Interim Results
16 May 2003 - 2:52AM
UK Regulatory
RNS Number:1695L
Collective Assets Trust PLC
15 May 2003
COLLECTIVE ASSETS TRUST PLC
To: RNS
From: Collective Assets Trust plc
Date: 15 May 2003
Interim Results (unaudited) for the six months to 30 April 2003
The Directors of Collective Assets Trust plc (CAT) are pleased to announce the
Company's interim results (unaudited) for the six months to 30 April 2003.
* Collective Assets Trust plc (CAT) was listed on the London Stock Exchange
at the end of October 1998. Until that date it had been a private investment
company, established by Ian Rushbrook in 1990, holding a concentrated
portfolio consisting of shares in investment companies and investment
management companies. The Directors believed this to be an appropriate
investment policy for private individuals and accordingly obtained a listing
for CAT.
* The Company is intended for private individuals who wish to invest for the
long term with the benefit of professional investment management. At 30
April 2003 it had total assets of #8.2 million.
* CAT's investment objective is to achieve capital growth. Income is a
secondary consideration. The Company seeks to achieve returns in excess of
its benchmark, the FTSE All-Share Index, principally by investing in other
investment companies at attractive discounts and in investment management
companies.
* The Company's net asset value per share increased by 1.7 per cent during
the last six months to 126.15p per share and has increased by 21.9 per cent
since launch. This represents a 4.2 per cent outperformance of the Company's
benchmark, the FTSE All-Share Index, over the six month period and an
outperformance of no less than than 61.4 per cent since launch.
* The Company's share price increased by 1.8 per cent to 130.25p during the
six month period and has increased by 30.3 per cent since launch (price
100p) compared to a 24.5 per cent fall in the FTSE All-Share Index. The
share price at 30 April 2003 represented a premium of 3.3 per cent to the
net asset value of 126.15p per share at that date.
* The Company has experienced an increasing demand for its ISA and
Investment Plan. Since its launch the Company has increased its issued share
capital by 25.3; through the issue of new shares.
* The Company's unaudited statement of total return, balance sheet and
summarised statement of cash flows follow.
For further information contact:
Ian Rushbrook
Investment Director
Tel: 0131 465 1000
STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS ENDED 30 APRIL 2003 (unaudited)
Six months to
30 April 2003
Revenue Capital Total
Notes #'000 #'000 #'000
Gains on investments - 84 84
Exchange differences - 22 22
Income 105 - 105
Management fees (2) (9) (11)
Other expenses (49) - (49)
______ ______ ______
Return attributable to equity shareholders 54 97 151
Dividends in respect of ordinary shares - - -
______ ______ ______
Transfer to reserves 54 97 151
______ ______ ______
Return per ordinary 2p share 1 0.88p 1.58p 2.46p
Notes
1. Returns for the six months to 30 April 2003 have been calculated on a
weighted average of 6,144,852 shares in issue (30 April 2002: 5,916,689; 31
October 2002: 5,986,851).
STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS ENDED 30 APRIL 2003 (unaudited)
Year to
31 October 2002
Revenue Capital Total
Notes #'000 #'000 #'000
Losses on investments - (630) (630)
Exchange differences - 65 65
Income 183 - 183
Management fees (4) (20) (24)
Other expenses (91) - (91)
______ ______ ______
Return attributable to equity shareholders 88 (585) (497)
Dividends in respect of ordinary shares (88) - (88)
______ ______ ______
Transfer from reserves - (585) (585)
______ ______ ______
Return per ordinary 2p share (p) 1 1.47p (9.77p) (8.30p)
STATEMENT OF TOTAL RETURN
FOR THE SIX MONTHS ENDED 30 APRIL 2003 (unaudited)
Six months to
30 April 2002
Revenue Capital Total
Notes #'000 #'000 #'000
Gains on investments - 515 515
Exchange differences - 4 4
Income 96 - 96
Management fees (2) (11) (13)
Other expenses (40) - (40)
______ ______ ______
Return attributable to equity shareholders 54 508 562
Dividends in respect of ordinary shares - - -
______ ______ ______
Transfer to reserves 54 508 562
______ ______ ______
Return per ordinary 2p share 1 0.91p 8.59p 9.50p
BALANCE SHEET (unaudited) As at As at As at
30 April 30 April 31 October
2003 2002 2002
#'000 #'000s #'000s
Investments
Equities 6,364 6,745 6,435
Fixed interest 784 787 777
Other investments 408 402 401
_____ _____ _____
7,556 7,934 7,613
Net current assets/(liabilities) 688 677 (68)
______ _____ _____
Net assets 8,244 8,611 7,545
_____ _____ _____
Ordinary shareholders' funds 8,244 8,611 7,545
______ _____ _____
Net Asset Value per Ordinary 2p Share 126.15p 142.96p 124.03p
______ _______ _______
Shares in issue at 30 April 2003 were 6,535,127, (30 April 2002: 6,023,143; 31
October 2002: 6,082,986)
1. These are not full accounts in terms of Section 240 of the Companies
Act 1985. Full audited accounts for the year to 31 October 2002, which were
unqualified, have been lodged with the Registrar of Companies. No full
accounts in respect of any period after 31 October 2002 have been reported
on by the Company's auditors or delivered to the Registrar of Companies.
2. During the period the Directors allotted 462,141 ordinary shares and
bought for cancellation 10,000 ordinary shares raising a net amount of
#548,000.
3. The Interim Report will be posted to Shareholders during May 2002.
Copies will be available from the Company's registered office at 80 George
Street, Edinburgh EH2 3BU.
SUMMARISED STATEMENT OF CASH FLOWS (unaudited)
Six months to Six months to Year to
30 April 30 April 31 October
2003 2002 2002
#'000 #'000 #'000
Net cash inflow from operating activities 6 6 76
Capital expenditure and financial investment 137 - (828)
Equity dividends paid (88) (83) (83)
Financing 548 240 321
______ ______ ______
Increase/(decrease) in cash 603 163 (514)
______ ______ ______
This information is provided by RNS
The company news service from the London Stock Exchange
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