TIDMOSP
RNS Number : 1082R
Osprey Smaller Cos Income Fund Ltd
24 April 2009
OSPREY SMALLER COMPANIES INCOME FUND LIMITED
HALF YEARLY RESULTS FOR THE PERIOD ENDED 28 FEBRUARY 2009
KEY POINTS
* Purchase and cancellation of 2,982,338 Ordinary Shares to control the discount
of the share price to NAV. The effect of the share cancellations added 6.79p to
the net asset value per share.
* Net assets at 28 February 2009 of GBP10.8million (31 August 2008: GBP19.2
million);
* Net assets equal to 102.00 pence per share, up 5.15% since launch (Capital
Return) and 44.59% since launch (Total Return);
* Outperformance of the FTSE Small Cap Index, the Company's closest benchmark
index and the Hoare Govett Smaller Companies Index (excluding investment trusts)
(Total Return).
* Voluntary partial repayment of GBP3.0 million of the Bank of Scotland plc Loan
Facility;
* Possible merger with Manchester and London Investment Trust PLC, which could in
turn lead to cost reductions, increased liquidity and greater access to finance
for the resulting company, a benefit for all shareholders.
+---------------------------------+---------------------------------------------------+
| For further information please | Midas Investment Management Limited |
| contact: | 2nd Floor, Arthur House |
| Elysium Fund Management Limited | Chorlton Street |
| PO Box 650 | Manchester |
| No. 1 Le Truchot | M1 3FH |
| St Peter Port | info@midasim.co.uk |
| Guernsey | Tel: 0161 228 1709 |
| GY1 3JX | Fax: 0161 228 2510 |
| elysium@elysiumfundman.com | |
| Tel: 01481 810 100 | |
| Fax: 01481 810 120 | |
+---------------------------------+---------------------------------------------------+
+------------------------------------------------------------------------------------+
| CHAIRMAN'S STATEMENT |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| I am pleased to present the Half Yearly Results of the Company for the six months |
| ended 28 February 2009. |
| Results |
| This period has been as understandably difficult for the Company as for equity |
| markets as a whole.The net asset value per share decreased by 27.95% during the |
| period. The net asset value fell from GBP19.2 million at 31 August 2008, to |
| GBP10.8 million at 28 February 2009. However, GBP2.2 million of the decrease in |
| net assets was a result the tender offer and share buy-backs during the period |
| (see below), which proved to be successful, adding 6.79p to the net asset value |
| per share. The net assets of the Company (excluding the effects of the tender |
| offer and share buy-backs) fell by 32.15%, significantly better than the FTSE |
| Small Cap Index (excluding investment trusts) ("FTSE SmallCap Index"), the |
| Company's closest benchmark, which fell by 42.88%. |
| The Company had a negative total return for the period of 27.95% |
| which outperformed the negative total return of the FTSE SmallCap Index of 41.66% |
| and the negative total return of the Hoare Govett Smaller Companies Index |
| (excluding investment trusts) of 33.52%. |
| During the period from launch to 28 February 2009 the net asset value per Ordinary |
| Share rose from 97.00p to 102.00p[1], a rise of 5.15%. As at 28 February 2009, the |
| mid market price per Ordinary Share stood at 87.00p[2] (29 February 2008: |
| 122.50p[2], 31 August 2008: 97.50p[2]), a fall of 13% since launch. |
| Dividends |
| The Company continues to pay dividends to Shareholders in line with the original |
| estimates, as contained in the Prospectus, and a first interim divided for the |
| year ending 31 August 2009 of 2.50p was paid on 14 April 2009. As at 28 February |
| 2009, distributable reserves stood at GBP10,632,153 (28 February 2008: |
| GBP3,748,023, 31 August 2008: GBP3,489,559). The increase in distributable |
| reserves is largely due to the introduction of The Companies (Guernsey) Law, 2008, |
| pursuant to which it is no longer necessary for a Company to maintain a share |
| premium account as all reserves can be designated as distributable. Therefore |
| on 30 November 2008, the Company transferred all of the share premium account |
| (GBP8,995,000) to the special distributable reserve. |
| Tender Offer and Treasury Shares |
| On 19 September 2008, the Company made a tender offer for up to 20% of its |
| Ordinary Shares. At an Extraordinary General Meeting of the Company held on 16 |
| October 2008, a resolution authorising the Company to repurchase 20% of the |
| Ordinary Shares for cancellation was approved. On 21 October 2008, the Company |
| announced that it would buy back 2,707,338 Ordinary Shares for cancellation for |
| GBP2,563,960. |
| At 31 August 2008, the Company held 500,000 shares in treasury. These shares were |
| cancelled in conjunction with the abovementioned tender offer. |
| During the period ended 28 February 2009, in order to exercise control over the |
| discount of the share price to the net asset value, the Company purchased a total |
| of 275,000 shares to be held in treasury. Following the cancellation of the |
| Treasury Shares on 25 February 2009, as at 28 February 2009 the Company did not |
| hold any shares in treasury (28 February 2008: 500,000, 31 August 2008: 500,000). |
| Share Price |
| Although the Company has faced uncertain and volatile market conditions in the |
| period, the abovementioned measures employed by the Board during the period, have |
| helped to reduce the discount of the share price to net asset value significantly |
| from 31.23%[1] at 31 August 2008, to 14.71%[1] at 28 February 2009. |
| March Performance |
| The volatile market conditions continued after the period end, resulting in a |
| 0.43p (0.55%) decrease in the net asset value to 101.44p[1] at 31 March 2009. |
| During March, the FTSE SmallCap Index rose by 1.68% and the Hoare Govett Smaller |
| Companies Index rose by 5.07%. The share price at 31 March 2009 stood at |
| 87.00p[2], the same as the share price at the period end. The stabilising of the |
| share price is a positive result for the Company. |
| Developments |
| On 27 March 2009, it was made public that the Board was considering proposals that |
| may lead to the merger of Manchester and London Investment Trust PLC ("MLIT") and |
| the Company, to be effected by way of a recommended offer by MLIT for the Company. |
| Under the offer it is expected that accepting shareholders of the Company will |
| receive new MLIT shares, the number of which will be determined by reference to a |
| formula based on net assets per share. |
| Both MLIT and the Company are managed by Midas. Midas and the board of MLIT |
| believe the proposed offer allows the two investment companies to increase their |
| respective scale, which in turn could lead to the following benefits: |
| * |
| cost reductions as a proportion of net assets through economies of scale;* |
| the increased size of the merged group which may provide more liquidity for |
| shareholders; and* |
| the increased net asset value may increase the probability that the group can gain |
| access to finance if required, particularly in the current climate where smaller |
| companies may struggle to find lending solutions. |
| A majority of shareholders in the Company have been approached and have indicated |
| that, if an offer based on the relative formula asset value of MLIT and the |
| Company were to be made, they would accept that offer. |
| Outlook |
| Although all companies have experienced extremely turbulent trading conditions |
| recently, the Board is cautiously optimistic that, even though the times ahead |
| will be difficult, the Company is well positioned to take advantage of future |
| opportunities and face the challenges ahead. The Board is also confident that the |
| proposed merger with MLIT will ensure that the Company will be able to emerge from |
| the difficulties of the current market conditions in a significantly stronger |
| position, which will be an advantage to all shareholders. |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| R Prosser |
+------------------------------------------------------------------------------------+
| 24 April 2009 |
| |
+------------------------------------------------------------------------------------+
| [1] - Investments valued at bid prices. |
| [2] - The Company's share price, as referred to above, is the mid price. The share |
| price had a spread of 10p at the period end. |
+------------------------------------------------------------------------------------+
+------------------------------------------------------------------------------------+
| INVESTMENT ADVISER'S REPORT |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| |
+------------------------------------------------------------------------------------+
| Stock markets declined dramatically during the first half of the financial year |
| with a fall of 32.4% in the FTSE All Share Index. As we had positioned the Company |
| with a net-cash to net-asset position of 32% at the beginning of the period, the |
| Company outperformed the market by 4.5%. |
| We continued to reduce our exposure to microcaps with the sales of holdings in XP |
| Power, Nationwide Accident Repair Services, ACP Capital, Primary Health |
| Properties, Macfarlane Group, Johnston Press, Lupus Capital, Avesco Group and RPC |
| Group. We reinvested in FTSE 350 stocks, in particular, PZ Cussons, Chloride |
| Group, Aberdeen Asset Management, Scottish & Southern Energy, Vodafone Group, |
| Tesco and Cable & Wireless. This increased the Company's exposure to the FTSE 350 |
| from 40.2% to 76% over the period. |
| During the period under review, the outstanding performers have been De La Rue |
| which rose by 17.5% and PZ Cussons which rose by 24%. There were very |
| disappointing performances from Fenner, WSP Group and Laird Group but we are |
| hopeful of some recovery in these stocks over the next six months. |
| By the period end, we had reinvested a material proportion of our cash balances |
| into the stock market across a number of sectors, but we continue to be |
| underweight in microcaps, due to concerns regarding liquidity and the availability |
| of finance for these companies to grow. |
| We continue to favour stocks serving international markets where prospects have |
| possibilities for improvement. We remain materially underweight to retailers, |
| house builders and real estate, and consumer discretionary focused stocks such as |
| travel and leisure. |
| It is extremely difficult to judge where the financial markets are now going but |
| it is worth noting that our exposure to the market is the highest since our |
| appointment. We are hopeful that the initiation of quantitative easing ("QE") in |
| the UK and USA, the possibility that QE may be somewhat inflationary, and the fact |
| that the market has already fallen substantially, may suggest the market may well |
| be forming a bottom. Nonetheless, using previous peak to trough earnings cycles |
| and a range of trough PE multiples, results in targets as low as 2,800 for the |
| FTSE 100 which causes some concern. |
| Therefore, we remain at best cautiously optimistic, and we continue to feel that |
| the supply and demand pulls of the different asset classes on a greatly reduced |
| capital base may well be more important to judging any turn in the equity markets |
| rather than the analysis of historic valuation multiples. In essence, there will |
| become a point where the relative attractions of equities will outweigh the |
| defensiveness of cash and gilts. |
| |
+------------------------------------------------------------------------------------+
| M Sheppard |
+------------------------------------------------------------------------------------+
| Midas Investment Management Limited |
+------------------------------------------------------------------------------------+
| 24 April 2009 |
+------------------------------------------------------------------------------------+
+-----------------------------------------------+-----+--------------+--------------+--------------+
| INCOME STATEMENT |
+--------------------------------------------------------------------------------------------------+
| for the period from 1 September 2008 to 28 February 2009 (unaudited) |
+--------------------------------------------------------------------------------------------------+
| | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | 1 | 1 | 1 |
| | | September | September | September |
| | | 2008 to 28 | 2007 to | 2007 to |
| | | February | 29 | 31 August |
| | | 2009 | February | 2008 |
| | | (unaudited) | 2008 | (audited) |
| | | | (unaudited) | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Investment gains and losses | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Realised (loss)/gain from the sale | | (3,847) | 2,359 | 7,305 |
| of investments at fair value through profit | | | | |
| or loss | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Movement in unrealised gain/loss on | | (1,905) | (7,677) | (13,562) |
| revaluation of investments at fair value | | | | |
| through profit or loss | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Total investment losses | | (5,752) | (5,318) | (6,257) |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Income | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Dividends | | 735 | 544 | 1,115 |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Bank interest | | 210 | 53 | 261 |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Total income | | 945 | 597 | 1,376 |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Expenses | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Investment Adviser's fee | | (5) | - | - |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Management fee | | (72) | (165) | (308) |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Administration fee | | (70) | (42) | (95) |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Custodian fee | | (17) | (9) | (29) |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Audit fee | | (10) | (7) | (13) |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Directors' fees | | (29) | (25) | (49) |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Interest payable and similar charges | | (276) | (379) | (749) |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Tender offer costs | | (204) | - | - |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Other expenses | | (147) | (60) | (150) |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Total expenses | | (830) | (687) | (1,393) |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Net loss from operating activities | | (5,637) | (5,408) | (6,274) |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| Loss per Ordinary Share - basic and fully | | (49.05)p | (39.95)p | (46.34)p |
| diluted | | | | |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| | | ------------ | ------------ | ------------ |
+-----------------------------------------------+-----+--------------+--------------+--------------+
| |
+-----------------------------------------------+-----+--------------+--------------+--------------+
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| STATEMENT OF CHANGES IN EQUITY |
+-----------------------------------------------------------------------------------------------------------------+
| for the period from 1 September 2008 to 28 February 2009 (unaudited) |
+-----------------------------------------------------------------------------------------------------------------+
| |
+-----------------------------------------------------------------------------------------------------------------+
| |
+-----------------------------------------------------------------------------------------------------------------+
| | | Share | Share | Distributable | Other | Total |
| | | capital | premium | reserves | non-distributable | |
| | | | | | reserves | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | | | | | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Net assets at 1 September | | 1,404 | 8,995 | 3,490 | 5,276 | 19,165 |
| 2008 | | | | | | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Re-designation of share | | - | (8,995) | 8,995 | - | - |
| premium account | | | | | | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Net profit/(loss) for the | | - | - | 561 | (6,198) | (5,637) |
| period | | | | | | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Dividends | | - | - | - | - | - |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Purchase of own shares | | (349) | - | (2,414) | - | (2,763) |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Net assets at 28 February 2009 | | 1,055 | - | 10,632 | (922) | 10,765 |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| STATEMENT OF CHANGES IN EQUITY |
+-----------------------------------------------------------------------------------------------------------------+
| for the period from 1 September 2007 to 29 February 2008 (unaudited) |
+-----------------------------------------------------------------------------------------------------------------+
| |
+-----------------------------------------------------------------------------------------------------------------+
| |
+-----------------------------------------------------------------------------------------------------------------+
| | | Share | Share | Distributable | Other | Total |
| | | capital | premium | reserves | non-distributable | |
| | | | | | reserves | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | | | | | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Net assets at 1 September | | 1,404 | 8,995 | 3,270 | 12,649 | 26,318 |
| 2007 | | | | | | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Net profit/(loss) for the | | - | - | 478 | (5,886) | (5,408) |
| period | | | | | | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Dividends | | - | - | - | - | - |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Net assets at 29 February 2008 | | 1,404 | 8,995 | 3,748 | 6,763 | 20,910 |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| STATEMENT OF CHANGES IN EQUITY |
+-----------------------------------------------------------------------------------------------------------------+
| for the year ended 31 August 2008 (audited) |
+-----------------------------------------------------------------------------------------------------------------+
| |
+-----------------------------------------------------------------------------------------------------------------+
| | | Share | Share | Distributable | Other | Total |
| | | capital | premium | reserves | non-distributable | |
| | | | | | reserves | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | | | | | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Net assets at 1 September | | 1,404 | 8,995 | 3,270 | 12,649 | 26,318 |
| 2007 | | | | | | |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Net profit/(loss) for the year | | - | - | 1,099 | (7,373) | (6,274) |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Dividends | | - | - | (879) | - | (879) |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| Net assets at 31 August 2008 | | 1,404 | 8,995 | 3,490 | 5,276 | 19,165 |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| | | ---------- | ---------- | ---------- | ---------- | ---------- |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
| |
+--------------------------------+-----+------------+------------+---------------+-------------------+------------+
+------------------------------------+------+--------------+--------------+--------------+
| BALANCE SHEET |
+----------------------------------------------------------------------------------------+
| as at 28 February 2009 (unaudited) |
+----------------------------------------------------------------------------------------+
| |
+----------------------------------------------------------------------------------------+
| | | 28 February | 29 February | 31 August |
| | | 2009 | 2008 | 2008 |
| | | (unaudited) | (unaudited) | (audited) |
+------------------------------------+------+--------------+--------------+--------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+------+--------------+--------------+--------------+
| Non-current assets | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| Investments at fair value through | | 9,859 | 26,234 | 12,959 |
| profit or loss | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| | | ---------- | ---------- | ---------- |
+------------------------------------+------+--------------+--------------+--------------+
| Current assets | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| Receivables and prepayments | | 22 | 21 | 151 |
+------------------------------------+------+--------------+--------------+--------------+
| Cash and cash equivalents | | 9,514 | 5,688 | 16,969 |
+------------------------------------+------+--------------+--------------+--------------+
| | | ---------- | ---------- | ---------- |
+------------------------------------+------+--------------+--------------+--------------+
| | | 9,536 | 5,709 | 17,120 |
+------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| | | ---------- | ---------- | ---------- |
+------------------------------------+------+--------------+--------------+--------------+
| Total assets | | 19,395 | 31,943 | 30,079 |
+------------------------------------+------+--------------+--------------+--------------+
| | | ---------- | ---------- | ---------- |
+------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| Current liabilities | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| Other payables and accruals | | (1,147) | (553) | (428) |
+------------------------------------+------+--------------+--------------+--------------+
| | | ---------- | ---------- | ---------- |
+------------------------------------+------+--------------+--------------+--------------+
| Non-current liabilities | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| Bank loan | | (7,483) | (10,480) | (10,486) |
+------------------------------------+------+--------------+--------------+--------------+
| | | ---------- | ---------- | ---------- |
+------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| Total liabilities | | (8,630) | (11,033) | (10,914) |
+------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| | | ---------- | ---------- | ---------- |
+------------------------------------+------+--------------+--------------+--------------+
| Net assets | | 10,765 | 20,910 | 19,165 |
+------------------------------------+------+--------------+--------------+--------------+
| | | ---------- | ---------- | ---------- |
+------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| Capital and reserves | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| Called-up share capital | | 1,055 | 1,404 | 1,404 |
+------------------------------------+------+--------------+--------------+--------------+
| Share premium account | | - | 8,995 | 8,995 |
+------------------------------------+------+--------------+--------------+--------------+
| Distributable reserves | | 10,632 | 3,748 | 3,490 |
+------------------------------------+------+--------------+--------------+--------------+
| Other non-distributable reserves | | (922) | 6,763 | 5,276 |
+------------------------------------+------+--------------+--------------+--------------+
| | | ---------- | ---------- | ---------- |
+------------------------------------+------+--------------+--------------+--------------+
| Total equity shareholders' funds | | 10,765 | 20,910 | 19,165 |
+------------------------------------+------+--------------+--------------+--------------+
| | | ---------- | ---------- | ---------- |
+------------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------------+------+--------------+--------------+--------------+
| Net asset value per Ordinary Share | | 102.00p | 154.47p | 141.57p |
+------------------------------------+------+--------------+--------------+--------------+
| | | ---------- | ---------- | ---------- |
+------------------------------------+------+--------------+--------------+--------------+
+----------------------------------------+------+----+--------+----+--------------+-------+----+
| STATEMENT OF CASH FLOW |
| for the period from 1 September 2008 to 28 February 2009 (unaudited) |
+-----------------------------------------------------------------------------------------+
| |
+-----------------------------------------------------------------------------------------+
| | | 1 | 1 September | 1 |
| | | September | 2007 to 29 | September |
| | | 2008 to | February | 2007 to |
| | | 28 | 2008 | 31 August |
| | | February | (unaudited) | 2008 |
| | | 2009 | | (audited) |
| | | (unaudited) | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------+-----------+-------------+--------------+------------+
| Operating activities | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| Dividends received | | 734 | 618 | 1,190 |
+----------------------------------------+-----------+-------------+--------------+------------+
| Bank interest received | | 224 | 52 | 246 |
+----------------------------------------+-----------+-------------+--------------+------------+
| Management fee paid | | (4) | (189) | (474) |
+----------------------------------------+-----------+-------------+--------------+------------+
| Administration fee paid | | (67) | (42) | (84) |
+----------------------------------------+-----------+-------------+--------------+------------+
| Performance fee paid | | - | (726) | (726) |
+----------------------------------------+-----------+-------------+--------------+------------+
| Loan interest paid | | (323) | (380) | (740) |
+----------------------------------------+-----------+-------------+--------------+------------+
| Tender offer expenses paid | | (203) | - | - |
+----------------------------------------+-----------+-------------+--------------+------------+
| Other expenses paid | | (194) | (98) | (218) |
+----------------------------------------+-----------+-------------+--------------+------------+
| | | ---------- | ---------- | ---------- |
+----------------------------------------+-----------+-------------+--------------+------------+
| Net cash inflow/(outflow) from | | 167 | (765) | (806) |
| operating activities | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| Investing activities | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| Purchase of investments at fair value | | (10,050) | (411) | (3,413) |
| through profit or loss | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| Sale of investments at fair value | | 8,206 | 6,091 | 21,294 |
| through profit or loss | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| | | ---------- | ---------- | ---------- |
+----------------------------------------+-----------+-------------+--------------+------------+
| Net cash (outflow)/inflow from | | (1,844) | 5,680 | 17,881 |
| investing activities | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| Financing activities | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| Dividends paid on Ordinary Shares | | - | - | (879) |
+----------------------------------------+-----------+-------------+--------------+------------+
| Bank loan repaid | | (3,000) | - | - |
+----------------------------------------+-----------+-------------+--------------+------------+
| Bank loan arrangement fees | | (15) | (10) | (10) |
+----------------------------------------+-----------+-------------+--------------+------------+
| Purchase of own shares | | (2,763) | - | - |
+----------------------------------------+-----------+-------------+--------------+------------+
| | | ---------- | ---------- | ---------- |
+----------------------------------------+-----------+-------------+--------------+------------+
| Net cash outflow from financing | | (5,778) | (10) | (889) |
| activities | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| | | ---------- | ---------- | ---------- |
+----------------------------------------+-----------+-------------+--------------+------------+
| (Decrease)/increase in cash and cash | | (7,455) | 4,905 | 16,186 |
| equivalents | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| | | ---------- | ---------- | ---------- |
+----------------------------------------+-----------+-------------+--------------+------------+
| | | | | |
+----------------------------------------+-----------+-------------+--------------+------------+
| |
+-----------------------------------------------------------------------------------------+
| Cash and cash equivalents at beginning | | 16,969 | 783 | 783 |
| of period | | | | |
+----------------------------------------+------+-------------+-------------------+------------+
| (Decrease)/increase in cash and cash | | (7,455) | 4,905 | 16,186 |
| equivalents | | | | |
+----------------------------------------+------+-------------+-------------------+------------+
| | | ---------- | ---------- | ---------- |
+----------------------------------------+------+-------------+-------------------+------------+
| Cash and cash equivalents at | | 9,514 | 5,688 | 16,969 |
| period/year end | | | | |
+----------------------------------------+------+-------------+-------------------+------------+
| | | ---------- | ---------- | ---------- |
+----------------------------------------+------+----+--------+----+--------------+-------+----+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUUPUCUPBURC
Osprey Smaller Companies (LSE:OSP)
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