TIDMDCR
RNS Number : 6945U
Defined Capital Return Fund Ltd
29 June 2009
THE DEFINED CAPITAL RETURN FUND LIMITED
UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2008 TO 30 APRIL 2009
MANAGEMENT AND ADMINISTRATION
MANAGEMENT AND ADMINISTRATION
Directors Ian Ling
Reef Hogg
Archibald Garden (Resigned 19
March 2009)
Vernon Breese (Appointed 19
February 2009)
Manager Jupiter Asset Managers (Jersey) Limited
Standard Bank House
PO Box 583
47-49 La Motte Street
St Helier
Jersey JE4 8XR
Channel Islands
Registered Office Standard Bank House
PO Box 583
47-49 La Motte Street
St Helier
Jersey JE4 8XR
Channel Islands
Administrator and Secretary Standard Bank Fund Administration Jersey Limited
Standard Bank House
PO Box 583
47-49 La Motte Street
St Helier
Jersey JE4 8XR
Channel Islands
Custodian Standard Bank Jersey Limited
Standard Bank House
PO Box 583
47-49 La Motte Street
St Helier
Jersey JE4 8XR
Channel Islands
Registrar Capita Trust Company (Jersey) Limited
12 Castle Street
St Helier
Jersey JE2 3RT
Channel Islands
Auditors Ernst & Young LLP
Liberation House
Castle Street
St Helier
Jersey JE1 1EY
Channel Islands
The Ordinary Shares of the Company are listed on the London Stock Exchange.
SHARE IDENTIFIERS
ISIN: GB00B02WRN57
Sedol: B02WRN5
Ticker: DCR/LON
The Company is an investment company incorporated with limited liability under
the laws of Jersey with registered number 88340.
COMMENTARY OF THE DIRECTORS
Incorporation
The Company is a closed-ended investment company incorporated in Jersey on 17
August 2004. Admission to the official list of the UK Listing Authority and
dealing in shares commenced on 1 November 2004. The Company has a fixed life
expiring on or about 30 October 2009.
Investment objective and policy
The investment objective of the Company is to provide Ordinary Shareholders with
a defined capital payment per share of 136.49 pence ("Defined Capital Return")
at the winding-up date. This return will be contingent on the level of the FTSE
100 at the end of the life of the Company. Provided that the FTSE 100 on the
winding-up date is not below 85 per cent of its level on the start date of
4,615.40 ("Start Value") (i.e. 3,923.09). Shareholders will receive the Defined
Capital Return on or soon after 2 November 2009.
The Company has and will continue throughout its life to be invested in a
portfolio of at least 6 medium term floating rate notes ("Bonds") which pay
interest gross. The interest received from these Bonds is used to meet ongoing
costs and to fund payments due under the FTSE Transaction which it has entered
into with UBS AG ("FTSE Transaction Counterparty"). Under the FTSE Transaction,
the Company swaps periodic amounts based on the interest return received by it
in respect of the Bonds with the FTSE Transaction Counterparty. In addition,
under the FTSE Transaction, the FTSE Transaction Counterparty is (provided that
the final FTSE level is not below the break-even level) obliged to pay an amount
which, together with the principal amounts payable on redemption of the Bonds,
is intended to provide the final capital entitlement. If however, the final FTSE
level is below the break-even level, no payment is due from the FTSE Transaction
Counterparty under the FTSE Transaction and, instead the Company is obliged to
pay an amount to the FTSE Transaction Counterparty, which amount is intended to
be funded from the principal amounts payable on redemption of the Bonds.
The final capital entitlement is only payable at the winding-up date. If at the
winding-up date the final FTSE level is at least equal to 85 per cent of the
Start Value then the final capital entitlement will be equal to the Defined
Capital Return. If the final FTSE level is below 85 per cent of the Start Value,
the final capital entitlement will be reduced on a straight line basis from the
Defined Capital Return down to zero when the final FTSE level is less than or
equal to 25 per cent of the Start Value.
As at 30 April 2009, the FTSE stood at 4,243.71 and the index cover was 1.081726
times, this representing the extent to which the FTSE was higher than the level
required for Defined Capital Return to be paid.
If the winding up date was 30 April 2009, the accrued entitlement as at that
date would have been 132.28 pence per share.
Results
The results for the period are shown in the Income Statement and related. No
dividends have been proposed as the shares carry no rights to dividends.
Winding Up
The Company has a planned life until 30 October 2009, on which date the
directors are required to convene an Extraordinary General Meeting and propose a
resolution requiring the Company to be wound up voluntarily unless the directors
have previously been released from that obligation by the Company's
shareholders.
The limited life of the Company is designed to ensure that all shareholders can
realise the underlying net asset value of their shares (after liquidation
costs), irrespective of their market price on the winding up date.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the financial statements in
accordance with applicable law and regulations.
Jersey Company law requires the directors to prepare financial statements for
each financial year in accordance with any generally accepted accounting
principles. The financial statements of the Company are required by law to give
a true and fair view of the state of affairs of the Company and of the profit or
loss of the Company for that year. In preparing these financial statements, the
directors should:
select suitable accounting policies and then apply them consistently;
make judgments and estimates that are reasonable and prudent;
specify which generally accepted accounting principles have been adopted in
their preparation; and
prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping accounting records which are
sufficient to show and explain its transactions and are such as to disclose with
reasonable accuracy at any time the financial position of the Company and enable
them to ensure that the financial statements prepared by the Company comply with
the requirements of the Companies (Jersey) Law 1991. They are also responsible
for safeguarding the assets of the Company and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate
and financial information included on the Company's website. Legislation in
Jersey governing the preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
By order of the Board
Vernon Breese
29 June 2009
BALANCE SHEET
As at 30 April 2009
+----------------------------------------------+-------+--+------------+--+------------+
| | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| | Notes | | 2009 | | 2008 |
+----------------------------------------------+-------+--+------------+--+------------+
| | | | GBP | | GBP |
+----------------------------------------------+-------+--+------------+--+------------+
| Assets | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| Current assets | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| Financial assets at fair value through | | | | | |
| profit or loss | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| Securities | 3 | | 27,033,600 | | 27,732,500 |
+----------------------------------------------+-------+--+------------+--+------------+
| Derivative instruments | 4 | | 6,489,151 | | 2,254,000 |
+----------------------------------------------+-------+--+------------+--+------------+
| Cash and cash equivalents | 5 | | 263,212 | | 228,781 |
+----------------------------------------------+-------+--+------------+--+------------+
| Receivables | 6 | | 81 | | 4,669 |
+----------------------------------------------+-------+--+------------+--+------------+
| Prepayments | 7 | | 81,417 | | 163,639 |
+----------------------------------------------+-------+--+------------+--+------------+
| Prepayment of directors' fees | | | 4,565 | | 9,130 |
+----------------------------------------------+-------+--+------------+--+------------+
| | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| | | | 33,872,026 | | 30,392,719 |
+----------------------------------------------+-------+--+------------+--+------------+
| | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| Total assets | | | 33,872,026 | | 30,392,719 |
+----------------------------------------------+-------+--+------------+--+------------+
| | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| Liabilities | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| Current liabilities | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| Provisions | 9 | | 30,000 | | 30,000 |
+----------------------------------------------+-------+--+------------+--+------------+
| Liabilities (excluding net assets | | | | | |
| attributable to holders | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| of ordinary shares) | | | 30,000 | | 30,000 |
+----------------------------------------------+-------+--+------------+--+------------+
| | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| Net assets attributable to ordinary | | | 33,842,026 | | 30,362,719 |
| shareholders | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| Number of ordinary shares in issue | 8 | | 28,000,000 | | 28,000,000 |
+----------------------------------------------+-------+--+------------+--+------------+
| | | | | | |
+----------------------------------------------+-------+--+------------+--+------------+
| Net asset value per ordinary share | | | 1.2086 | | 1.0844 |
+----------------------------------------------+-------+--+------------+--+------------+
Approved by the Board of directors on 29 June 2009 and signed on its behalf by:
Vernon Breese
INCOME STATEMENT
For the period 1 November 2008 to 30 April 2009
(Comparatives are stated for the period 1 November 2007 to 30 April 2008)
+--------------------------------------------------+-------+--+-----------+--+-----------+
| | Notes | | 2009 | | 2008 |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| | | | GBP | | GBP |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Revenue | | | | | |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Interest income | 10 | | 1,800 | | 4,107 |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Gain on financial assets at fair value through | 11 | | 4,097,570 | | 2,018,160 |
| profit or loss | | | | | |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| | | | | | |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Total revenue | | | 4,099,370 | | 2,022,267 |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| | | | | | |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Expenditure | | | | | |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Management fee | 13 | | 55,540 | | 55,847 |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Administration fees and expenses | 13 | | 15,849 | | 15,936 |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Custodian fees | 13 | | 3,392 | | 3,411 |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Directors fees | | | 4,565 | | 4,565 |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Audit fees | | | 12,740 | | 5,700 |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Interest on FTSE transaction | 4 | | 507,625 | | 776,040 |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| General expenses | | | 20,352 | | 22,567 |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| | | | | | |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Total expenditure | | | 620,063 | | 884,066 |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| | | | | | |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| Increase in net assets attributable to ordinary | | | 3,479,307 | | 1,138,201 |
| shareholders | | | | | |
+--------------------------------------------------+-------+--+-----------+--+-----------+
| | | | | | |
+--------------------------------------------------+-------+--+-----------+--+-----------+
There are zero earnings attributable to the management shares.
STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO ORDINARY SHAREHOLDERS
For the period ended 30 April 2009
+------------------------------------------------+--+--+------+----------+------------+
| | | | | | 2009 |
+------------------------------------------------+--+--+------+----------+------------+
| | | | | | GBP |
+------------------------------------------------+--+--+------+----------+------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+------------+
| Balance at 1 November 2008 | | | | | 30,362,719 |
+------------------------------------------------+--+--+------+----------+------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+------------+
| Increase in net assets attributable to | | | | | 3,479,307 |
| ordinary shareholders | | | | | |
+------------------------------------------------+--+--+------+----------+------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+------------+
| Net assets attributable to ordinary | | | | | 33,842,026 |
| shareholders at 30 April 2009 | | | | | |
+------------------------------------------------+--+--+------+----------+------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+------------+
For the year ended 31 October 2008
+------------------------------------------------+--+--+------+----------+-------------+
| | | | | | 2008 |
+------------------------------------------------+--+--+------+----------+-------------+
| | | | | | GBP |
+------------------------------------------------+--+--+------+----------+-------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+-------------+
| Balance at 1 November 2007 | | | | | 33,146,654 |
+------------------------------------------------+--+--+------+----------+-------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+-------------+
| Decrease in net assets attributable to | | | | | (2,783,935) |
| ordinary shareholders | | | | | |
+------------------------------------------------+--+--+------+----------+-------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+-------------+
| Net assets attributable to ordinary | | | | | 30,362,719 |
| shareholders at 31 October 2008 | | | | | |
+------------------------------------------------+--+--+------+----------+-------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+-------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+-------------+
| | | | | | |
+------------------------------------------------+--+--+------+----------+-------------+
CASH FLOW STATEMENT
For the period ended 30 April 2009
(Comparatives are stated for the period 1 November 2007 to 31 October 2008)
+------------------------------------------------+------+--+-------------+--+-------------+
| | Note | | 2009 | | 2008 |
+------------------------------------------------+------+--+-------------+--+-------------+
| | | | GBP | | GBP |
+------------------------------------------------+------+--+-------------+--+-------------+
| Cash flows from operating activities | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| Increase/(decrease) in net assets attributable | | | 3,479,307 | | (2,783,935) |
| to ordinary shareholders | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| Adjustments for: | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| Interest income | | | (1,800) | | (9,144) |
+------------------------------------------------+------+--+-------------+--+-------------+
| Gain on financial assets at fair value through | | | (4,097,570) | | (1,720,959) |
| profit or loss | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| Loss on financial assets at fair value through | | | - | | 2,759,250 |
| profit or loss | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| Operating result before working capital | | | (620,063) | | (1,754,788) |
| changes | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| Decrease in trade and other receivables | | | 91,378 | | 174,631 |
+------------------------------------------------+------+--+-------------+--+-------------+
| | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| | | | (528,685) | | (1,580,157) |
+------------------------------------------------+------+--+-------------+--+-------------+
| | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| Interest income | | | 561,316 | | 1,647,359 |
+------------------------------------------------+------+--+-------------+--+-------------+
| Deposit interest received | | | 1,800 | | 9,144 |
+------------------------------------------------+------+--+-------------+--+-------------+
| | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| Net cash generated from operations | | | 34,431 | | 76,346 |
+------------------------------------------------+------+--+-------------+--+-------------+
| | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| Net increase in cash and cash equivalents | | | 34,431 | | 76,346 |
+------------------------------------------------+------+--+-------------+--+-------------+
| Cash and cash equivalents at beginning of | | | 228,781 | | 152,435 |
| period | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
| Cash and cash equivalents at end of period | 5 | | 263,212 | | 228,781 |
+------------------------------------------------+------+--+-------------+--+-------------+
| | | | | | |
+------------------------------------------------+------+--+-------------+--+-------------+
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 NOVEMBER 2008 TO 30 APRIL 2009
1. General information
The Company is a closed-ended investment company incorporated in Jersey on 17
August 2004. The Company has a fixed life expiring on or about 30 October 2009.
The address of the Company's registered office is Standard Bank House, PO Box
583, 47-49 La Motte Street, St Helier, Jersey JE4 8XR, Channel Islands.
The Company's shares are listed on the London Stock Exchange.
The investment objective of the Company is to provide Shareholders with a
defined capital payment per share of 136.49 pence ("Defined Capital Return") at
the winding-up date. The Defined Capital Return will be contingent on the level
of the FTSE 100 at the end of the life of the Company. Provided that the FTSE
100 on the winding-up date is not below 85 per cent of its level on the start
date of 4,615.40 ("Start Value"), Shareholders will receive the Defined Capital
Return. If the final FTSE level is below 85 per cent of the Start Value, the
final capital entitlement will be reduced on a straight line basis from the
Defined Capital Return down to zero when the final FTSE level is less than or
equal to 25 per cent of the Start Value.
The Company has no employees.
The functional and presentation currency of the Company is expressed in Sterling
("GBP").
2. Accounting policies
a. Basis of presentation
The financial statements have been prepared in accordance and comply with
International Financial Reporting Standards ("IFRS"). The preparation of
financial statements in conformity with IFRS requires the directors to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting year. Although these estimates are based on management's
best knowledge of current events and actions, actual results may ultimately
differ from those estimates. These financial statements comply with
International Accounting Standard (IAS) 1 - 'Presentation of Financial
Statements'. The financial statements have been prepared on a going concern
basis as in the opinion of the directors, there is no difference when compared
to the break-up basis.
Critical accounting estimates and judgements
The preparation of financial statements in conformity with IFRS requires the use
of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Company's accounting
policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the financial
statements are disclosed in Note 4.
IFRSs and IFRIC interpretations not yet effective
The Company has not early adopted the following new and/or revised standards,
amendments and IFRIC Interpretations issued but not effective:
IAS 1 Presentation of Financial Statements - Amendments resulting from May 2008
Annual Improvements to IFRSs (effective 1 January 2009)
IAS 32 Financial Instruments: Presentation (effective 1 January 2009)
IAS 39 Financial Instruments: Recognition (effective 1 January 2009)
b. Financial instruments
Financial instruments carried on the Balance Sheet include financial assets at
fair value through profit and loss (note c), receivables (note d), cash and cash
equivalents (note f), and financial liabilities at fair value through profit or
loss (note c). The particular recognition methods adopted are disclosed in the
individual policy statements associated with each item.
Disclosures about financial instruments to which the Company is a party are
provided in Note 14.
c. Financial assets and financial liabilities at fair value through profit and
loss
(i) Classification
Investments have been designated as fair value through profit or loss securities
and are those investments intended to be held for an indefinite period of time
but which may be sold in response to needs for liquidity or changes in interest
rates, exchange rates or equity prices.
(ii) Measurement
Financial assets or financial liabilities at fair value through profit or loss
are initially recognised at cost, which is the fair value of the consideration
given. They are subsequently measured at fair value. Gains and losses arising
from changes in the fair value of these securities are recognised in the Income
Statement as they arise. Interest income on debt securities is recognised in the
Income Statement as part of gains and losses on these securities.
(iii) Recognition/derecognition
All purchases and sales of investments and trading securities that require
delivery within the time frame established by regulation or market convention
("regular way" purchases and sales) are recognised at trade date, which is the
date on which the Company commits to purchase or sell the asset. In cases which
are not within the time frame established by regulation or market convention,
such transactions are recognised on settlement date. Any change in fair value of
the asset to be received is recognised between the trade date and settlement
date. Securities are derecognised when the rights to receive cash flows from the
securities have expired or the Company has substantially transferred all risks
and rewards of ownership.
(iv) Fair value estimation
The fair value of financial instruments traded in active markets is based on
quoted market prices at the Balance Sheet date. The quoted market price used for
financial assets held by the Company is the current bid price; the appropriate
market price for financial liabilities is the current asking price. Refer to
note 2j for details regarding derivative financial instruments.
d. Receivables
Receivables are carried at anticipated realisable value.
e. Prepayments
Prepayments comprise amounts paid in advance for management, administration,
custodian, audit and directors fees. Payments are being expensed to the Income
Statement over the period which the Company is receiving the benefit of these
services and hence over the life of the Company.
f. Cash and cash equivalents
Cash comprises cash at bank. Cash equivalents are short term, highly liquid
investments that are readily convertible to known amounts of cash and which are
subject to insignificant changes in value.
g. Provisions
A provision is recognised when the Company has a legal or constructive
obligation as a result of a past event and it is probable that an outflow of
economic benefits will be required to settle the obligation. A provision for
winding up costs payable at the end of the life of the Company has been made.
h. Share capital
Ordinary shares are not redeemable, do not participate in the net income of the
Company during its life and are classified as financial liabilities in line with
IFRS (see Note 8).
i. Net asset value per ordinary share
The net asset value per ordinary share is calculated by dividing the net assets
attributable to ordinary shareholders included in the Balance Sheet by the
number of ordinary shares in issue at the period end.
j. Derivative financial instruments
Derivatives are recognised at fair value on the date on which a derivative
contract is entered into and are subsequently re-measured at their fair value.
Fair values are obtained from quoted market prices in active markets, including
recent market transactions, and valuation techniques, including discounted cash
flow models and options pricing models, as appropriate. Unrealised fair value
gains or losses on these derivative financial instruments are included in the
Income Statement.
k. Revenue recognition
Interest income comprises interest on financial securities, interest on bank
deposits and interest on the FTSE transaction. Interest on financial securities
and on the FTSE transaction is recorded on a receipts basis and interest on bank
deposits is recorded on an accruals basis.
l. Formation costs
The expenditures directly attributable to the launch of the Company's shares and
all other costs incurred on the launch of the Company were written-off
immediately in the Income Statement. However the published net asset value
includes unamortized formation expenses which are being written off over the
life of the Company.
m. Management fees
The Manager is not entitled to an annual management fee and has received its
remuneration in advance in the sum of GBP560,000 being 2 percent of the issue
proceeds, paid by the Company upon admission out of which it has met the fees of
the sponsors. The payment is being expensed to the Income Statement over the
period which the Company is receiving the benefit of the service and hence over
the life of the Company.
n. Administration fees
The Administrator receives a fixed annual fee of GBP35,000. This was discounted
to a sum paid in advance of GBP159,800 to cover administration fees for the life
of the Company. The payment is being expensed to the Income Statement over the
period which the Company is receiving the benefit of the service and hence over
the life of the Company.
o. Custodian fees
The Custodian receives a fixed annual fee of GBP7,500. This was discounted to a
sum paid in advance of GBP34,200 to cover custodian fees for the life of the
Company. The payment is being expensed to the Income Statement over the period
which the Company is receiving the benefit of the service and hence over the
life of the Company.
p. Directors fees
Directors are entitled to a fee of GBP10,000 per annum except the Chairman who
is paid GBP12,500. A discounted sum of GBP45,650 was paid in advance in respect
of the Chairman's fees for the life of the Company. The payment is being
expensed to the Income Statement over the period which the Company is receiving
the benefit of the service and hence over the life of the Company. The remaining
directors waived their entitlement to fees.
q. Related parties
Related parties are individuals and companies which have the ability, directly
or indirectly, to control the other party or exercise significant influence over
the other party in making financial and operating decisions.
3. Securities at fair value through profit or loss
+------------------------------------------+----+-------------+---+------------+
| Securities - long positions | | 2009 | | 2008 |
+------------------------------------------+----+-------------+---+------------+
| | | GBP | | GBP |
+------------------------------------------+----+-------------+---+------------+
| | | | | |
+------------------------------------------+----+-------------+---+------------+
| Debt securities | | 27,033,600 | | 27,732,500 |
+------------------------------------------+----+-------------+---+------------+
Please refer to Note 15 for the schedule of investments.
4. Derivative financial instruments
+------------------------------------------+----+-------------+----+-------------+
| Derivatives | | 2009 | | 2008 |
+------------------------------------------+----+-------------+----+-------------+
| | | GBP | | GBP |
+------------------------------------------+----+-------------+----+-------------+
| | | | | |
+------------------------------------------+----+-------------+----+-------------+
| Valuation at 30 April 2009 (due to the | | 6,489,151 | | 2,254,000 |
| Company) | | | | |
+------------------------------------------+----+-------------+----+-------------+
| | | | | |
+------------------------------------------+----+-------------+----+-------------+
| Movement in unrealised gain/(loss) on | | 4,235,151 | | (2,759,250) |
| derivative financial instruments | | | | |
+------------------------------------------+----+-------------+----+-------------+
The Company has entered into an index swap transaction with UBS AG. The equity
notional amount of the index swap equals GBP 28,000,000 and expires on 30
October 2009. Under the terms of the agreement, the Company received an amount
of GBP 1,050,000 at the inception of the index swap transaction and subsequently
will swap amounts on each of 30 January, 30 April, 30 July and 30 October each
year based on the interest return receivable by it in respect of the Bonds held
less a fixed payment of GBP28,750. Under the swap transaction UBS AG ("Swap
Transaction Counterparty") will (provided that the final FTSE level is not below
the break-even level of 85 per cent of the level of the FTSE at launch) be
obliged to pay an amount which, together with the principle amounts payable on
redemption of the Bonds, is intended to provide the final capital entitlement.
If however, the final FTSE level is below the break-even level, no payment will
be due from the Swap Transaction Counterparty under the swap transaction and,
instead the Company will be obliged to pay an amount to the Swap Transaction
Counterparty, which amount is intended to be funded from the principal amounts
payable on redemption of the bonds.
The final capital entitlement is only payable at the winding-up date. If at the
winding-up date the final FTSE level is at least equal to 85 per cent of the
start value then the final capital entitlement will be equal to 136.49 pence
(Defined Capital Return). If the final FTSE level is below 85 per cent of the
start value, the final capital entitlement will be reduced on a straight line
basis from the Defined Capital Return down to zero when the final FTSE level is
less than or equal to 25 per cent of the start value. At a final FTSE level of
25 per cent or less of the start value, the final capital entitlement to
shareholders would be zero because the entire redemption proceeds of the Bonds
would be payable to UBS AG ("FTSE Transaction Counterparty").
The financial instrument detailed above is not quoted in an active market;
therefore its fair value is determined by UBS AG.
5. Cash and cash equivalents
+--------------------------------------------+----+----------+----+------------+
| | | 2009 | | 2008 |
+--------------------------------------------+----+----------+----+------------+
| | | GBP | | GBP |
+--------------------------------------------+----+----------+----+------------+
| | | | | |
+--------------------------------------------+----+----------+----+------------+
| Time deposits | | 245,000 | | - |
+--------------------------------------------+----+----------+----+------------+
| Cash at bank | | 18,212 | | 228,781 |
+--------------------------------------------+----+----------+----+------------+
| | | | | |
+--------------------------------------------+----+----------+----+------------+
| | | 263,212 | | 228,781 |
+--------------------------------------------+----+----------+----+------------+
6. Receivables
+----------------------------------------+-----+------------+----+------------+
| | | 2009 | | 2008 |
+----------------------------------------+-----+------------+----+------------+
| | | GBP | | GBP |
+----------------------------------------+-----+------------+----+------------+
| | | | | |
+----------------------------------------+-----+------------+----+------------+
| Bank interest receivable | | 81 | | 968 |
+----------------------------------------+-----+------------+----+------------+
| Other debtors | | - | | 3,701 |
+----------------------------------------+-----+------------+----+------------+
| | | | | |
+----------------------------------------+-----+------------+----+------------+
| | | | | |
+----------------------------------------+-----+------------+----+------------+
| | | 81 | | 4,669 |
+----------------------------------------+-----+------------+----+------------+
7. Prepayments
+----------------------------------------+-----+------------+---+------------+
| | | 2009 | | 2008 |
+----------------------------------------+-----+------------+---+------------+
| | | GBP | | GBP |
+----------------------------------------+-----+------------+---+------------+
| | | | | |
+----------------------------------------+-----+------------+---+------------+
| Management fees | | 55,847 | | 111,386 |
+----------------------------------------+-----+------------+---+------------+
| Administration fees | | 16,111 | | 31,960 |
+----------------------------------------+-----+------------+---+------------+
| Custodian fees | | 3,759 | | 7,150 |
+----------------------------------------+-----+------------+---+------------+
| Audit fees | | 5,700 | | 11,400 |
+----------------------------------------+-----+------------+---+------------+
| General expenses | | - | | 1,743 |
+----------------------------------------+-----+------------+---+------------+
| | | | | |
+----------------------------------------+-----+------------+---+------------+
| | | | | |
+----------------------------------------+-----+------------+---+------------+
| | | 81,417 | | 163,639 |
+----------------------------------------+-----+------------+---+------------+
Management fees, administration fees, custodian fees and audit fees have been
prepaid for the life of the Company.
8. Issued capital
The authorised share capital of the Company is divided into 100 management
shares and an unlimited number of ordinary shares of no par value.
+-------------------------------------------+--+------------+----+------------+
| | | | | 2009 |
+-------------------------------------------+--+------------+----+------------+
| | | | | GBP |
+-------------------------------------------+--+------------+----+------------+
| Management shares issued | | | | |
+-------------------------------------------+--+------------+----+------------+
| 100 management shares issued at GBP1 each | | | | 100 |
+-------------------------------------------+--+------------+----+------------+
| | | | | |
+-------------------------------------------+--+------------+----+------------+
| Ordinary shares issued | | | | |
+-------------------------------------------+--+------------+----+------------+
| 28,000,000 shares issued at GBP1 each | | | | 28,000,000 |
+-------------------------------------------+--+------------+----+------------+
Ordinary shareholders are not entitled to receive, and do not participate in any
dividends or other distributions out of the profits of the Company available for
dividend. Each ordinary shareholder is entitled to one vote for each share held,
provided all amounts payable in respect of that share have been paid.
Management shares are non-redeemable, have no right in respect of the accrued
entitlement, and have no right to participate in the assets of the Company on a
winding- up. In all other respects the management shares have the same rights
and restrictions as ordinary shares. Each management share entitles the holder
to one vote for each share held.
Ordinary shares are redeemed at the absolute discretion of the directors. Up to
10 per cent of the shares will be capable of being redeemed on an annual basis
at prices based on the lower of the net asset value of the shares as at the
redemption date and the accrued entitlement of such shares (each as reduced by
any redemption adjustment).
9. Provisions
+----------------------------------------+-----+------------+----+------------+
| | | 2009 | | 2008 |
+----------------------------------------+-----+------------+----+------------+
| | | GBP | | GBP |
+----------------------------------------+-----+------------+----+------------+
| | | | | |
+----------------------------------------+-----+------------+----+------------+
| Provision made for winding-up costs | | 30,000 | | 30,000 |
+----------------------------------------+-----+------------+----+------------+
The carrying value of the provision has not changed from 2007 as no additional
provisions have been made. The exact amount of the provision is uncertain and
reflects the directors' best estimate of expected amounts which will become
payable at the end of the life of the Company.
10. Interest income
+----------------------------------------+-----+------------+----+------------+
| | | 30 April | | 30 April |
| | | 2009 | | 2008 |
+----------------------------------------+-----+------------+----+------------+
| | | GBP | | GBP |
+----------------------------------------+-----+------------+----+------------+
| | | | | |
+----------------------------------------+-----+------------+----+------------+
| Bank interest | | 1,800 | | 4,107 |
+----------------------------------------+-----+------------+----+------------+
11. Gain on financial assets at fair value through profit or loss
+----------------------------------------+-----+------------+---+------------+
| | | 30 April | | 30 April |
| | | 2009 | | 2008 |
+----------------------------------------+-----+------------+---+------------+
| | | GBP | | GBP |
+----------------------------------------+-----+------------+---+------------+
| | | | | |
+----------------------------------------+-----+------------+---+------------+
| (Loss)/gain on debt securities | | (137,581) | | 779,680 |
+----------------------------------------+-----+------------+---+------------+
| Gain on derivative financial | | 4,235,151 | | 1,238,480 |
| instruments | | | | |
+----------------------------------------+-----+------------+---+------------+
| | | | | |
+----------------------------------------+-----+------------+---+------------+
| | | 4,097,570 | | 2,018,160 |
+----------------------------------------+-----+------------+---+------------+
12. Taxation
Under Article 123A of the Income Tax (Jersey) law 1961, as amended, the Company
has obtained Jersey exempt company status for the period and is therefore exempt
from Jersey income tax on non Jersey source income and bank interest (by
concession). A GBP600 annual exempt company fee is payable by the Company.
As from 1 January 2009 the exempt company regime no longer applied. The general
rate of tax for companies resident in Jersey is zero per cent from this date.
13. Related party transactions
Jupiter Asset Managers (Jersey) Limited (the "Manager"), Standard Bank Fund
Administration Jersey Limited (the "Administrator") and Standard Bank Jersey
Limited (the "Custodian") are related parties. Both the Administrator and the
Custodian are owned by the same ultimate holding company.
Jupiter Asset Managers (Jersey) Limited, the Manager, owns the management
shares.
The fees for the above are all arms length transactions and have all been paid
in advance. They are being amortised over the remaining life of the Company.
Fees payable in the period are as disclosed in the Income Statement on page 9.
14. Risk management
The Company's objective in managing risk is the creation and protection of
shareholder value. Risk is inherent in the Company's activities, but it is
managed through a process of ongoing identification, measurement and monitoring,
subject to risks limits and other controls. The Company is exposed to credit
risk and market risk (which includes interest rate risk and price risk).
The Manager is responsible for identifying and controlling risks. The Board of
directors supervises the Manager and is ultimately responsible for the risk
management approach within the Company.
Fair values
The carrying amounts of financial assets and liabilities at fair value through
profit or loss, receivables, cash at bank and other payables approximate their
fair values.
Strategy in using financial instruments
It is intended that the Company will continue throughout its life to be invested
in a portfolio of at least 6 medium term floating rate notes ("Bonds") which pay
interest gross.
Risks to which the Company are exposed are explained in detail below.
Credit risk
Credit risk is the risk that an issuer or counterparty will be unable or
unwilling to meet commitments it has entered into with the Company. If the
Company does not receive a scheduled interest payment under a Bond when that
payment is due, this may result in the Company being unable to make a
corresponding payment under the FTSE Transaction. Such a failure would entitle
UBS AG ("FTSE Transaction Counterparty") to enforce its rights to cause one or
more Bonds to be sold in order to satisfy such payment obligation of the
Company. Additionally or alternatively, the FTSE Transaction Counterparty would
be entitled to terminate the FTSE Transaction and this may result in a
termination payment being owed by the Company to the FTSE Transaction
Counterparty. Any sale of Bonds in these circumstances might not realise their
full market value.
The Company's credit risk concentration risk is spread between debt securities
and the index swap transaction. Concentration risk is mitigated as far as
possible since: (i) no individual debt security makes up more than 14.57 per
cent of the total portfolio, and (ii) UBS AG is an approved institution. An
approved financial institution at the time of such selection is one of the
following:
* an EU credit institution,
* a bank authorised in a member state of the European Economic Area,
* a bank authorised in a signatory state to the Basel Capital Convergence
Agreement of July 1988, an entity whose obligations under the relevant Bond or
FTSE Transaction at the time of such selection are either a) unconditionally and
irrevocably guaranteed by a financial institution falling within the above or b)
benefits from an arrangement which is equivalent in effect to such a guarantee,
and
* in the case of any institution within any of the above which is incorporated
outside the UK, is regulated by a regulator with responsibility for regulating
banks or securities firms which has a lead regulation agreement for financial
supervision with the FSA, provided such activity falls within the approved scope
of the institution's business.
The Company invests in financial assets which have an investment grade as rated
by well known rating agencies. For unrated assets a rating is assigned using an
approach that is consistent with rating agencies.
Portfolio by rating category
+------------------------------------+--+------------+-----------+------------+
| | | Moody's | S&P | Composite |
+------------------------------------+--+------------+-----------+------------+
| | | | | |
+------------------------------------+--+------------+-----------+------------+
| Bayer Landesbank FRN 30/10/2009 | | Aaa | AAA | - |
+------------------------------------+--+------------+-----------+------------+
| Swedbank Hypotek FRN 30/10/2009 | | Aaa | AAA | AAA |
+------------------------------------+--+------------+-----------+------------+
| Depfa Bank FRN 30/10/2009 | | NA | BBB | NR |
+------------------------------------+--+------------+-----------+------------+
| HBOS Treasury SVS FRN 30/10/2009 | | NA | AAH | NR |
+------------------------------------+--+------------+-----------+------------+
| NIB Capital Bank FRN 30/10/2009 | | Baa2 | BBB+ | BBB+ |
+------------------------------------+--+------------+-----------+------------+
| RBOS FRN 30/10/2009 | | Aa3 | A+ | AA- |
+------------------------------------+--+------------+-----------+------------+
In accordance with the Company's policy, the Manager monitors the Company's
credit position by reviewing all available market data relevant to the Bond
Issuers. The Board of directors reviews this information on a quarterly basis.
Market price risk
The Company's securities are susceptible to market price risk arising from
uncertainties about the future prices of the instruments. However, as the
Company holds only floating rate bonds, the market price risk is limited. The
positions held by the Company at the period end are disclosed in Note 15. These
positions are monitored on a regular basis by the Board of directors.
The Company has entered into a Derivative Contract in order to provide the
Defined Capital Return. For reporting purposes this Derivative contract is fair
valued. The principal factors affecting this value are the underlying FTSE 100
value, implied volatility of the FTSE 100, 1 year Sterling interest rates and
the expected future dividend yield of the FTSE 100. A change in any of these
factors may have a positive or negative effect on valuation of the Derivative
Contract and accordingly the net asset value as reported on these accounts and
in the monthly valuation. As outlined in Note 4, the final value of the
derivative contract will be determined by the level of the FTSE on expiry, when
these additional factors that lead to the volatility of the valuation of the
Derivative Contract will no longer affect its valuation.
At 30 April 2009 and 31 October 2008, the overall market exposures were as
follows:
+---------------------+-+------------+-+------------+-+------------+-+------------+
| | | 2009 | | 2009 | | 2008 | | 2008 |
+---------------------+-+------------+-+------------+-+------------+-+------------+
| | | Fair value | | % of net | | Fair | | % of net |
| | | | | assets | | value | | assets |
| | | GBP | | | | GBP | | |
+---------------------+-+------------+-+------------+-+------------+-+------------+
| | | | | | | | | |
+---------------------+-+------------+-+------------+-+------------+-+------------+
| Securities | | 27,033,600 | | 79.88 | | 27,732,500 | | 91.34 |
| designated as fair | | | | | | | | |
| value through | | | | | | | | |
| profit or loss | | | | | | | | |
+---------------------+-+------------+-+------------+-+------------+-+------------+
| | | | | | | | | |
+---------------------+-+------------+-+------------+-+------------+-+------------+
| Derivative assets | | 6,489,151 | | 19.17 | | 2,254,000 | | 7.42 |
+---------------------+-+------------+-+------------+-+------------+-+------------+
| | | | | | | | | |
+---------------------+-+------------+-+------------+-+------------+-+------------+
| | | 33,522,751 | | 99.05 | | 29,986,500 | | 98.76 |
+---------------------+-+------------+-+------------+-+------------+-+------------+
| | | | | | | | | |
+---------------------+-+------------+-+------------+-+------------+-+------------+
Interest rate risk
Interest rate risk arises from the possibility that changes in interest rates
will affect future cash flows or the fair value of financial instruments. The
Company holds only floating rate Bonds which re-price quarterly as market rates
change. Under the terms of the derivatives held by the Company, and as set out
in Note 4, the Company swaps interest received on the bonds with the Swap
Transaction Counterparty based on Libor rates. Interest rate risk exists as some
of the floating rate bonds float at rates other than Libor. The effective annual
interest rates are disclosed in note 15 below for the Bonds held.
Interest rate risk is not actively managed by the Manager.
The following table sets out the fair value, by maturity, of the Company's
financial instruments that are exposed to interest rate risk:
+-------------+------------+--------+--------+------------+
| | Within | 2-5 | More | Total |
+-------------+------------+--------+--------+------------+
| 31 | 1 year | years | than 5 | |
| October | | | | |
| 2008 | | | | |
+-------------+------------+--------+--------+------------+
| | | | years | |
+-------------+------------+--------+--------+------------+
| | GBP | GBP | GBP | GBP |
+-------------+------------+--------+--------+------------+
| Floating | | | | |
| rate | | | | |
+-------------+------------+--------+--------+------------+
| Bonds | 27,033,600 | - | - | 27,033,600 |
+-------------+------------+--------+--------+------------+
| FTSE | 6,489,151 | - | - | 6,489,151 |
| Transaction | | | | |
| Swap | | | | |
+-------------+------------+--------+--------+------------+
| Cash | 263,212 | - | - | 263,212 |
| assets | | | | |
+-------------+------------+--------+--------+------------+
| | | | | |
+-------------+------------+--------+--------+------------+
| | 33,785,963 | - | - | 33,767,751 |
+-------------+------------+--------+--------+------------+
+-------------+------------+--------+--------+------------+
| | Within | 2-5 | More | Total |
+-------------+------------+--------+--------+------------+
| 31 | 1 year | years | than 5 | |
| October | | | | |
| 2008 | | | | |
+-------------+------------+--------+--------+------------+
| | | | years | |
+-------------+------------+--------+--------+------------+
| | GBP | GBP | GBP | GBP |
+-------------+------------+--------+--------+------------+
| Floating | | | | |
| rate | | | | |
+-------------+------------+--------+--------+------------+
| Bonds | 27,732,500 | - | - | 27,732,500 |
+-------------+------------+--------+--------+------------+
| FTSE | 2,254,000 | - | - | 2,254,000 |
| Transaction | | | | |
| Swap | | | | |
+-------------+------------+--------+--------+------------+
| Cash | 228,781 | - | - | 228,781 |
| assets | | | | |
+-------------+------------+--------+--------+------------+
| | | | | |
+-------------+------------+--------+--------+------------+
| | 30,215,281 | - | - | 30,215,281 |
+-------------+------------+--------+--------+------------+
The directors believe the Company is not or is immaterially exposed to the
following risks:
Liquidity risk
Liquidity risk is defined as the risk that the Company will encounter difficulty
in meeting obligations associated with its financial liabilities. Liquidity risk
arises because of the possibility that the Company could be required to pay its
liabilities earlier than expected.
The Company's debt securities are considered to be readily realisable and are
issued by approved financial institutions under note programmes. The FTSE
Transaction is not readily realisable however, other than a provision for
winding-up expenses, the Company has no further financial liabilities. The
Company is closed ended and will suffer no redemption requests from shareholders
before the end of its life.
Liquidity risk is not actively managed.
Currency risk
Currency risk is the risk that the value of a financial instrument will
fluctuate due to changes in foreign exchange rates. The Company does not invest
in securities that are denominated in currencies other than the currency in
which the shares are denominated. Accordingly, the value of the Company's assets
are not affected by fluctuations in currency rates and therefore not subject to
foreign exchange risks.
Capital management
The Company does not actively manage its capital requirements and there are no
risk management procedures in place.
The final capital entitlement is only payable at the winding-up date. If at the
winding-up date the final FTSE level is at least equal to 85 per cent of the
Start Value then the final capital entitlement will be equal to the Defined
Capital Return. If the final FTSE level is below 85 per cent of the Start Value,
the final capital entitlement will be reduced on a straight line basis from the
Defined Capital Return down to zero when the final FTSE level is less than or
equal to 25 per cent of the Start Value.
15. Schedule of Investments - Securities at fair value through profit or loss
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| Description | Nominal | | Book | | Mid-Market | | % of | | Effective |
| | | | | | | | net | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| | Holding | | Cost | | Value | | assets | | Annual |
| | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| | | | | | | | | | Interest |
| | | | | | | | | | Rate |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| | | | GBP | | GBP | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| Germany | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| Depfa Bank FRN | 3,000,000 | | 3,000,000 | | 2,823,600 | | 8.34 | | 2.02% |
| 30/10/2009 | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| Bayer Landesbank FRN | 5,000,000 | | 5,000,000 | | 4,891,000 | | 14.45 | | 2.01% |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| 30/10/2009 | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| Netherlands | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| NIB Capital Bank FRN | 5,000,000 | | 5,000,000 | | 4,640,000 | | 13.71 | | 2.02% |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| 30/10/2009 | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| Sweden | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| Swedbank Hypotek FRN | 5,000,000 | | 5,000,000 | | 4,932,000 | | 14.57 | | 2.02% |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| 30/10/2009 | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| United Kingdom | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| HBOS Treasury SVS FRN | 5,000,000 | | 5,000,000 | | 4,888,500 | | 14.45 | | 2.04% |
| | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| 30/10/2009 | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| RBOS FRN 30/10/2009 | 5,000,000 | | 5,000,000 | | 4,858,500 | | 14.36 | | 2.01% |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| Total investments | 28,000,000 | | 28,000,000 | | 27,033,600 | | 79.88 | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
| | | | | | | | | | |
+------------------------+------------+-+------------+-+------------+-+--------+-+-----------+
Coupons are receivable on each of the 30 January, 30 April, 30 July and 30
October each year. The portfolio of holdings is unchanged from 2008.
The interim results announcement is prepared on the same basis as set out in the
Interim Accounts for the period ended 30 April 2009 and was approved by the
Board of Directors on 26 June 2009. The Auditors have not reported on the
Interim Report.
The Interim Report and Accounts are expected to be posted to all registered
shareholders shortly and copies may be obtained from the registered office of
the Company at Standard Bank House, 47-49 La Motte Street, St Helier, Jersey JE4
8XR, Channel Islands.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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