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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Merril.Ftse Gwt | LSE:MLFG | London | Ordinary Share | GB0031652521 | GWTH SHS 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 168.50 | 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 Number:6381E
Merrill Lynch FTSE100 Stpd Gwth&Inc
27 September 2007
Merrill Lynch FTSE 100 Stepped Growth and Income Limited
Preliminary Profits Announcement
For the period from 1st January, 2007 to 30th June, 2007
This announcement is not the Company's statutory financial statements. All the
figures are based on the interim report and financial statements for the period
from 1st January, 2007 to 30th June, 2007.
Investment Manager's Report
Growth Shares
The Growth Shares are designed to offer investors a capital growth amount of
70.00 pence per growth share and to return a capital amount of 100.00 pence per
growth share, as long as the Underlying Index has not fallen by more than 40.0%
of the Initial Index Reference Level. If the Index has fallen more than 40.0%,
an amount of 5.0% is reduced from 70.0% for each of the remaining six monthly
periods (first six month period ended on 16th December, 2002, and so on until
16th June, 2009) to the Final Reference Date.
As of 30th June, 2007, the FTSE 100 Index closed at 6607.90, an increase of
6.22% from the level of the Index at the beginning of the period. The Net Asset
Value of the Growth Shares was #1.50 as of 30th June, 2007, resulting in an
increase of 2.04% for the six month period (relative to a Net Asset Value of
#1.47 at 31st December, 2006), and a cumulative increase of 56.25% since
inception (relative to the initial Net Asset Value of #0.96).
Income Shares
The Income Shares pay a fixed dividend of 4.00 pence per Income Share,
semi-annually in arrears as long as the Underlying Index has not fallen by more
than 40.0% of the Initial Index Reference Levels at any time up to the close of
trading on the Final Reference Date. If the Underlying Index has fallen by more
than 40.0% of the Initial Index Reference Level at any time up to the close of
trading on the Final Reference Date, then all the subsequent coupons (4.0 pence)
will cease after that date.
As of 30th June, 2007, the FTSE 100 Index closed at 6607.90, an increase of
6.22% from the level of the Index at the beginning of the period. The Net Asset
Value of the Income Shares was #1.03 as of 30th June, 2007, resulting in an
decrease of 1.90% for the six month period (relative to a Net Asset Value of
#1.05 at 31st December, 2006), and a cumulative increase of 7.29% since
inception (relative to the initial Net Asset Value of #0.96).
Investment Manager's Report (continued)
Market Review
The U.K. economy has continued to grow slightly above the long-term trend. The
increase in gross domestic product in the first quarter, the most recent data
available, was 3.0% annualized versus the previous quarter, with the annual
increase at just below 3.0%. The growth rate has remained remarkably stable over
the past year. Consumption has rebounded, exports have been firm and capital
spending has strengthened. Business confidence and retail sales growth remain
high and the housing market also continues to grow, albeit there is tentative
evidence of a slowdown.
The inflation background remains difficult. Higher energy prices and an increase
in core inflation, which excludes food and energy prices, were the primary
culprits behind the 12-month rise in the Consumer Price Index of over 3.0% in
March, well above the Bank of England's official 2.0% target. Inflation has
moderated since then, dropping to 2.5% in May, and it is expected that inflation
will be much closer to target in the second half of 2007. The primary risk is if
wage growth responds to the acceleration in inflation in the current pay cycle,
though there is little evidence that this is happening. Additionally, continued
strength in the pound sterling also will dampen price pressures. Nevertheless,
given the rise in inflation, interest rates are expected to rise further, and
the risk is that less tightening emerges in reality.
With respect to corporate earnings, profit growth is slowing, but remains
robust. Corporate earnings per share have risen by approximately 15% in the past
year, and earnings have been upgraded slightly in the past couple of months.
Still, the profit background is expected to become more demanding-with margins
already high, the scope for additional widening is limited. The market is
already braced for a significant slowing in earnings growth (down to only 6%),
so vulnerability to profits moderation has been diminished.
This material is not intended to be relied upon as a forecast, research or
investment advice, and is not a recommendation, offer or solicitation to buy or
sell any securities or to adopt any investment strategy. The opinions expressed
are as of June 2007 and may change as subsequent conditions vary. The
information and opinions contained in this material are derived from proprietary
and nonproprietary sources deemed by BlackRock to be reliable, are not
necessarily all-inclusive and are not guaranteed as to accuracy. Past
performance does not guarantee future results. There is no guarantee that any
forecasts made will come to pass. Any investments named within this material may
not necessarily be held in any accounts managed by BlackRock. Reliance upon
information in this material is at the sole discretion of the reader.
BlackRock Inc.
27th September, 2007
Total Statement of Operations
For the period from 1st January, 2007 to 30th June, 2007
Total Total
01.01.2007 01.01.2006
to 30.06.2007 to 30.06.2006
# 000's # 000's
Income on medium term notes
- Interest
(Libor +
margin) 999 860
Receipts under "Swap and Option" transaction
- Payment in
lieu of
distributions 970 970
- Money due
for
distributor
and sponsor
fees 99 99
Payments under "Swap and Option" transaction
- Interest
(Libor +
margin) (999) (860)
Distributor
and sponsor
fees (99) (99)
Other bank
interest
received 10 1
------------- -------------
Net realised
gains on
investment
activities 980 971
Movement in provision on "Swap and
Option"
transactions (84) 23
Movement in
unrealised
losses on
investments 8 10
------------- -------------
Movement in
net unrealised
gains on
investments (76) 33
------------- -------------
Net gains on
investment
activities 904 1,004
------------- -------------
Finance costs
Distributions
to holders of
preference
shares (970) (970)
------------- -------------
Retained
(loss)/gain
for the period (66) 34
============= =============
All activities consist of ongoing operations.
The Company has no other recognised gains or losses other than those shown above and accordingly no
separate
Statement of Total Recognised Gains and Losses has been presented.
There is no difference between the result for the period as stated above and its historical cost
equivalent.
Total Statement of Operations (continued)
For the period from 1st January, 2007 to 30th June, 2007
Growth Growth Income Income
Shares Shares Shares Shares
01.01.2007 01.01.2006 01.01.2007 01.01.2006
to 30.06.2007 to 30.06.2006 to 30.06.2007 to 30.06.2006
# 000's # 000's # 000's # 000's
Income on medium term notes
- Interest
(Libor +
margin) 393 339 606 521
Receipts under "Swap and Option"
transaction
- Payment in
lieu of
distributions - - 970 970
- Money due
for distributor
and sponsor fees 39 39 60 60
Payments under "Swap and Option"
transaction
- Interest
(Libor +
margin) (393) (339) (606) (521)
Distributor
and sponsor
fees (39) (39) (60) (60)
Other bank
interest
received 4 1 6 -
-------- -------- -------- ---------
Net realised
gains on
investment
activities 4 1 976 970
Movement in provision on "Swap and
Option"
transactions 433 392 (517) (369)
Movement in
unrealised
losses on
investments 3 4 5 6
-------- -------- -------- ---------
Movement in
net unrealised
gains on
investments 436 396 (512) (363)
-------- -------- -------- ---------
Net gains on
investment
activities 440 397 464 607
-------- -------- -------- ---------
Finance costs
Distributions
to holders of
preference
shares - - (970) (970)
-------- -------- -------- ---------
Retained
gain/(loss)
for the period 440 397 (506) (363)
======== ======== ======== =========
All activities consist of ongoing
operations.
The Company has no other recognised gains or losses other than those shown above and accordingly no
separate
Statement of Total Recognised Gains and Losses has been presented.
There is no difference between the result for the period as stated above and its historical cost
equivalent.
Total Statement of Assets and Liabilities
As at 30th June, 2007
Total Total
30.06.2007 30.06.2006
# 000's # 000's
ASSETS
Investments
Debt securities 35,955 35,938
Swap and
option
contract at
fair value 12,521 11,897
Debtors 164 145
Cash 486 11
-------- ----------
Total assets 49,126 47,991
======== ==========
EQUITY
Ordinary share - -
capital
-------- ----------
LIABILITIES
Creditors 629 145
-------- ----------
Total liabilities (Excluding net
assets
attributable
to holders of
preference
shares) 629 145
Net assets attributable to
holders
of preference
shares 48,497 47,846
-------- ----------
Total equity
and
liabilities 49,126 47,991
======== ==========
Total Statement of Assets and Liabilities (continued)
As at 30th June, 2007
Growth Growth Income Income
Shares Shares Shares Shares
30.06.2007 30.06.2006 30.06.2007 30.06.2006
# 000's # 000's # 000's # 000's
ASSETS
Investments
- Debt
securities 14,157 14,151 21,798 21,787
- Swap and
option contract at
fair value 9,456 8,346 3,065 3,551
Debtors 34 27 130 118
Cash 194 7 292 4
--------- -------- -------- --------
Total assets 23,841 22,531 25,285 25,460
========= ======== ======== ========
EQUITY
Ordinary share capital - - - -
--------- -------- -------- --------
LIABILITIES
Creditors 217 27 412 118
--------- -------- -------- --------
Total liabilities (Excluding net assets
attributable
to holders of
preference
shares) 217 27 412 118
Net assets attributable to holders
of preference
shares 23,624 22,504 24,873 25,342
--------- -------- -------- --------
Total equity
and
liabilities 23,841 22,531 25,285 25,460
========= ======== ======== ========
Total Statement of Changes in Net Assets Attributable to Holders of Preference Shares
For the period from 1st January, 2007 to 30th June, 2007
Total Total
01.01.2007 to 01.01.2006 to
30.06.2007 30.06.2006
# 000's # 000's
From Operations
Net realised gains on investment activities
applicable to
holders of
preference shares 980 971
Movement in net unrealised gains on investments
applicable to
holders of
preference shares (76) 33
Distributions payable to holders
of preference
shares (970) (970)
---------- ----------
Net
(decrease)/increa
se resulting from
operations (66) 34
---------- ----------
Total (decrease)/increase in net assets attributable to
holders of
preference shares
for the period (66) 34
Net assets attributable to holders of
preference shares
at beginning of
the period 48,563 47,812
---------- ---------
Total net assets attributable to holders
of preference
shares 48,497 47,846
========== =========
Total Statement of Changes in Net Assets Attributable to Holders of Preference Shares (continued)
For the period from 1st January, 2007 to 30th June, 2007
Growth Growth Income Income
Shares Shares Shares Shares
01.01.2007 to 01.01.2006 to 01.01.2007 to 01.01.2006 to
30.06.2007 30.06.2006 30.06.2007 30.06.2006
# 000's # 000's # 000's # 000's
From Operations
Net realised gains on investment activities
applicable to
holders of
preference
shares 4 1 976 970
Movement in net unrealised gains on investments
applicable to
holders of
preference
shares 436 396 (512) (363)
Distributions payable to holders
of preference
shares - - (970) (970)
-------- -------- -------- --------
Net
increase/(decr
ease)
resulting from
operations 440 397 (506) (363)
-------- -------- -------- --------
Total increase/(decrease) in net assets attributable
to holders of
preference
shares for the
period 440 397 (506) (363)
Net assets attributable to holders of
preference
shares at
beginning of
the period 23,184 22,107 25,379 25,705
-------- -------- -------- --------
Total net assets attributable to holders
of preference
shares 23,624 22,504 24,873 25,342
======== ======== ======== ========
Total Statement of Cash Flows
For the period from 1st January, 2007 to 30th June, 2007
Total Total
01.01.2007 to 01.01.2006 to
30.06.2007 30.06.2006
# 000's # 000's
Operating Activities
Investment income 998 855
Income from counterparty for Distributor
and Sponsor fees 199 198
Net Swap Option
(payments)/receipts (28) 115
Distributor and Sponsor fees (199) (198)
Other interest income 10 1
-------------- -------------
Net cash inflow from
Operating Activities 980 971
-------------- -------------
Distributions paid to holders
of preference shares (970) (970)
-------------- -------------
Increase in cash 10 1
Cash at start of period 476 10
-------------- -------------
Cash at end of period 486 11
============== =============
Total Statement of Cash Flows (continued)
For the period from 1st January, 2007 to 30th June, 2007
Growth Growth Income Income
Shares Shares Shares Shares
01.01.2007 to 01.01.2006 to 01.01.2007 to 01.01.2006 to
30.06.2007 30.06.2006 30.06.2007 30.06.2006
# 000's # 000's # 000's # 000's
Operating Activities
Investment
income 393 337 605 518
Income from counterparty for Distributor
and Sponsor
fees 78 78 121 120
Net Swap
Option
(payments)/rec
eipts (393) (595) 365 710
Distributor
and Sponsor
fees (78) (78) (121) (120)
Other interest
income 4 1 6 -
--------- --------- --------- ---------
Net cash inflow/(outflow) from
Operating
Activities 4 (257) 976 1,228
--------- --------- --------- ---------
Distributions paid to holders
of preference
shares - - (970) (970)
--------- --------- --------- ---------
Increase/(decr
ease) in cash 4 (257) 6 258
Cash/(overdraf
t) at start of
period 190 264 286 (254)
--------- --------- --------- ---------
Cash at end of
period 194 7 292 4
========= ========= ========= =========
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZDLFLDKBBBBK
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