TIDMFPEO TIDMFPEZ TIDMFPER
RNS Number : 1145N
F&C Private Equity Trust PLC
26 August 2011
To: Stock Exchange For immediate release:
26 August 2011
F&C Private Equity Zeros plc
Unaudited results for the half year to 30 June 2011
Chairman's Statement
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 2011 the net asset value per Ordinary Share was
107.84 pence and the net asset value per ZDP Share was 110.84
pence.
As at 30 June 2011 the ZDP Share price was 128.00 pence,
representing a premium of 15.5 per cent over the net asset value
per share.
Mark Tennant
Chairman
F&C Private Equity Zeros plc
Statement of Comprehensive Income
Six months Period Period ended
ended 30 ended 30 31 December
June 2011 June 2010 2010
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue
Income 1,478 1,474 2,909
----------------------------- ------------ ------------ -------------
Total income 1,478 1,474 2,909
Expenditure
Expenses - - -
----------------------------- ------------ ------------ -------------
Total expenditure - - -
----------------------------- ------------ ------------ -------------
Profit before finance costs
and taxation 1,478 1,474 2,909
Finance costs 1,477 (1,472) (2,906)
----------------------------- ------------ ------------ -------------
Profit before taxation 1 2 3
Taxation - - -
----------------------------- ------------ ------------ -------------
Total comprehensive income 1 2 3
----------------------------- ------------ ------------ -------------
Earnings per Ordinary Share 2.00p 4.75p 5.84p
----------------------------- ------------ ------------ -------------
F&C Private Equity Zeros plc
Balance Sheet
As at 31
As at 30 As at 30 December
June 2011 June 2010 2010
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- -------- ------------ -------- ------------ -------- ----------
Non current
assets
Investments 50 50 50
50 50 50
Current assets
Loans and
other
receivables 33,252 30,341 31,775
Cash at bank 3 1 2
--------------- -------- ------------ -------- ------------ -------- ----------
Net current
assets 33,255 30,342 31,777
--------------- -------- ------------ -------- ------------ -------- ----------
Total assets
less current
liabilities 33,305 30,392 31,827
Creditors:
amounts
falling due
after one
year
Zero dividend
preference
shares (33,251) (30,340) (31,774)
Net assets 54 52 53
--------------- -------- ------------ -------- ------------ -------- ----------
Equity
Ordinary share
capital 50 50 50
Revenue
reserve 4 2 3
--------------- -------- ------------ -------- ------------ -------- ----------
Shareholders'
funds 54 52 53
--------------- -------- ------------ -------- ------------ -------- ----------
Net asset 107.84p 104.75p 105.84p
value per
Ordinary
Share
--------------- -------- ------------ -------- ------------ -------- ----------
Net asset 110.84p 101.13p 105.91p
value per ZDP
Share
--------------- -------- ------------ -------- ------------ -------- ----------
F&C Private Equity Zeros plc
Statement of Changes in Equity
For the six months ended 30 June 2011
(unaudited)
Share Revenue
Capital Reserve Total
GBP'000 GBP'000 GBP'000
--------------------------------------- --------- --------- --------
Net assets at start of period 50 3 53
Profit for the period - 1 1
--------------------------------------- --------- --------- --------
Net assets at 30 June 2011 50 4 54
--------------------------------------- --------- --------- --------
For the period ended 30 June 2010 (unaudited)
Share Revenue
Capital Reserve Total
GBP'000 GBP'000 GBP'000
---------------------------------------------- --------- --------- --------
Net assets at start of period - - -
Share capital proceeds 50 - 50
Profit for the period - 2 2
---------------------------------------------- --------- --------- --------
Net assets at 30 June 2010 50 2 52
---------------------------------------------- --------- --------- --------
For the period ended 31 December 2010
(audited)
Share Revenue
Capital Reserve Total
GBP'000 GBP'000 GBP'000
--------------------------------------- --------- --------- --------
Net assets at start of period - - -
Share capital proceeds 50 - 50
Profit for the period - 3 3
--------------------------------------- --------- --------- --------
Net assets at 31 December 2010 50 3 53
--------------------------------------- --------- --------- --------
F&C Private Equity Zeros plc
Cash Flow Statement
Six months Period ended
ended 30 June Period ended 31 December
2011 30 June 2010 2010
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------ --------------- -------------- -------------
Cash flows from operating
activities
Profit before taxation 1 2 3
Increase in other receivables - (1) (1)
------------------------------ --------------- -------------- -------------
Net cash inflow from
operating activities 1 1 2
------------------------------ --------------- -------------- -------------
Cash flows from investing
activities
Purchase of investments - (50) (50)
------------------------------ --------------- -------------- -------------
Net cash outflow from
investing activities - (50) (50)
------------------------------ --------------- -------------- -------------
Cash flows from financing
activities
Proceeds from issue of share
capital - 50 50
Proceeds from issue of ZDPs - 30,000 30,000
Loan to parent company - (30,000) (30,000)
------------------------------ --------------- -------------- -------------
Net cash inflow from
financing activities - 50 50
------------------------------ --------------- -------------- -------------
Increase in cash and cash
equivalents 1 1 2
------------------------------ --------------- -------------- -------------
Cash and cash equivalents at
beginning of period 2 - -
------------------------------ --------------- -------------- -------------
Cash and cash equivalents at
end of period 3 1 2
------------------------------ --------------- -------------- -------------
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
government policy 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 Review in the Company's Annual Report for the
period ended 31 December 2010. 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 include 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 period ended 31 December 2010 and in
accordance with International Accounting Standard ('IAS') 34.
2. Earnings for the six months to 30 June 2011 should not be
taken as a guide to the results for the year to 31 December
2011.
3. Finance costs
Six months Period Period to
ended 30 to 30 June 31 December
June 2011 2010 2010
GBP'000 GBP'000 GBP'000
-------------------- ----------- ------------ ---------------------
ZDP interest costs 1,392 1,397 2,754
Amortisation of
issue expenses 85 75 152
-------------------- ----------- ------------ ---------------------
1,477 1,472 2,906
-------------------- ----------- ------------ ---------------------
4. Earnings per Ordinary Share
The calculation of earnings per share is based on a profit after
tax for the period of GBP1,000 (Period to 30 June 2010: GBP2,000;
Period to 31 December 2010: GBP3,000) and a weighted average number
of 50,000 (period to 30 June 2010: 50,000; period to 31 December
2010: 50,000) Ordinary Shares in issue during the period. The basic
and diluted earnings per share are the same.
5. Zero Dividend Preference Shares
Amount due to ZDP
Number of ZDP Shares shareholders
GBP'000
------------------------- --------------------- ----------------------------
As at 31 December 2010 30,000,000 31,774
ZDP Shares finance cost - 1,477
------------------------- --------------------- ----------------------------
As at 30 June 2011 30,000,000 33,251
------------------------- --------------------- ----------------------------
On 14 December 2009 the Company issued 30,000,000 ZDP Shares at
100 pence 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. The ZDP Shares do not carry any voting rights.
6. Net asset value per Share
The net asset value per Ordinary share is based on net assets of
GBP54,000 (30 June 2010: GBP53,000; 31 December 2010: GBP52,000)
and on 50,000 (30 June 2010: 50,000; 31 December 2010: 50,000)
Ordinary Shares, 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 GBP33,251,000 (30 June 2010: GBP30,340,000; 31 December
2010: GBP31,774,000) at the period end and on 30,000,000 (30 June
2010: 30,000,000; 31 December 2010: 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 period ended 31
December 2010 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 2010 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
IR PGUWPRUPGGUQ
F&C PR EQ Zeros (LSE:FPEZ)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
F&C PR EQ Zeros (LSE:FPEZ)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
