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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Westbury Inc | LSE:WPFI | London | Ordinary Share | GB0031367971 | INC SHS 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 104.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:1319G Westbury Property Fund Limited 13 July 2006 The Westbury Property Fund Limited Unaudited Interim Report for the six months ended 30 June 2006 Six Months Highlights * Unaudited net asset value due to Ordinary Shareholders up 20% to 154.09p - net of all costs, dividends paid and accrual for the performance fee. * During the first six months of 2006 the Company invested a total of #38m in three balanced deals and three venture deals. * The Company now has five venture investments, having made two acquisitions in the first six months of 2006. * The Board has declared two quarterly dividends on the Ordinary Shares of 1.5p per share in March and June 2006 respectively. The Income Shareholders continue to receive a fixed distribution, payable quarterly, of 2p per Income Share. * As at 30 June 2006 the balanced property portfolio comprised 21 properties with an aggregate valuation of #159.4 million. The Company now has 64 tenancies in the balanced portfolio producing an annual rent roll of approximately #7.2 million. * Today the Company has announced a placing and open offer of 42,857,143 new Ordinary Shares at 140p raising #57.6m net of expenses. The proceeds will provide additional capital for the Company to continue its programme of investment in the UK commercial property market and to develop the Weston Point port facility. * Subject to shareholder approval the Company proposes to reposition itself as a commercial property and ports business. Chairman's Statement For the period from 1 January 2006 to 30 June 2006 This has been another successful period for The Westbury Property Fund with strong underlying portfolio performance and a positive outlook going forward. This Interim Report is published in respect of the six month period to 30 June 2006. I am delighted to report that after accounting for the running costs of the Company, the payment of dividends, and accrual for the performance fee during the six months, the unaudited net asset value per share due to Ordinary Shareholders has increased 20% to 154.09p compared to 31 December 2005 (127.91p). The Income Shareholders continue to receive a fixed dividend, payable quarterly, of 2p per Income Share. The Board has also declared two quarterly dividends on the Ordinary Shares of 1.5p per Ordinary Share in March and June 2006. In the absence of unforeseen circumstances, I confirm that it is the Board's intention to continue with the current dividend policy. In March 2006 the Company placed 5,173,461 new Ordinary Shares at 130p per share. Property Portfolio - Balanced As at 30 June 2006, the direct property portfolio consisted of 21 properties with an aggregate valuation of #159.4m. This includes the Company's investments in Mid City Place, London WC1 and Plantation Place, London EC3 which have all the characteristics of balanced portfolio investments but are accounted for as joint ventures in the financial statements. The Company now has 64 tenancies in the balanced portfolio producing an annual rent roll of circa #7.2m. The portfolio has exposure to each of the main property sectors, is well diversified regionally and benefits from a weighted average lease length of 9.9 years. During the first six months of 2006, the Company concluded the purchase of three assets for #24.0m in aggregate and has recently agreed terms to acquire an office building in central London and an industrial investment in the North West for a combined price of #10.0m. The three assets already acquired were a further building in Soho Square, London W1, an industrial estate in Hayes, Middlesex and a 21.9% share of Plantation Place, London EC3. The latter is treated as a balanced portfolio investment given its underlying characteristics. Each has the potential for asset enhancement and rental growth going forward. The Company has recently agreed terms to dispose of its industrial holdings. The price agreed reflects a significant premium to the March 2006 valuation and contracts are expected to exchange shortly after the half year end. Property Portfolio - Venture The Company now has five venture investments, having acquired, since the 2005 year end, a 50% stake in a joint venture that purchased a health and fitness centre in Hull for #1.1m and a 47.5% stake in a joint venture that owns a mixed use site of approximately five acres in Ware for #0.95m. In addition to the Company's investment in Westlink (see below), progress is being made with the Company's other venture investments. ILVA, the tenant of the retail warehouse at the Metro Centre, Gateshead in which the Company owns a 50% stake is expected to start trading in October 2006. Practical completion has now been reached at the Ropewalks development in Liverpool, all of which has been profitably sold unconditionally. In April 2006 Westlink Group Limited, in which the Company owns a 49.5% stake, acquired the freehold of Weston Point Docks in Runcorn, Cheshire for #10.25m. The site which amounts to circa 50 acres of land and water, including six acres acquired last year, offers the opportunity to develop an inter-modal port facility with road, rail, inland waterway and sea access. The Directors intend to increase the Company's investment in Westlink and terms have been agreed, subject to shareholder approval, to acquire the 50.5% stake not already owned, for a consideration of #1.01m payable in new Westbury Ordinary Shares. Placing and Open Offer The Company is also announcing a Placing and Open Offer of new Ordinary Shares. The proceeds will provide additional capital for the Company to continue its programme of investment in the United Kingdom commercial property market and develop the Weston Point port facility to significantly expand operations from the site. Accordingly, in addition to the Placing and Open Offer, the Company proposes, subject to shareholder approval, to reposition itself as a commercial property and ports business. Full Year Outlook The United Kingdom property market remains particularly strong with yields continuing to compress although it is questionable for how much longer this can continue. We remain committed to expanding the Company's asset base and further balanced and venture opportunities continue to be considered for purchase. Rodney Baker-Bates Chairman 12 July 2006 Unaudited Consolidated Statement of Operations For the period from 1 January 2006 to 30 June 2006 1/01/2006 1/01/2005 1/01/2005 to to to 30/06/2006 30/06/2005 31/12/2005 Unaudited Unaudited Audited # # # Income Rent receivable 3,509,723 2,836,233 6,371,690 Bank & other interest 96,241 455,161 1,221,726 Total Income 3,605,964 3,291,394 7,593,416 Expenses Interest payable and similar charges, including distributions on Income Shares 2,596,568 1,570,018 3,514,939 Investment Manager's fees 1,083,736 755,699 1,535,996 Legal and professional fees 222,217 104,287 172,315 Share reorganisation expenses - 2,284 2,284 Property management expenses 181,862 108,826 245,007 Administration fee 76,648 67,312 119,497 Directors' fees 44,000 44,000 111,951 General expenses 88,891 70,976 140,146 Bank charges 12,122 11,485 18,102 Audit and tax fees 21,190 19,429 80,429 Total Expenses 4,327,234 2,754,316 5,940,666 Net (loss)/profit before investment result (721,270) 537,078 1,652,750 Realised gain on sale of investment properties 21,566 - 763,133 Realised gain on sale of investment - 751,789 1,380,681 Movement in unrealised gain on revaluation of properties 7,167,605 4,079,189 11,418,613 Movement in unrealised gain on revaluation of investments 16,253,851 - - Performance fee (see note 7.) (5,225,842) (200,000) (987,323) Share of associates and joint ventures profit - - 70,203 Net profit before taxation 17,495,910 5,168,056 14,298,057 Taxation 3,863 (4,259) (4,259) Share of associates and joint ventures taxation - - (120,000) Profit attributable to equity holders 17,499,773 5,163,797 14,173,798 Dividends on Ordinary Shares (2,483,261) (1,671,101) (2,447,118) Profit transferred to reserves 15,016,512 3,492,696 11,726,680 Basic and diluted profit per Ordinary Share 31.94p 9.98p 27.41p Unaudited Consolidated Balance Sheet as at 30 June 2006 30/06/2006 30/06/2005 31/12/2005 Unaudited Unaudited Audited # # # Non-current Assets Investment properties 124,860,000 102,730,936 116,873,062 Investments 53,192,065 2,099,998 14,883,260 178,052,065 104,830,934 131,756,322 Current Assets Cash and cash equivalents 4,266,396 2,278,922 6,395,313 Debtors 3,013,410 4,475,276 4,135,452 7,279,806 6,754,198 10,530,765 Total Assets 185,331,871 111,585,132 142,287,087 Current Liabilities Creditors 3,974,117 4,523,195 4,046,801 Non-current Liabilities Performance fee provision 6,657,836 644,671 1,431,994 Long term loan 81,846,207 43,342,299 65,484,804 Income Shares 5,162,647 5,133,573 5,148,110 93,666,690 49,120,543 72,064,908 Total Liabilities 97,640,807 53,643,738 76,111,709 Net Assets 87,691,064 57,941,394 66,175,378 Represented by: Capital and Reserves Share capital 5,690,808 5,138,355 5,173,462 Share premium 45,680,331 39,733,610 39,698,503 Reserves 36,319,925 13,069,429 21,303,413 Issued capital and reserves 87,691,064 57,941,394 66,175,378 Net Asset Value per Ordinary Share 154.09p 112.00p 127.91p The unaudited financial statements were approved at a meeting of the Board of Directors held on 12 July 2006 and signed on its behalf by: Tim Chesney, Director Iain Stokes, Director Unaudited Company Balance Sheet as at 30 June 2006 30/06/2006 30/06/2005 31/12/2005 Unaudited Unaudited Audited # # # Non-current Assets Investment in subsidiary companies 24,340,002 15,614,801 21,094,802 Loans to subsidiary companies 104,049,866 73,454,847 84,924,751 Loans to associates and joint ventures 10,894,078 - - 139,283,946 89,069,648 106,019,553 Current Assets Cash and cash equivalents 3,855,670 1,381,087 6,233,206 Other debtors 43,792 45,906 39,768 3,899,462 1,426,993 6,272,974 Total Assets 143,183,408 90,496,641 112,292,527 Current Liabilities Creditors 1,289,587 966,080 616,856 Non-current Liabilities Performance fee provision 6,657,836 644,671 1,431,994 Long term loan 81,846,207 43,342,299 65,484,804 Income Shares 5,162,647 5,133,573 5,148,110 93,666,690 49,120,543 72,064,908 Total Liabilities 94,956,277 50,086,623 72,681,764 Net Assets 48,227,131 40,410,018 39,610,763 Represented by: Capital and Reserves Share capital 5,690,808 5,138,355 5,173,462 Share premium 45,680,331 39,733,610 39,698,503 Reserves (3,144,008) (4,461,947) (5,261,202) Issued capital and reserves 48,227,131 40,410,018 39,610,763 The unaudited financial statements were approved at a meeting of the Board of Directors held on 12 July 2006 and signed on its behalf by: Tim Chesney, Director Iain Stokes, Director Unaudited Consolidated Statement of Changes in Equity For the period from 1 January 2006 to 30 June 2006 Share Share Retained Reserves Capital Premium Earnings # # # # Balance at 1 January 2006 5,173,462 39,698,503 21,303,413 66,175,378 Issue of Ordinary Shares, net of issue 517,346 6,499,174 costs 5,981,828 - Dividends on Ordinary Shares - - (2,483,261) (2,483,261) Profit attributable to equity holders - - 17,499,773 17,499,773 Balance at 30 June 2006 5,690,808 45,680,331 36,319,925 87,691,064 Share Share Retained Reserves Capital Premium Earnings # # # # Balance at 1 January 2005 5,138,349 39,733,558 9,576,733 54,448,640 Issue of Ordinary Shares 6 52 - 58 Dividends on Ordinary Shares - - (1,671,101) (1,671,101) Profit attributable to equity holders - - 5,163,797 5,163,797 Balance at 30 June 2005 5,138,355 39,733,610 13,069,429 57,941,394 Share Share Retained Reserves Capital Premium Earnings # # # # Balance at 1 January 2005 5,138,349 39,733,558 9,576,733 54,448,640 On conversion of Capital Shares 35,107 (35,107) - - Issue of Ordinary Shares 6 52 - 58 Dividends on Ordinary Shares - - (2,447,118) (2,447,118) Profit attributable to equity holders - - 14,173,798 14,173,798 Balance at 31 December 2005 5,173,462 39,698,503 21,303,413 66,175,378 Unaudited Consolidated Cash Flow Statement For the period from 1 January 2006 to 30 June 2006 1/01/2006 1/01/2005 1/01/2005 to to to 30/06/2006 30/06/2005 31/12/2005 Unaudited Unaudited Audited # # # Operating Activities Rent received 3,540,530 2,761,642 6,413,029 Interest received 77,086 455,160 528,855 Expenses paid (1,798,792) (865,489) (2,606,878) Interest paid and similar charges, including distributions on Income Shares (2,423,064) (1,807,474) (3,440,497) Net cash (outflow)/inflow from operating activities (604,240) 543,839 894,509 Investing Activities Purchase of investments (19,948,734) - (2,646,476) Proceeds from sale of investments - 1,251,789 2,930,698 Net loans advanced to investments (2,106,220) (809,044) (10,595,644) Purchase of properties (9,268,692) (25,166,747) (35,072,874) Sales of properties 8,621,566 - 3,866,558 Net cash outflow from investing activities (22,702,080) (24,724,002) (41,517,738) Financing Activities Issue of Ordinary Shares 6,725,499 57 58 Issue costs paid on issuance of Ordinary Shares (226,325) - - Dividends paid on Ordinary Shares (1,629,640) (895,080) (2,447,118) Draw down of long term loan 16,500,000 - 22,328,000 Additional loan issue costs (192,131) - (216,506) Net cash inflow/(outflow) from financing activities 21,177,403 (895,023) 19,664,434 Decrease in cash and cash equivalents (2,128,917) (25,075,186) (20,958,795) Cash and cash equivalents at 1 January 2006 6,395,313 27,354,108 27,354,108 Cash and cash equivalents at 30 June 2006 4,266,396 2,278,922 6,395,313 Notes to the Unaudited Financial Statements For the period from 1 January 2006 to 30 June 2006 1. The results for the six-month period, which are not statutory accounts and have not been audited, have been prepared on the same basis as set out in the audited accounts for the year ended 31 December 2005. 2. The results for the year ended 31 December 2005 constitute non-statutory accounts extracted from the statutory accounts for that period on which the auditors gave an unqualified report. 3. All turnover and operating profit arose from continuing operations. 4. Basic and diluted profit per Ordinary Share is based on profit attributable to equity holders for the period and on 54,792,969 Ordinary Shares (30 June and 31 December 2005 - 51,710,843), being the weighted average number of equivalent Ordinary Shares in issue. 5. Distributions payable on Income Shares: 1/01/2006 1/01/2005 Rate to Rate to No. of Income pence 30/06/2006 pence 30/06/2005 Shares 2006 # 2005 # First interim distribution paid 20 April 2006 (declared March 2006) 5,271,678 2.00 105,434 2.00 105,434 Second interim distribution paid 21 July 2006 (declared June 2006) 5,271,678 2.00 105,434 2.00 105,434 210,868 210,868 6. Dividends payable on Ordinary Shares: 1/01/2006 1/01/2005 No. of Rate to Rate to Ordinary pence 30/06/2006 pence 30/06/2005 Shares 2006 # 2005 # Final dividend for 2005 paid 25 January 2006 (declared December 2005) 51,734,625 1.50 776,019 - - 56,908,086 First interim dividend paid 20 April 2006 (2005 - 1.50 (declared March 2006) 51,734,625) 1.50 853,621 895,082 56,908,086 Second interim dividend paid 21 July 2006 (2005 - 1.50 (declared June 2006) 51,734,625) 1.50 853,621 776,019 2,483,261 1,671,101 The first interim dividend in 2005 was calculated on a time apportioned basis from 18 December 2004 to 31 March 2005. 7. A performance fee of #5,225,842 is due to the Investment Manager for the half year to 30 June 2006 (#200,000 for the half year to 30 June 2005 and #987,323 for the year ended 31 December 2005). 8. The figures for both freehold and long leasehold properties at 30 June 2006, 30 June 2005 and 31 December 2005 are based on valuations determined by Knight Frank. 9. A copy of this statement has been sent to every shareholder. Further copies are available from the Company's registered office. 10. The interim financial statements were approved at a meeting of the Board of Directors held on 12 July 2006. This information is provided by RNS The company news service from the London Stock Exchange END IR SFSEFESMSEEW
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