PREMIER UK DUAL RETURN TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS
The Directors announce the unaudited statement of results for the six months
from
1 December 2005 to 31 May 2006 as follows:
INCOME STATEMENT (UNAUDITED)
FOR THE SIX MONTHS ENDED 31 MAY 2006
Six months to 31 May 2006 Six months to 31 May 2005
(Restated*)
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
Gains on investments - 2,456 2,456 - 1,672 1,672
at fair value
Dividends and 838 - 838 901 - 901
interest
Payment to - (4) (4) - - -
liquidators of Tor
Investment management (51) (119) (170) (46) (106) (152)
fee
Interest paid and (161) (375) (536) (162) (378) (540)
similar charges
Movement in value of - 166 166 - (33) (33)
interest rate swaps
Other expenses (106) - (106) (146) - (146)
Return on ordinary 520 2,124 2,644 547 1,155 1,702
activities before
taxation
Taxation (2) - (2) - - -
Return on ordinary 518 2,124 2,642 547 1,155 1,702
activities after
taxation but before
dividends and finance
costs in respect of
shareholders
Dividends paid in (1,022) - (1,022) (840) - (840)
respect of:
- Income shares
Finance costs in
respect of:
- Zero Dividend - (2,124) (2,124) - (1,155) (1,155)
Preference shares
- Income shares 504 - 504 293 - 293
- Capital shares - - - - - -
- - - - - -
Return per share pence pence pence pence pence pence
(FRS25 basis):
Zero Dividend - 6.42 6.42 - 5.90 5.90
Preference shares
Income shares 0.71 0.13 0.84 0.75 0.13 0.88
Capital shares - 0.87 0.87 - 0.06 0.06
Return per share pence pence pence pence pence pence
(Articles basis):
Zero Dividend - 12.62 12.62 - 6.86 6.86
Preference shares
Income shares 0.71 - 0.71 0.75 - 0.75
Capital shares - - - - - -
* See notes 2 and 4.
The total column of this statement represents the Company's income statement,
prepared in accordance with revised UK GAAP. The supplementary revenue return
and capital return columns are both prepared under guidance published by the
Association of Investment Trust Companies.
The financial statements have been prepared in accordance with the accounting
policies in note 2.
All items in the above statement derive from continuing operations.
BALANCE SHEET (UNAUDITED)
AS AT 31 MAY 2006
31 May 30 November 31 May
2006 2005 2005
(Restated*) (Restated*)
�'000 �'000 �'000
Fixed assets
Investments at fair value 34,776 33,362 32,089
Current assets
Debtors 448 394 669
Cash at bank 1,719 2,059 1,567
2,167 2,453 2,236
Creditors - amounts falling due
within one year
Creditors (203) (531) (1,220)
Total current assets less current 36,740 35,284 33,105
liabilities
Creditors - amounts falling due after
more than one year
Bank loans (14,995) (14,993) (14,991)
Interest rate swap liabilities (273) (439) (568)
(15,268) (15,432) (15,559)
Assets attributable to shareholders 21,472 19,852 17,546
Liabilities due to shareholders
- Zero Dividend Preference share (20,799) (18,675) (16,624)
entitlement
- Income share entitlement (673) (1,177) (922)
- Capital share entitlement - - -
(21,472) (19,852) (17,546)
- - -
Net asset values per share: pence pence pence
Zero Dividend Preference share 123.58 110.96 98.78
Income share 0.92 1.61 1.26
Capital share - - -
* See notes 2 and 4.
STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED 31 MAY 2006
Six months Six months
to 31 May to 31 May
2006 2005
�'000 �'000
Operating activities
Investment income received 798 857
Deposit interest received 35 31
Payment to liquidators of Tor (83) -
Investment management fees paid (164) (188)
Secretarial fees paid (35) (34)
Other cash payments (72) (90)
Net cash inflow from operating activities 479 576
Servicing of finance
Interest paid (526) (537)
Net cash outflow from servicing of finance (526) (537)
Taxation
Taxation refunded - 42
Net cash inflow from taxation - 42
Capital expenditure and financial investment
Purchases of investments (4,759) (37,212)
Sales of investments 5,488 38,271
Net cash inflow from capital expenditure and 729 1,059
financial investment
Income share dividends paid (1,022) (840)
(Decrease)/increase in cash (340) 300
NOTES
1) Basis of preparation
This financial information has been prepared under the historical cost
convention as modified by the revaluation of certain investments and in
accordance with applicable law and Accounting Standards in the United Kingdom
and with the 2003 Statement of Recommended Practice "Financial Statements of
Investment Trust Companies" (`SORP') revised in 2005 and in accordance with
accounting policies set out in the statutory accounts for the year ended 30
November 2005 except as explained in note 2 below.
2) Changes in accounting policies
This Preliminary Announcement has been prepared using new accounting standards,
which have been issued to begin the process of converging UK standards with
International Financial Reporting Standards ("IFRS"). These new standards have
been adopted by the Company with effect from 1 December 2005.
FRS 21 Events after the balance sheet date
Dividends paid by the Company are now accounted for in the period in which the
dividend has been paid. Previously, the Company recognised dividends in the
period to which those dividends declared were related.
FRS 25 Financial instruments: disclosure and presentation and FRS 26 financial
instruments: measurement
All investments held by the Company are now classified as `at fair value
through profit or loss'. For investments actively traded in organised financial
markets, fair value is generally determined by reference to Stock Exchange
quoted market bid prices at the close of business on the balance sheet date.
Previously all quoted investments were valued using closing mid market prices
at the balance sheet date. The effect of the changes on the net asset values of
the Company from using bid prices is given in note 4.
The Company uses derivative financial instruments in the form of interest rate
swap contracts to hedge its exposure to fluctuations in the floating rate
applicable to the Company's �15 million loan facilities. These are not
accounted for as effective hedges under FRS 26. These derivatives are
classified as `fair value through profit or loss' and movements in the fair
value of these derivatives are recorded through the Income Statement.
Previously the derivatives have not been assigned a value and were not
recognised within the Company's accounts.
Zero Dividend Preference shares, Income shares and Capital shares
Under FRS 25 the Zero Dividend Preference shares, Income shares and Capital
shares are now classed as liabilities, falling due on 30 November 2007, in
order that the rights and obligations attributable to the Zero Dividend
Preference, Income and Capital shareholders are more appropriately reflected in
the accounts. This is because in the Company's Articles of Association there is
no unconditional right for the Company to avoid repaying all share classes
their entitlement if required to do so, on that date. This means share capital
and reserves are no longer shown on the balance sheet. These changes are
presentational and have no impact on the Company's net asset value per share or
return per share, which are calculated using assets attributable to
shareholders and finance costs in respect of Zero Dividend Preference shares,
Income shares and Capital shares respectively.
Where there have been changes in accounting policy, comparatives for the
previous periods have been restated.
3) RETURN PER SHARE
FRS 25 Accounting basis
Returns per share shown on the FRS 25 accounting basis do not take account of
overall deficits arising in respect of a particular class of share and have
been calculated based on the following returns attributable to each class of
share:
1 December 2005 1 December 2004 2006 2005
to 31 May 2006 to 31 May 2005 Average Average
number
(Restated*) number
Revenue Capital Total Revenue Capital Total of shares of shares
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
Zero - 1,081 1,081 - 993 993 16,830,000 16,830,000
Dividend
Preference
shares
Income 518 97 615 547 97 644 73,000,000 73,000,000
shares
Capital - 946 946 - 65 65 109,000,000 109,000,000
shares
518 2,124 2,642 547 1,155 1,702
Articles of Association basis
Returns per share calculated on the Articles of Association basis are cognisant
of the actual assets available for each class of share and have been calculated
based on the following returns attributable to each class of share:
1 December 2005 1 December 2004 2006 2005
to 31 May 2006 to 31 May 2005 Average Average
number
(Restated*) number
Revenue Capital Total Revenue Capital Total of shares of shares
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
Zero - 2,124 2,124 - 1,155 1,155 16,830,000 16,830,000
Dividend
Preference
shares
Income 518 - 518 547 - 547 73,000,000 73,000,000
shares
Capital - - - - - - 109,000,000 109,000,000
shares
518 2,124 2,642 547 1,155 1,702
* See notes 2 and 4
There are no dilutive elements within the Company.
4) NET ASSET VALUES
These net asset values have been calculated in accordance with the revised
accounting policies set out in note 2.
Reconciliation of changes to the net asset values resulting from accounting
policy changes:
ZERO DIVIDEND PREFERENCE SHARES
30 November 2005 31 May 2005
�'000 pence �'000 pence
Original net 19,214 114.17 17,331 102.98
asset values
Increase due to - - - -
dividend
accounting change
Reduction due to (100) (0.60) (139) (0.83)
using bid prices
Value of interest (439) (2.61) (568) (3.37)
rate swaps
Net asset values 18,675 110.96 16,624 98.78
per revised UK
GAAP
INCOME SHARES
30 November 2005 31 May 2005
�'000 pence �'000 pence
Original net 447 0.61 630 0.86
asset values
Increase due to 730 1.00 292 0.40
dividend
accounting change
Reduction due to - - - -
using bid prices
Value of interest - - - -
rate swaps
Net asset values 1,177 1.61 922 1.26
per revised UK
GAAP*
* Including current period revenue.
CAPITAL SHARES
30 November 2005 31 May 2005
�'000 pence �'000 pence
Original net - - - -
asset values
Increase due to - - - -
dividend
accounting change
Reduction due to - - - -
using bid prices
Value of interest - - - -
rate swaps
Net asset values - - - -
per revised UK
GAAP
The net asset value per Zero Dividend Preference share is calculated using
assets attributable of �20,799,000 (30 November 2005: restated �18,675,000; 31
May 2005: restated �16,624,000) and 16,830,000 Zero Dividend Preference shares
in issue at the end of the period.
The net asset value per Income share is calculated using assets attributable of
�673,000 (30 November 2005: restated �1,177,000; 31 May 2005: restated �
922,000) and 73,000,000 Income shares in issue at the end of the period.
The net asset value per Capital share is calculated using assets attributable
of �nil (30 November 2005: �nil; 31 May 2005: �nil) and 109,000,000 Capital
shares in issue at the end of the period.
The net asset values stated include current period revenue.
A summary of movements in net assets attributable during the period is shown
below.
Zero Income Capital Total
Dividend shares
shares �'000
Preference �'000
shares �'000
�'000
Net assets attributable
At 1 December 2005 19,214 447 - 19,661
Restatement of investments to (100) - - (100)
`bid' valuations under revised
UK GAAP
Restatement of dividends - 730 - 730
declared
Value of interest rate swaps (439) - - (439)
At 1 December 2005 (restated) 18,675 1,177 - 19,852
Profit after tax for the - 518 2,124 2,642
period
Zero Dividend Preference share 1,081 - (1,081) -
appropriation
Income share appropriation - 97 (97) -
Reallocation of shortfall 1,043 (97) (946) -
Income dividends paid - (1,022) - (1,022)
At 31 May 2006 20,799 673 - 21,472
Although under revised UK GAAP the Zero Dividend Preference, Income and Capital
shares are classed as liabilities rather than equity, the table below shows,
for information only, how the assets attributable to them are comprised in
terms of Share capital and reserves.
31 May 30 November 31 May
2006 2005 2005
(Restated*) (Restated*)
�'000 �'000 �'000
Assets attributable to shareholders
Share capital 199 199 199
Capital redemption reserve 1 1 1
Capital reserve (91,714) (92,660) (93,572)
Income share reserve 1,096 999 903
Zero Dividend Preference share reserve 9,887 8,806 7,763
Special reserve 101,330 101,330 101,330
Revenue reserve 673 1,177 922
Assets attributable to shareholders 21,472 19,852 17,546
* See note 2.
5) TRANSACTION COSTS
During the six months ended 31 May 2006, the Company incurred transaction costs
on the purchase and sale of investments of �19,000 and �7,000 respectively (six
months ended 31 May 2005: �249,000 on purchases and �71,000 on sales).
6) SECOND INTERIM DIVIDEND FOR THE FINANCIAL YEAR ENDING 30 NOVEMBER 2006
The Directors have today declared a second interim dividend of 0.4p net per
Income share, payable on 31 July 2006 to the holders of Income shares on the
Register at 21 July 2006.
G Milne
Chairman
7 July 2006
END
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