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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 : 8833B PSolve Alternatives PCC Ltd 22 August 2008 FOR IMMEDIATE RELEASE PSOLVE ALTERNATIVES PCC LIMITED - INTERIM RESULTS 22 AUGUST 2008 APPROVED BY THE BOARD OF DIRECTORS ON 21 AUGUST 2008 THE BOARD OF DIRECTORS OF PSOLVE ALTERNATIVES PCC LIMITED ANNOUNCE UNAUDITED INTERIM RESULTS FOR THE SIX MONTH PERIOD ENDED 30 JUNE 2008. UNAUDITED BALANCE SHEET as at 30 JUNE 2008 30 June 2008 31 December 2007 £ £ Non Current Assets Investments held at fair value 15,335,880 20,479,472 Current Assets Cash and cash equivalents 1,760,379 28,614 Debtors and prepayments 837,581 3,470,037 2,597,960 3,498,651 Current Liabilities Bank overdraft - (2,786,097) Forward foreign currency contracts (10,402) (227,385) Creditors and accrued expenses (314,573) (232,341) (324,975) (3,245,823) Net Current Assets 2,272,985 252,828 Net Assets 17,608,865 20,732,300 Equity Share capital - - Share premium - - Special reserve 16,805,770 17,721,479 Other reserves 803,095 3,010,821 Net Assets Attributable to Equity Shareholders 17,608,865 20,732,300 Net Asset Value Per Ordinary Share* £0.9791 £1.0995 *Based on the net asset value at the period end divided by the number of ordinary shares in issue of 17,984,057 (2007: 18,855,439). UNAUDITED INCOME STATEMENT for the six months ended 30 June 2008 30 June 2008 30 June 2007 £ £ Income Net realised loss on disposal of investments held at fair value (674,412) (196,233) Movement in unrealised (loss)/gain on investments held at fair value (1,483,166) 2,276,296 Net foreign exchange gains 214,032 569,620 Interest income 4,403 29,539 (1,939,143) 2,679,222 Expenditure Management fees 135,419 195,754 Performance fees - 172,182 Custodian fees 9,000 9,816 Directors' fees and expenses 27,312 48,484 Administration fees 23,230 28,339 Audit fees 9,712 6,376 Brokerage fees 12,206 10,969 Interest and bank charges 24,627 5,255 Legal and professional fees 2,403 11,263 Listing fees 3,621 17,458 Miscellaneous expenses 18,730 3,315 Registrar and transfer agent fees 2,323 1,092 268,583 510,303 (Loss)/profit for the period (2,207,726) 2,168,919 Return per ordinary share £(0.1228) £0.0882 The Company has no other gains or losses other than the return for the period. All items derive from continuing activities. UNAUDITED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 June 2008 30 June 2008 30 June 2007 £ £ Opening balance 20,732,300 24,814,316 Redemption of shares (915,709) - (Loss)/profit for the period (2,207,726) 2,168,919 Closing balance 17,608,865 26,983,235 UNAUDITED CASHFLOW STATEMENT for the six months ended 30 June 2008 30 June 2008 30 June 2007 £ £ Net cash outflow from operating activities (429,803) (263,076) Investing activities Purchase of investments 236,310 (3,250,066) Sale of investments 5,630,015 4,187,317 Realised gains from forward foreign currency contracts 278,985 689,227 Net cash inflow from investing activities 6,145,310 1,626,478 Net cash inflow before financing 5,715,507 1,363,402 Financing activities Redemption of shares (915,709) - Net cash outflow from financing activities (915,709) - Net increase in cash and cash equivalents 4,799,798 1,363,402 Exchange movements (281,936) (225,127) Movement in cash and cash equivalents during the period 4,517,862 1,138,275 Cash and cash equivalents at beginning of the period (2,757,483) 909,541 Cash and cash equivalents at end of the period 1,760,379 2,047,816 Reconciliation of (loss)/profit for period to net cash outflow Net (loss)/profit before taxation (2,207,726) 2,168,919 Losses/(gains) on investments held at fair value 2,157,578 (2,080,063) Exchange gains (214,032) (569,620) (Increase)/decrease in debtors and accrued income (12,063) 38,206 (Decrease)/increase in creditors (153,560) 179,482 (429,803) (263,076) Cash flows from operating activities include Interest received 3,161 28,719 Interest paid (27,401) (208) CHAIRMAN'S STATEMENT for the six months ended 30 June 2008 In the first six months to 30 June 2008 the Cell's Net Asset Value (NAV) per share declined by -11.07%. Performance has been extremely disappointing given the write down of Focus Capital Investors Fund, which was fully documented in the Company's Financial Statements for the year ended 31 December 2007. The NAV declined in the period under review falling from 110.10p at 1 January 2008 to 97.91p at 30 June 2008, which represented a decrease of -11.07%. Unfortunately the Cell's position in Focus Capital Investors Fund contributed to the negative returns in the first quarter of the year fully costing the fund 7.62% in February alone. The Cell's share price also fell for the period from 111.00p to 92.25p a decline of -16.89%. The Cell's share price as at 30 June was at a discount of 5.78% to NAV. The Board further advises shareholders that all resolutions were duly passed at the Annual General Meeting of the Company held on 31 July 2008. Outlook As announced to the market on 31 July 2008, the Directors have now concluded their investigations concerning the Cell's strategic review and believe that the interest of shareholders would be best served by putting proposals to the shareholders of the Cell to liquidate the Cell and return cash (less the costs of the liquidation). The Board further advised shareholders that the nature of the investments in the Cell's portfolio would result in shareholders receiving more than one payment of their cash entitlement over a period of time. Provided that the resolution to liquidate the Cell is approved by shareholders, it is expected that the first payment, representing a significant majority of the value of the portfolio, would be made in October 2008. Further details of the liquidation proposals will be included in a circular to shareholders expected to be dispatched at the beginning of September 2008. The circular will comprise a notice of an Extraordinary General Meeting of the Company expected to be held by the end of September 2008. Shareholders will be asked to approve a resolution to wind up the Cell and to appoint liquidators. Christopher P Spencer August 2008 Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/8833B_-2008-8-22.pdf ENDS This information is provided by RNS The company news service from the London Stock Exchange END IR IIFSATFIFFIT
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