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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Psolve Alt | LSE:PSV | London | Ordinary Share | GB00B0T4SN10 | ORD NPV IN RESPECT OF PSOLVE NICHE OP FD |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 88.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8979S PSolve Alternatives PCC Ltd 22 April 2008 FOR IMMEDIATE RELEASE RELEASED BY HSBC SECURITIES SERVICES (GUERNSEY) LIMITED PSOLVE ALTERNATIVES PCC LIMITED 22 April 2008 PRELIMINARY ANNOUNCEMENT APPROVED BY THE BOARD OF DIRECTORS ON 22 APRIL 2008 THE BOARD OF DIRECTORS OF PSOLVE ALTERNATIVES PCC LIMITED ANNOUNCE AUDITED RESULTS FOR THE YEAR ENDED 31ST DECEMBER, 2007. BALANCE SHEET as at 31 December 2007 2007 2006 £ £ Non Current Assets Investments held at fair value 20,479,472 24,079,897 Current Assets Cash and cash equivalents 28,614 909,541 Debtors and prepayments 3,470,037 49,392 3,498,651 958,933 Current Liabilities Bank overdraft (2,786,097) - Forward foreign currency contracts (227,385) (99,250) Creditors and accrued expenses (232,341) (125,264) (3,245,823) (224,514) Net Current Assets 252,828 734,419 Net Assets 20,732,300 24,814,316 Equity Share capital and share premium - 24,108,882 Special reserve 17,721,479 - Other reserves 3,010,821 705,434 Net Assets Attributable to Equity Shareholders 20,732,300 24,814,316 Net Asset Value Per Ordinary Share * £1.0995 £1.0087 *Based on the net asset value at the year end divided by the number of ordinary shares in issue of 18,855,439 (2006: 24,600,900). INCOME STATEMENT for the year ended 31 December 2007 30 November 2005 to 2007 31 December 2006 £ £ Income Net realised loss on disposal of investments held at fair value (497,319) (4,291) Movement in unrealised gain/(loss) on investments held at fair 3,038,405 (1,315,633) value Net foreign exchange gains 410,744 2,442,626 Interest income 80,632 46,615 3,032,462 1,169,317 Expenditure Management fees 373,770 271,953 Performance fees 104,713 - Custodian fees 19,178 13,773 Directors' fees and expenses 76,596 69,069 Administration fees 65,543 38,100 Audit fees 15,036 13,245 Brokerage fees 10,969 16,292 Interest and bank charges 13,191 16,907 Legal and professional fees 13,111 - Listing fees 20,968 16,288 Miscellaneous expenses 11,317 5,350 Registrar and transfer fees 2,683 2,906 727,075 463,883 Profit for the year/period 2,305,387 705,434 Return per ordinary share £0.1017 £0.0287 The Company has no other gains or losses other than the return for the year. All items derive from continuing activities. STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2007 30 November 2005 to 2007 31 December 2006 £ £ Opening balance 24,814,316 - Net proceeds from issue of shares - 24,108,882 Redemption of shares (6,239,958) - Repurchase of own shares (147,445) - Profit for the year/period 2,305,387 705,434 Closing Balance 20,732,300 24,814,316 CASHFLOW STATEMENT for the year ended 31 December 2007 30 November 2005 to 2007 31 December 2006 £ £ Net cash outflow from operating activities (491,077) (341,396) Investing activities Purchase of investments (4,220,916) (25,869,111) Sale of investments 6,893,493 469,290 Realised gains from forward foreign currency contracts 718,780 2,826,199 Net cash inflow/(outflow) from investing activities 3,391,357 (22,573,622) Net cash inflow/(outflow) before financing 2,900,280 (22,915,018) Financing activities Issue of shares - 24,600,900 Redemption of shares (6,239,958) - Repurchase of own shares (147,445) - Costs related to issue of shares - (492,018) Net cash (outflow)/inflow from financing activities (6,387,403) 24,108,882 Net (decrease)/increase in cash and cash equivalents (3,487,123) 1,193,864 Exchange movements (179,901) (284,323) Movement in cash and cash equivalents in the year/period (3,667,024) 909,541 Cash and cash equivalents at beginning of year/period 909,541 - Cash and cash equivalents at end of year/period (2,757,483) 909,541 Reconciliation of profit for year/period to net cash outflow from operating activities Net profit before taxation 2,305,387 705,434 Gains/(losses) on investments held at fair value (2,541,086) 1,319,924 Exchange (gains) (410,744) (2,442,626) Decrease/(increase) in debtors and accrued income 48,289 (49,392) Increase in creditors 107,077 125,264 (491,077) (341,396) Cash flows from operating activities include Interest received 82,472 44,413 Interest paid (302) (4,327) CHAIRMAN'S STATEMENT for the year ended 31 December 2007 I am pleased to present shareholders with the Annual Report & Audited Financial Statements for the year ended 31 December 2007. The Cell returned +9.15% for the period. However, performance since 31 January 2008 has been extremely disappointing given the 7.62% write down of Focus Capital Investors Fund ("Focus "), details of which are contained in the Manager's Report. The net asset value (NAV) performed strongly particularly in the first seven months of the year rising from 100.87p at 1 January 2007 to 112.53p at 31 July 2007, which represented an increase of +11.56%. Unfortunately the Cell's position in Shooter Multi Strategy Fund contributed to the negative returns in the last quarter of the year fully costing the fund 2% in October 2007. The Cell's share price increased for the reporting period from 91.75p to 111p an increase of +20.98%. The Cell's share price as at 31 December 2007 was at a premium of 0.82% to NAV. The Board offered the redemption facility to shareholders for three consecutive quarters from 31 January 2007 to 30 September 2007 as the shares traded at a discount of more than 3% to NAV. Shareholders had previously redeemed 26.94% of the issued share capital and redemptions for a further 1.96% have been tendered for redemption based on the NAV for 31 March 2008. The Directors further advise shareholders that they themselves will not be tendering any shares for redemption. Earlier in the year, the discount control measures available to the Board were enhanced by the resolutions passed at the EGM of the Company on 15 January 2007. The resolutions renewed the Company's authority to buyback shares of up to 14.99% of its ordinary share capital and an amendment to the Articles of Association allowed the Company to repurchase shares into Treasury. In November 2007, the Company purchased 135,000 shares for Treasury at a discount to NAV of 3.2%, representing 0.74% of the issued share capital (18,119,057 shares) following redemptions based on NAV for 31 March 2008. There have been no further buybacks since the Company's year end. Outlook We are naturally disappointed with the Cell's performance for the first quarter of 2008. The write down of Focus has seen the portfolio decrease in value by circa £1.5million since 31 January 2008. The net asset value of the Cell at 29 February 2008 fell to 99.24 pence per share, a decline of 6.4%. As announced to the market on 19 March, the Board is continuing to explore a number of strategic options. The Board expects to report further to shareholders prior to the forthcoming Annual General Meeting of the Company. Christopher P Spencer 22 April 2008 This information is provided by RNS The company news service from the London Stock Exchange END FR FKBKPOBKDPQB
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