Half-yearly Report
12 Julio 2007 - 12:43PM
UK Regulatory
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 2006 to 31 May 2007 as follows:
INCOME STATEMENT (UNAUDITED)
FOR THE SIX MONTHS ENDED 31 MAY 2007
Six months ended Six months ended
31 May 2007 31 May 2006
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
Gains on
investments at fair
value - 3,029 3,029 - 2,456 2,456
Dividends and 924 - 924 838 - 838
interest
Payment to
liquidators of Tor - - - - (4) (4)
Investment
management fee (54) (126) (180) (51) (119) (170)
Movement in value
of interest rate
swaps - 103 103 - 166 166
Other expenses (107) - (107) (106) - (106)
Return on ordinary
activities before
finance costs and 763 3,006 3,769 681 2,499 3,180
taxation
Finance costs:
Interest paid and
similar charges (162) (377) (539) (161) (375) (536)
Dividends paid in
respect of:
Income shares (730) - (730) (1,022) - (1,022)
Appropriations in
respect of:
Zero Dividend
Preference shares - (2,629) (2,629) - (2,124) (2,124)
Income shares 128 - 128 504 - 504
Capital shares - - - - - -
(Deficit)/return on
ordinary activities
after finance costs
but before taxation (1) - (1) 2 - 2
Taxation 1 - 1 (2) - (2)
- - - - - -
pence pence pence pence pence pence
Return per share
(FRS 25 basis):
Zero Dividend
Preference shares - 6.99 6.99 - 6.42 6.42
Income shares 0.82 0.13 0.95 0.71 0.13 0.84
Capital shares - 1.24 1.24 - 0.87 0.87
Return per share
(Articles basis):
Zero Dividend
Preference shares - 15.62 15.62 - 12.62 12.62
Income shares 0.82 - 0.82 0.71 - 0.71
Capital shares - - - - - -
The total column of this statement represents the Company's income statement,
prepared in accordance with UK GAAP. The supplementary revenue return and
capital return columns are both prepared under guidance published by the
Association of Investment Companies.
All items in the above statement derive from continuing operations.
BALANCE SHEET
AS AT 31 MAY 2007
31 May 30 November 31 May
2007 2006 2006
�'000 �'000 �'000
(unaudited) (audited) (unaudited)
Fixed assets
Investments at fair value 38,186 36,732 34,776
Current assets
Debtors 859 716 448
Cash at bank 2,330 1,549 1,719
3,189 2,265 2,167
Creditors - amounts falling due
within one year
Bank loans (14,998) (14,996) -
Interest rate swap liabilities (25) (128) -
Creditors (630) (652) (203)
(15,653) (15,776) (203)
Total assets less current 25,722 23,221 36,740
liabilities
Creditors - amounts falling due
after more than one year
Bank loans - - (14,995)
Interest rate swap liabilities - - (273)
- - (15,268)
Assets attributable to 25,722 23,221 21,472
shareholders
Liabilities due to shareholders
Zero Dividend Preference share (25,194) (22,565) (20,799)
entitlement
Income share entitlement (528) (656) (673)
Capital share entitlement - - -
(25,722) (23,221) (21,472)
- - -
Net asset values per share:
Zero Dividend Preference shares 149.70p 134.08p 123.58p
Income shares 0.72p 0.90p 0.92p
Capital shares - - -
STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED 31 MAY 2007
Six months Six months
ended 31 ended 31
May 2007 May 2006
�'000 �'000
Operating activities
Investment income received 880 798
Deposit interest received 54 35
Payment to liquidators of Tor - (83)
Investment management fees paid (175) (164)
Secretarial fees paid (36) (35)
Other cash payments (80) (72)
Net cash inflow from operating activities 643 479
Servicing of finance
Interest paid (537) (526)
Net cash outflow from servicing of finance (537) (526)
Capital expenditure and financial investment
Purchases of investments (10,006) (4,759)
Sales of investments 11,411 5,488
Net cash inflow from capital expenditure and
financial investment 1,405 729
Income share dividends paid (730) (1,022)
Net cash inflow/(outflow) before and after 781 (340)
financing
Increase/(decrease) in cash 781 (340)
NOTES
1) BASIS OF PREPARATION
The figures for the six months ended 31 May 2007 have been prepared on a basis
consistent with the accounting policies adopted in the audited financial
statements for the year ended 30 November 2006.
2) 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:
Six months ended Six months ended 2007 2006
31 May 2007 31 May 2006 Average Average
number number
Revenue Capital Total Revenue Capital Total of shares of shares
�'000 �'000 �'000 �'000 �'000 �'000
Zero
Dividend
Preference - 1,177 1,177 - 1,081 1,081 16,830,000 16,830,000
shares
Income
shares
602 97 699 518 97 615 73,000,000 73,000,000
Capital
shares
- 1,355 1,355 - 946 946 109,000,000 109,000,000
602 2,629 3,231 518 2,124 2,642
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:
Six months ended Six months ended 2007 2006
31 May 2007 31 May 2006 Average Average
number number
Revenue Capital Total Revenue Capital Total of shares of shares
�'000 �'000 �'000 �'000 �'000 �'000
Zero
Dividend
Preference - 2,629 2,629 - 2,124 2,124 16,830,000 16,830,000
shares
Income
shares
602 - 602 518 - 518 73,000,000 73,000,000
Capital
shares
- - - - - - 109,000,000 109,000,000
602 2,629 3,231 518 2,124 2,642
There are no dilutive elements within the Company.
3) NET ASSET VALUES
The net asset value per Zero Dividend Preference share is calculated using
assets attributable of �25,194,000 (30 November 2006: �22,565,000; 31 May
2006: �20,799,000) and on 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 �528,000 (30 November 2006: �656,000; 31 May 2006: �673,000) 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 2006: �nil; 31 May 2006: �nil) and 109,000,000 Capital
shares in issue at the end of the period.
The net asset values stated include current period revenue.
4) RECONCILIATION OF MOVEMENTS IN ASSETS ATTRIBUTABLE TO SHAREHOLDERS
Zero
Dividend
Preference Income Capital
shares shares shares Total
�'000 �'000 �'000 �'000
At 1 December 2006 22,565 656 - 23,221
Profit after tax for the - 602 2,629 3,231
period
Zero Dividend Preference
share appropriation 1,177 - (1,177) -
Income share appropriation - 97 (97) -
Reallocation of balance 1,452 (97) (1,355)
Income share dividends paid - (730) - (730)
At 31 May 2007 25,194 528 - 25,722
CHAIRMAN'S STATEMENT
With the planned wind-up of the Company on 30 November 2007 this will be my
last report to shareholders. During the 6 months to 31 May 2007 the FTSE
All-Share Index continued its upward progress with a rise of 10.2% generating
a total return of 12.0%. The total return on your Company's total assets was
8.2%. This was a sufficient rate of growth for the gearing to be beneficial
and the total return on net assets was 14.1%. This return enabled the NAV of
the Zero Dividend Preference shares (ZDPs) to advance to 149.7p at the end of
the half year, compared with their final entitlement of 175.8p per ZDP share.
The Company's Growth portfolio, comprised of UK equities, slightly lagged the
FTSE All-Share Index during the period under review with a total return of
11.0%. The Income portfolio returned 9.0%, with the investment company share
portfolio generating 11.9% against 4.0% on the Bond portfolio.
Income
A first interim dividend of 0.4p was declared on 5 April 2007 and paid on 30
April 2007. A second interim dividend of 0.5p per Income share is declared
today with a record date of 20 July 2007 and will be paid to Income
shareholders on 31 July 2007. Earnings per share in the first half of the year
were 0.82p compared to 0.71p in the first half of 2006. It is intended that
all revenue reserves and current period revenue will be distributed ahead of
the planned wind-up.
Future of the Company
The planned wind-up date for the Company is 30 November 2007. The Board are
considering options for offering shareholders a rollover into a suitable new
investment in addition to a cash redemption.
It is the Directors intention to continue to run the portfolio fully invested
for as long as is consistent with an orderly disposal of assets ahead of the
wind-up date.
G Milne
Chairman
12 July 2007
END
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