64IG Cred Ag Co 24

RNS No 8058h
SIMONS & CO. LIMITED
2 July 1999


         Preliminary results for the year ended 31st December, 1998

Directors' statement

Preference shareholders will be aware that since 1974, when Advance Corporation
Tax was introduced, dividends have been paid at an annual rate of 5.25%.
However, as a result of changes introduced by the Finance Act 1998, dividends
paid on the Company's Preference shares on or after 6th April, 1999, are now
payable at the original (pre 1974) gross rate of 7.5% per annum.

This factor, coupled with the continuing decline in interest rates available on
the cash balances of the Company made it necessary for the Directors to take
steps to safeguard, as far as possible, the ability of the company to pay
dividends to the holders of its Preference shares.  Accordingly, investments
have been made in a portfolio of publicly listed and unquoted company shares to
provide an enhanced income which the Directors are confident will protect the
position of the Preference shareholders for the foreseeable future.

These changes did not, however, affect the dividends paid in respect of the year
under review.  The dividend of 2.625% net per share due to Preference
shareholders for the period to 30th June 1998 was paid on 1st July 1998 and the
dividend of 2.625% net per share due to Preference shareholders for the period
to 31st December 1998 was paid on 1st January 1999.  No dividend has been paid
in respect of the Company's Ordinary shares or the 97,013 Preference shares held
by TCT Investments Ltd which acquired those holdings on 12th October 1998.

It is with great regret that we report the death of on 6th December 1998 after a
short illness of David Sawyer who was appointed to the Board on 12th October
1998.

GM SIMON
Chairman


Results for the period 4th January 1998 to 31st December 1998

                              Period ended                  53 weeks ended
                              31st December 1998            3rd January 1998

Interest received             15,782                        15,441
Profit before taxation        14,000                        15,441
Taxation                      12,229                        (4,787)
Profit after taxation         26,229                        10,577
Ordinary dividends            -                             -
Preference dividends          (5,328)                       (7.875)

Retained profit
attributable to Ordinary
shareholders                  28,054                        7,153            


END

FR FLGGNMZFLLMM

Cred Ag Co 24 (LSE:64IG)
Historical Stock Chart
From May 2024 to Jun 2024

Cred Ag Co 24 (LSE:64IG)
Historical Stock Chart
From Jun 2023 to Jun 2024