accordance with applicable accounting standards and the 2005 Statement of Recommended Practice (SORP) issued by the Association of Investment Companies. 2. The accounts have been prepared on a break-up basis and all assets and liabilities are stated at their recoverable value. As a consequence, all assets and liabilities have been re-classified as current. In addition, a provision of £120,000 has been made for liquidation expenses. 3. Returns per share are based on a weighted average of 23,550,000 (2007 - 23,550,000) ordinary shares in issue during the year. Total return per share is based on the post tax total return for the period of £789,000 (2007 - £2,212,000). Capital return per share is based on net capital loss during the period of £ 68,000 (2007 - gain of £2,251,000). Revenue return per share is based on the revenue after taxation for the year of £857,000 (2007 - loss of £39,000). The number of shares in issue at 30 June 2008 was 23,550,000 (2007 - 23,550,000). 4. Investment management fees, policy advisory fees and finance interest have been allocated 100% to capital (2007: same). 5. The above figures do not constitute full accounts in terms of Section 240 of the Companies Act 1985. The accounts for the year to 31 December 2007, on which the auditors issued an unqualified report under Section 235 of the Companies Act 2005, have been lodged with the Registrar of Companies and did not contain a statement required under Section 237(2) or (3) of the Companies Act 1985. The interim report will be mailed to shareholders toward the end of August 2008. Copies will be available for inspection at 7 Castle Street, Edinburgh, the registered office of the Company. END
1 Year Life Offices Opportunities Chart |
1 Month Life Offices Opportunities Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions