TIDMFPEO TIDMFPEZ TIDMTTM
RNS Number : 2842Q
F&C Private Equity Trust PLC
29 August 2014
To: Stock Exchange For immediate release:
29 August 2014
F&C Private Equity Zeros plc
Unaudited results for the half year to 30 June 2014
Chairman's Statement
I am pleased to present the Company's results for the six months
ended 30 June 2014.
The Company is a wholly owned subsidiary of F&C Private
Equity Trust plc ('F&C PET') and was established solely for the
purpose of issuing and redeeming Zero Dividend Preference Shares
('ZDP Shares'). 30,000,000 ZDP Shares were issued on 14 December
2009 at 100 pence per share and will redeem on 15 December 2014 at
a price of 152.14 pence per ZDP Share, giving a redemption yield of
8.75 per cent per annum. The proceeds of the ZDP Shares issue were
lent to F&C PET for use in future investment opportunities.
As at 30 June 2014 the ZDP Share price was 150.125 pence,
representing a premium of 2.9 per cent over the net asset value per
ZDP Share of 145.93 pence.
Mark Tennant
Chairman
F&C Private Equity Zeros plc
Statement of Comprehensive Income
Six months Six months Year ended
ended 30 ended 30 31 December
Notes June 2014 June 2013 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue
Interest Income 293 287 582
--------------------------- ------ ------------ ------------ -------------
Total income 293 287 582
Expenditure
Expenses - - -
--------------------------- ------ ------------ ------------ -------------
Total expenditure - - -
--------------------------- ------ ------------ ------------ -------------
Profit before finance costs and
taxation 293 287 582
Finance costs 3 (1,944) (1,774) (3,662)
--------------------------- ------ ------------ ------------ -------------
Loss before taxation (1,651) (1,487) (3,080)
Taxation - - -
--------------------------- ------ ------------ ------------ -------------
Loss for the period (1,651) (1,487) (3,080)
--------------------------- ------ ------------ ------------ -------------
Loss per Ordinary Share (3,302.0)p (2,974.0)p (6,160.0)p
--------------------------- ------ ------------ ------------ -------------
F&C Private Equity Zeros plc
Balance Sheet
As at 31
As at 30 As at 30 December
June 2014 June 2013 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------- -------- ------------ -------- ------------ -------- -----------
Non current assets
Investments - 47 -
Inter-company receivable - 11,079 -
Subordinated unsecured -
loan note - 28,008
- 39,134 -
Current assets
Investments 45 - 46
Inter-company receivable 14,911 - 12,967
Subordinated unsecured
loan note 28,596 - 28,303
Loans and other receivables 1 1 1
Cash at bank 10 8 9
---------------------------------- -------- ------------ -------- ------------ -------- -----------
43,563 9 41,326
Current liabilities
Zero dividend preference
shares (43,779) - (41,835)
---------------------------------- -------- ------------ -------- ------------ -------- -----------
Net current (liabilities)/assets (216) 9 (509)
---------------------------------- -------- ------------ -------- ------------ -------- -----------
Total assets less current
liabilities (216) 39,143 (509)
---------------------------------- -------- ------------ -------- ------------ -------- -----------
Creditors: amounts falling
due after one year
Zero dividend preference
shares - (39,947) -
Net liabilities (216) (804) (509)
---------------------------------- -------- ------------ -------- ------------ -------- -----------
Equity
Ordinary share capital 50 50 50
Capital contribution
reserve 14,911 11,079 12,967
Other reserve (272) (860) (565)
Revenue reserve (14,905) (11,073) (12,961)
---------------------------------- -------- ------------ -------- ------------ -------- -----------
Shareholders' funds (216) (804) (509)
---------------------------------- -------- ------------ -------- ------------ -------- -----------
Net liabilities per Ordinary
Share (432.0)p (1,608.0)p (1,018.0)p
---------------------------------- -------- ------------ -------- ------------ -------- -----------
Net asset value per ZDP
Share 145.93p 133.16p 139.45p
---------------------------------- -------- ------------ -------- ------------ -------- -----------
F&C Private Equity Zeros plc
Statement of Changes in Equity
For the period ended 30 June 2014
(unaudited)
Capital Contribution Reserve
Share Other Revenue Reserve
Capital Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net liabilities at start of
period 50 12,967 (565) (12,961) (509)
Loss for the period - - - (1,651) (1,651)
Capital contribution during the
period - 1,944 - - 1,944
Transfer to other reserve - - 293 (293) -
---------------------------------- --------- ----------------------------- ---------- ------------------ --------
Net liabilities at 30 June 2014 50 14,911 (272) (14,905) (216)
---------------------------------- --------- ----------------------------- ---------- ------------------ --------
For the period ended 30 June 2013
(unaudited)
Capital Contribution
Reserve Other Revenue Reserve
Share Capital Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------- -------------- ---------------------- ---------- ------------------ --------
Net liabilities at start
of period 50 9,305 (1,147) (9,299) (1,091)
Loss for the period - - - (1,487) (1,487)
Capital contribution
during the period - 1,774 - - 1,774
Transfer to other reserve - - 287 (287) -
-------------------------- -------------- ---------------------- ---------- ------------------ --------
Net liabilities at 30
June 2013 50 11,079 (860) (11,073) (804)
-------------------------- -------------- ---------------------- ---------- ------------------ --------
For the year ended 31 December 2013
(audited)
Capital Contribution
Reserve Other Revenue Reserve
Share Capital Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net liabilities at start
of year 50 9,305 (1,147) (9,299) (1,091)
Loss for the year - - - (3,080) (3,080)
Capital contribution
during the year - 3,662 - - 3,662
Transfer to other reserve - - 582 (582) -
-------------------------- -------------- ---------------------- ---------- ------------------ --------
Net liabilities at 31
December 2013 50 12,967 (565) (12,961) (509)
-------------------------- -------------- ---------------------- ---------- ------------------ --------
F&C Private Equity Zeros plc
Cash Flow Statement
Six months Six months Year ended
ended 30 June ended 30 June 31 December
2014 2013 2013
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
-------------------------------------- --------------- --------------- -------------
Cash flows from operating activities
Loss before taxation (1,651) (1,487) (3,080)
Non-cash adjustment to reconcile
loss before
taxation to net cash flow:
Interest on subordinated unsecured
loan note (292) (286) (580)
Working capital adjustment:
Change in inter-company receivable 1,944 1,774 3,662
subordinated unsecured loan
note
Net cash inflow from operating
activities/increase in cash
and cash equivalents 1 1 2
Cash and cash equivalents at
beginning of period 9 7 7
-------------------------------------- --------------- --------------- -------------
Cash and cash equivalents at
end of period 10 8 9
-------------------------------------- --------------- --------------- -------------
Principal Risks and Uncertainties
The Directors believe that the principal risks and uncertainties
faced by the Company include final capital entitlement; liquid
market for ZDP shares; macroeconomic and investment risks; and
regulation risk. These risks and the way in which they are managed
are described in more detail under the heading Principal Risks and
Uncertainties and Risk Management within the Business Model and
Strategy in the Company's Annual Report for the year ended 31
December 2013. The Company's principal risks and uncertainties have
not changed materially since the date of that report and are not
expected to change materially for the remaining six months of the
Company's financial year.
Statement of Directors' Responsibilities in Respect of the Half
Year Report
We confirm that to the best of our knowledge:
-- The condensed set of financial statements have been prepared
in accordance with IAS 34 'Interim Financial Reporting' and give a
true and fair view of the assets, liabilities, financial position
and profit of the Company;
-- The Chairman's Statement (constituting the Interim Management
Report) includes a fair review of the information required by the
Disclosure and Transparency Rules ('DTR') 4.2.7R, being an
indication of important events that have occurred during the first
six months of the financial year and their impact on the financial
statements;
-- The Statement of Principal Risks and Uncertainties shown
above is a fair review of the information required by DTR
4.2.7R;and
-- The condensed set of financial statements includes a fair
review of the information required by DTR 4.2.8R, being related
party transactions that have taken place in the first six months of
the financial year and that have materially affected the financial
position or performance of the Company during the period, and any
changes in the related party transactions described in the last
Annual Report that could do so.
On behalf of the Board
Mark Tennant
Chairman
Notes (unaudited)
1. The unaudited half-year results have been prepared on the
basis of the accounting policies set out in the statutory accounts
of the Company for the year ended 31 December 2013 and in
accordance with International Accounting Standard ('IAS') 34.
2. Earnings for the six months to 30 June 2014 should not be
taken as a guide to the results for the year to 31 December
2014.
3. Finance costs
Six months Six months Year ended
ended 30 ended 30 31 December
June 2014 June 2013 2013
GBP'000 GBP'000 GBP'000
-------------------- ----------- ----------- ----------------
ZDP Share interest
costs 1,791 1,647 3,392
Amortisation
of issue expenses 153 127 270
-------------------- ----------- ----------- ----------------
1,944 1,774 3,662
-------------------- ----------- ----------- ----------------
4. Loss per Ordinary Share
The calculation of loss per Ordinary Share is based on a loss
after tax for the period of GBP1,651,000 (period ended 30 June
2013: GBP1,487,000; year ended 31 December 2013: GBP3,080,000) and
a weighted average number of 50,000 Ordinary Shares in issue during
the period (period ended 30 June 2013: 50,000; year ended 31
December 2013: 50,000). The basic and diluted earnings per Ordinary
Share are the same.
5. Zero Dividend Preference Shares
Number of ZDP Shares Amount due to ZDP shareholders
GBP'000
-------------------------- --------------------- -------------------------------
As at 31 December 2013 30,000,000 41,835
ZDP Shares finance costs - 1,944
-------------------------- --------------------- -------------------------------
As at 30 June 2014 30,000,000 43,779
-------------------------- --------------------- -------------------------------
On 14 December 2009 the Company issued 30,000,000 ZDP Shares at
GBP1 each. These shares redeem on 15 December 2014 at a price of
152.14 pence per share giving a redemption yield of 8.75 per cent
per annum.
6. Net (liabilities)/asset value per Ordinary Share
The net liabilities per Ordinary Share are based on net
liabilities of GBP216,000 (30 June 2013: GBP804,000; 31 December
2013: GBP509,000) and on 50,000 Ordinary Shares (30 June 2013:
50,000; 31 December 2013: 50,000), being the number of Ordinary
Shares in issue at the period end.
The net asset value per ZDP Share is based on the entitlement
due of GBP43,779,000 (30 June 2013: GBP39,947,000; 31 December
2013: GBP41,835,000) at the period end and on 30,000,000 (30 June
2013: 30,000,000; 31 December 2013: 30,000,000) ZDP Shares, being
the number of ZDP Shares in issue at the period end.
7. These are not statutory accounts in terms of Section 434 of
the Companies Act 2006 and have not been audited or reviewed by the
Company's auditors. The information for the year ended 31 December
2013 has been extracted from the latest published financial
statements which received an unqualified audit report and have been
filed with the Registrar of Companies. No statutory accounts in
respect of any period after 31 December 2013 have been reported on
by the Company's auditors or delivered to the Registrar of
Companies. The Half-Year Report is available at the parent
company's website address, www.fcpet.co.uk.
For more information, please contact:
Hamish Mair (Fund Manager) 0131 718 1184
hamish.mair@fandc.com
Gordon Hay Smith (Company Secretary) 0131 718 1018
gordon.haysmith@fandc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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