Preliminary Announcement of Results
NEWS RELEASE
26 November 2010
WORLDWIDE HEALTHCARE TRUST PLC
(Formerly Finsbury Worldwide Pharmaceutical Trust PLC)
Unaudited Preliminary Results for the six months ended 30 September 2010
Worldwide Healthcare Trust PLC today announces its interim results for the six
months ended 30 September 2010.
Performance
Six months to One year to
30 September 31 March
2010 2010
Share price (total return)# -0.3% +28.7%
Net asset value per share (total +0.9% +25.9%
return)#
Benchmark index (total return)* -3.6% +24.6%
30 September 31 March Six months
% Change
2010 2010
Shareholders' funds £331.0m £346.2m -4.4
Net asset value per share - 742.9p 752.7p -1.3
diluted
(dilution for subscription shares)
Share price 690.0p 701.5p -1.6
Discount of share price to diluted 7.1% 6.8% -
net asset value per share
Benchmark Index * 9,734.2 10,094.2 -3.6
Gearing ** 11.6% 10.4% -
Total expense ratio (excluding 1.0% 1.0% -
performance fees)
1.1% 1.0 -
Total expense ratio (including
performance fees paid in the
period)
# Source - Morningstar. Net asset value diluted for subscription shares and
treasury shares.
* Datastream World Pharmaceutical and Biotechnology Index, total return,
sterling adjusted. With effect from 1 October 2010 the Company's benchmark has
changed to MSCI World Health Care Index, (total return, sterling adjusted).
**Calculated using the Association of Investment Companies' definition (prior
charges as a percentage of net assets).
Attached: * Chairman's Statement
* Review of Investments
* Contribution by Investment - Excluding Options
* Income Statement
* Reconciliation of Movements in Shareholders' Funds
* Balance Sheet
* Cash Flow Statement
* Notes to the Financial Statements
For further information please contact:
Martin Smith, Worldwide Healthcare Trust PLC 020 3 008 4913
Mark Pope, Frostrow Capital LLP 020 3 008 4913Chairman's Statement
Change of the Company's Name, Investment Policy and Benchmark
I am pleased to report that at the Company's Annual General Meeting, held on 15
July 2010, the necessary resolutions were passed to change the Company's name,
to amend its investment policy and also to change the Company's benchmark from
the Datastream World Pharmaceutical and Biotechnology Index (measured in
sterling terms on a total return basis) to the MSCI World Health Care Index
(measured in sterling terms on a total return basis). The Board has agreed with
your Investment Manager that there should be a period of transition in order to
allow them to realign the portfolio to reflect the new investment policy and
benchmark. Accordingly, it has been agreed that the new benchmark will be used
for performance comparison purposes with effect from 1 October 2010.
Performance
Following strong performance from markets and the Company during its last
financial year, the returns from global markets over the first half of the
current financial year were mixed. This was also reflected in the performance
of the healthcare sector with the Datastream World Pharmaceutical and
Biotechnology Index (measured in sterling terms on a total return basis)
falling by 3.6% during the period. By way of comparison, the MSCI World Health
Care Index (measured in sterling terms on a total return basis) fell by 5.6%
during the same period. This compares to the Company's net asset value total
return of +0.9% and a share price total return of -0.3%. The discount of the
Company's share price to the Company's diluted net asset value per share
widened slightly during the period to close at 7.1% compared to 6.8% six months
ago.
Our Investment Manager has begun repositioning the portfolio to reflect the
Company's amended investment policy and benchmark.
Capital
The Board regularly reviews its discount policy. The formal discount management
policy in place seeks to maintain the discount to the net asset value per share
at which the Company's shares are quoted on the London Stock Exchange at no
greater than 6% over the long-term, subject to adverse market conditions. There
can be no guarantee that the Board's discount policy will always be successful
or capable of being implemented. During the six months under review the Company
repurchased 1,637,733 shares for treasury at a total cost of £10.9m (including
expenses).
On 27 July 2010, a total of 7,877,149 shares held in treasury were cancelled.
The Board has confirmed that any shares held in treasury will be cancelled on
or as soon as practicable following the Annual General Meeting each year.
During the period and to the date of this report a total of 686,893
subscription shares were exercised at an exercise price of 614p per share
raising £4.2m of additional funds for the Company and a further 31,016
subscription shares were exercised at an exercise price of 638p per share
raising £0.2m. The next subscription date will be 31 January 2011 at a
subscription price of 638p per share.
Revenue and Dividends
The revenue return for the period was £2,196,000 (six months ended 30 September
2009: return of 1,175,000) and no interim dividend is declared (six months
ended 30 September 2009: nil).
Outlook
The prospect of healthcare reform in the U.S. had served as an overhang on the
healthcare sector generally and had led to underperformance of healthcare
stocks, including pharmaceuticals in late 2009 and early 2010. Whilst this
situation was clarified with the enacting of the healthcare reform bill in
March 2010, the significant gains made by the Republicans in the recent U.S.
mid-term elections have again created uncertainty as to the nature of the
reform.
On a global basis, healthcare spending is set to continue to rise into 2011,
and ageing populations, particularly in Western countries, will place
increasing pressure on available government healthcare spending. Patent expiry
continues to be an issue for the sector and the Company's portfolio has already
been positioned to account for this and also for further consolidation in the
sector.
Our focus remains on the selection of stocks with strong prospects for capital
enhancement and we continue to believe that the long term investor in our
sector will be well rewarded.
Martin Smith
Chairman
Review of Investments
Performance
For the period of 1 April to 30 September 2010, the broad markets demonstrated
a roller coaster of performance, with a steep sell off in May, volatility in
the summer months, before a significant, but only partial recovery in
September. Despite such volatility in the global equity markets, the net result
was only modestly negative, as the World Datastream Market Index was down 1.6%
in sterling terms on a total return basis during this period. Moreover,
healthcare stocks underperformed during the period; the Datastream
Pharmaceutical & Biotechnology Index, measured in sterling terms on a total
return basis, was down 3.6%.
The Company outperformed both the broader market and the healthcare specific
index, with a share price total return of -0.3% and a net asset value total
return of +0.9%. "Alpha", or excess risk-adjusted returns, from this period
stemmed from our strategy of being highly selective in large capitalisation
pharmaceutical stocks, maintaining an overweight position in biotechnology
stocks and adding exposure to several exciting niche growth opportunities in
areas such as specialty and generic pharmaceutical companies.
An example of such a niche opportunity is our investment in Japanese generic
drug companies. Our long-term expectation of secular growth in this emerging
generic drug market has been prescient as multiple government initiatives
continue to drive accelerating growth for generic drugs in Japan. Sawai
Pharmaceuticals based in Osaka, is one of three key investments in this theme,
and was the largest contributor to performance during this six month period,
largely due to better than expected sales and earnings which drove the share
price. The company's share price suffered in September, however, on rumours of
a takeover-bid for a branded manufacturer in Japan. We are cautious on this
strategic initiative but believe the likelihood of it coming to fruition is
low. Clarity on this issue should re-invigorate the shares. Also in the top ten
contributors for the period were Towa Pharmaceutical and Nichi-iko
Pharmaceutical, both Japanese generic drug manufactures benefitting from the
dramatic growth of generic drugs in that market.
In the large capitalisation pharmaceutical space, Novartis continues its
unparalleled success in research and development (R&D) productivity with the
recent approval of Gilenya, a novel oral therapy for the treatment of multiple
sclerosis. We believe that this therapy will create an exciting new treatment
option for this disease and represents one of the most important product
approvals for the pharmaceutical industry in some while. We have also initiated
a position in the originator of this compound, Mitsubishi Tanabe Pharma.
Overall, we believe the market underestimates the opportunity offered by
Gilenya to both Novartis and Mitsubishi Tanabe. The market enthusiasm generated
by this drug propelled Novartis' shares by more than 10% during the period and
thus was a top five contributor to performance. For now, the stock remains a
key holding.
Taking advantage of mergers and acquisition (M&A) activity in the biotechnology
sector is a long held strategy of the Company. This period was exceptional for
M&A, highlighted by the public offering by French drug maker, Sanofi-Aventis
for Genzyme Corporation. The offer of $69 per share represented a 38% premium
and was an all cash offer that totalled $18.5 billion. While a deal has yet to
be agreed, at the time of writing this report, we believe there is a high
probability that a transaction will occur at a higher price to be negotiated.
Genzyme was the second highest contributor to performance during the period.
It is also worth noting the contribution of our structured finance investments.
Importantly, all of these investments have performed well to date, with no
"losers" yet seen in the portfolio.
The top two negative contributors during the period experienced losses that
were (in whole or in part) triggered by the actions of the U.S. Food and Drug
Administration (FDA). Roche, the Swiss pharmaceutical company, suffered a
setback when an FDA panel recommended a partial revocation of the approval of
the blockbuster cancer drug, Avastin, specifically for the treatment of
metastatic breast cancer (mBC). While the earnings impact will be small (as
Avastin would remain on the market for the treatment of other cancers), the
negative recommendation caught investors by surprise, causing the stock to lose
nearly $10 billion in market capitalisation, a steep over reaction, in our
view. The FDA may be taking an overly conservative view on the data as the drug
clearly benefits at least some patients with mBC. Adding to the negative news
for Roche was the unusual and unexpected FDA "refusal to file" letter the
company received for its novel next generation cancer compound known as TDM-1.
Filing will now be predicated on additional studies that will not be complete
until 2012. Finally, Roche also announced a pipeline setback for their emerging
diabetes franchise. The culmination of these events resulted in the stock
trading down more than 15% and thus claiming the designation of the portfolio's
top negative contributor in the period. Roche, however, remains a core holding
in the portfolio and we added to the position after the declines.
Another disappointing holding during the period was the biotechnology company
InterMune. The FDA failed to approve the company's novel treatment,
Pirfenidone, for the treatment of a devastating and lethal disease known as
idiopathic pulmonary fibrosis. InterMune was the second largest negative
contributor to performance in the period. With a high likelihood for a
requirement of additional expensive and time-consuming clinical trials to be
conducted in order to garner U.S. approval, we exited the position.
Sector Developments
Clearly the largest development over the past six months has been the rippling
impact of the passage of the Patient Protection and Affordable Care Act in the
United States, which occurred in March 2010. We continue to believe this
legislation to be a net positive for the healthcare sector and in particular
the pharmaceutical industry. While near term earnings pressure certainly
occurred at the margin for most pharmaceutical companies, long term the
addition of 30 million new lives with healthcare insurance and drug coverage
will be a boon to the industry.
Importantly, this new law contains no provisions that will impose price
controls or install the federal government as a major buyer of drugs, thus
avoiding a worst case scenario for the healthcare industry. In fact, the term
"reform" as applied to this legislation is misleading. Rather, this new law
essentially expands the current federally-sponsored health insurance
programmes, simply allowing more individuals to qualify. While pharmaceutical
companies are required to help pay for this expansion through increased drug
rebates, it is expected to cost the industry only $8 billion per year over 10
years (or $80 billion of the nearly $1 trillion total price tag). Note that
U.S. pharmaceutical market reached over $300 billion in 2009. Thus, we believe
that over time, the additional lives under coverage and the commensurate
increase in drug consumption will more than offset any price or margin
pressure.
We think the defensive appeal of the sector has increased significantly with
the removal of this overhang (i.e. uncertainty surrounding the timing and
impact of healthcare reform) combined with growing concerns about slowing
consumer spending in many developed markets. Healthcare goods and services are
generally "non-discretionary" and should hold up relatively well in an era of
frugal consumer spending
Following on the political theme, the November 2010 mid-term elections in the
U.S. saw the Democrats suffer heavy losses with the Republicans taking control
of the House of Representatives and make significant gains in the Senate. This
result brings uncertainty to the proposed healthcare reform as the Republicans
have indicated that they would wish to `repeal and replace' the healthcare
reform law passed earlier in the year. However, the polls suggest that,
overall, the public wants the healthcare reform to be amended rather than
scrapped altogether. The outcome is likely to remain unclear for some time.
Finally, heading towards the end of 2010 and early 2011, we view the number of
clinical trial related catalysts to be increasing. This growth is an
encouraging sign of accelerating R&D and new product development for the
sector. We will monitor carefully new clinical data flow in a plethora of
therapeutic categories, in particular cardiovascular, diabetes, rheumatology,
and oncology.
Strategy Review
An important change to highlight for our investors is that the Company's
investment mandate has been expanded recently to include all areas of
healthcare, including medical devices and healthcare services. This expansion
is an exciting opportunity for OrbiMed to utilise a broader range of ideas and
opportunities in pursuit of attractive returns for our investors. In addition
to seeking higher returns, we also believe a more diversified portfolio will be
less volatile. We had already begun repositioning the portfolio by the 30
September reporting date, with the additions of initial positions in Health
Maintenance Organisations (so called "HMOs"), medical devices, and healthcare
services companies.
Valuation remains a compelling theme in the biotechnology and pharmaceutical
sectors. In both absolute and relative terms, valuations have declined to
historical lows after a nearly 10 year period of underperformance. We believe
this performance and valuation differential provides a significant opportunity
to earn near-term returns across a variety of companies.
Despite the "bargains' in large capitalisation pharmaceutical companies, we
continue to be selective in this sector although different strategies may be
employed. Contrarian value plays with high yields are an option. Avoiding
companies with extreme exposure to the looming 2012 generic patent cliff is
another. Ultimately, however, we favour companies with new product flow and
strong, late stage pipelines. Historically, companies entering such a new
product cycle often outperform the group. This is, after all, an industry in
which growth is driven by the launch of new drugs.
Large capitalisation biotechnology companies remain a key focus. Growth in this
sector is outpacing that of their pharmaceutical peers. Additionally, while new
product risk may be higher in biotechnology companies, there is lower political
and reimbursement risk. Finally, there are few patent expiration issues.
Certainly we expect M&A in the sector to be robust and likely to accelerate as
we approach 2012. Why? Pharmaceutical companies continue to prepare for the
looming patent cliff and their urgency to solve the problem will increase as
these patent expirations become more imminent. New products are the solution
and acquiring them has proven easier than discovering them for large companies.
Depressed valuations in small and mid-capitalisation biotechnology stocks
create an opportunity for pharmaceutical companies to make such acquisitions,
so we expect M&A deal volumes to increase and remain healthy. As such, we focus
our investments in both high quality biotechnology and specialty pharmaceutical
companies that may also be attractive to large potential acquirers.
Samuel D Isaly
OrbiMed Capital LLC
Investment Manager
Contribution by Investment - Excluding Options
Top and bottom five contributors to net asset value performance over the six
months to 30 September 2010
Contribution Contribution
per Share (p)
*
for the six
months
£'000
Top Five contributors
Sawai Pharmaceutical 2,752 6.3
Genzyme 2,539 5.8
NPS Pharmaceuticals 1,998 4.6
Endo Pharmaceuticals 1,764 4.1
Novartis 1,613 3.7
10,666 24.5
Bottom Five contributors
Roche (4,792) (11.0)
InterMune (2,646) (6.1)
Johnson & Johnson (2,283) (5.2)
Allos Therapeutics (1,844) (4.2)
Gilead Sciences (1,817) (4.2)
(13,382) (30.7)
*based on the weighted average number of the Company's shares in issue during
the six months ended 30 September 2010 (43,497,098)
Source: Frostrow Capital LLP
Income Statement
For the six months ended 30 September 2010
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30 September 2010 30 September 2009 31 March 2010
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Return Return Return Return Return Return Return Return Return
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/ - (3,790) (3,790) - 15,192 15,192 - 76,180 76,180
gains on
investments
held at fair
value through
profit or
loss
Exchange - (40) (40) - 5,516 5,516 - 3,946 3,946
(losses)/
gains on
currency
balances
Income from 3,059 - 3,059 1,886 - 1,886 5,825 - 5,825
investments
held at fair
value through
profit or
loss (note 2)
Investment (72) (3,264) (3,336) (60) (924) (984) (133) (5,025) (5,158)
management,
management
and
performance
fees (note 3)
Other (304) - (304) (261) (219) (480) (506) - (506)
expenses
Net return/ 2,683 (7,094) (4,411) 1,565 19,565 21,130 5,186 75,101 80,287
(loss) before
finance
charges and
taxation
Finance (4) (78) (82) (6) (121) (127) (11) (212) (223)
charges
Net return/ 2,679 (7,172) (4,493) 1,559 19,444 21,003 5,175 74,889 80,064
(loss) before
taxation
Taxation on (483) 166 (317) (384) 168 (216) (965) 303 (662)
ordinary
activities
Net return/ 2,196 (7,006) (4,810) 1,175 19,612 20,787 4,210 75,192 79,402
(loss) after
taxation
Return/(loss) 5.0p (16.1)p (11.1)p 2.8p 46.0p 48.8p 9.5p 170.5p 180.0p
per share -
basic (note
4)
Return/(loss) 5.0p (16.1)p (11.1)p 2.8p 46.0p 48.8p 9.5p 170.5p 180.0p
per share -
diluted (note
4)
The "Total" column of this statement is the Income Statement of the Company.
The "Revenue" and "Capital" columns are supplementary to this and are prepared
under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing
operations.
The Company has no recognised gains and losses other than those shown above and
therefore no separate statement of total recognised gains and losses have been
presented.
No operations were acquired or discontinued during the period.
Reconciliation of Movements in Shareholders' Funds
(Unaudited) Ordinary Subscription Share Capital Capital Revenue Total £
share premium reserve redemption reserve '000
Six months ended share account £'000 reserve £ £'000
capital capital £'000 '000
30 September £'000
2010 £'000
At 31 March 2010 12,644 90 176,648 145,160 5,009 6,630 346,181
Net (loss)/ - - - (7,006) - 2,196 (4,810)
return from
ordinary
activities after
taxation
Dividend paid in - - - - - (3,653) (3,653)
respect of year
ended 31 March
2010
Subscription 172 (7) 4,045 7 - - 4,217
shares issued
Purchase of (1,969) - - (10,906) 1,969 - (10,906)
Company's own
shares including
expenses
At 30 September 10,847 83 180,693 127,255 6,978 5,173 331,029
2010
(Unaudited) Ordinary Share Warrant Capital Capital Revenue Total £
share premium reserve reserve redemption reserve '000
Six months ended capital account £'000 £'000 reserve £ £'000
£'000 £'000 '000
30 September 2009
At 31 March 2009 11,105 117,706 7,417 118,709 3,678 4,402 263,017
Net return from - - - 19,612 - 1,175 20,787
ordinary
activities after
taxation
Dividends paid in - - - - - (1,982) (1,982)
respect of year
ended 31 March
2009
Proceeds from 2,686 54,590 (7,417) - - - 49,859
warrant exercise
Subscription 97 (97) - - - - -
shares issued
Purchase of (1,331) - - (22,360) 1,331 - (22,360)
Company's own
shares including
expenses
At 30 September 12,557 172,199 - 115,961 5,009 3,595 309,321
2009
Reconciliation of Movements in Shareholders' Funds (Continued)
(Audited) Ordinary Subscription Share Warrant Capital Capital Revenue Total
share premium reserve reserve redemption
Year ended share account £'000 reserve reserve £'000
capital capital £'000 £'000
31 March £'000 £'000
2010 £'000 £'000
At 31 March 11,105 - 117,706 7,417 118,709 3,678 4,402 263,017
2009
Net return - - - - 75,192 - 4,210 79,402
on ordinary
activities
after
taxation
Dividends - - - - - - (1,982) (1,982)
paid in
respect of
year ended
31 March
2009
Proceeds 2,686 - 47,174 - - - - 49,860
from
exercise of
warrants
Transfer - - 7,417 (7,417) - - - -
from warrant
reserve - 97 - - (295) - - (198)
following
exercise of 184 (7) 4,351 - 7 - - 4,535
warrants
Subscription
shares
issued less
issue costs
Subscription
shares
exercised
for ordinary
shares
Purchase of (1,331) - - - (48,453) 1,331 - (48,453)
Company's
own shares
including
expenses
At 31 March 12,644 90 176,648 - 145,160 5,009 6,630 346,181
2010
Balance Sheet
As at 30 September 2010
(Unaudited) (Unaudited) (Audited)
30 September 30 September 31 March
2010 2009
2010
£'000 £'000
£'000
Fixed assets
Investments held at fair value through 398,645 331,117 383,599
profit or loss
Current assets
Debtors 1,251 793 1,757
Derivative - financial investments 994 1,315 628
2,245 2,108 2,385
Current liabilities
Creditors: amounts falling due within (31,320) (8,143) (3,741)
one year
(38,541) (15,761) (36,062)
Bank overdraft
(69,861) (23,904) (39,803)
Net current liabilities (67,616) (21,796) (37,418)
Total net assets 331,029 309,321 346,181
Capital and reserves
Ordinary share capital 10,847 12,557 12,644
Subscription share capital 83 - 90
Share premium account 180,693 172,199 176,648
Capital reserve 127,255 115,961 145,160
Capital redemption reserve 6,978 5,009 5,009
Revenue reserve 5,173 3,595 6,630
Total shareholders' funds 331,029 309,321 346,181
Net asset value per share - basic 763.0p 645.4p 780.8p
(note 5)
Net asset value per share - diluted 742.9p 640.1p 752.7p
(note 5)
Cash Flow Statement
For the six months ended 30 September 2010
(Unaudited) (Unaudited) (Audited)
Six months Six months Year
ended ended
ended
30 September 30 September
31 March
2010 2009
2010
£'000 £'000
£'000
Net cash inflow from operating 533 253 2,108
activities
Servicing of finance
Interest paid (82) (127) (223)
Taxation 182 169 93
Taxation recovered
Financial investment
Purchases of investments and (116,763) (151,327) (265,795)
derivatives
Sales of investments and 124,037 135,054 250,859
derivatives
Net cash inflow/(outflow) from 7,274 (16,273) (14,936)
financial investment
Equity dividends paid (3,653) (1,982) (1,982)
Net cash inflow/(outflow) before 4,254 (17,960) (14,940)
financing
Financing
Proceeds from exercise of warrants - 49,860 49,860
Subscription share issue costs - - (198)
Purchase of own shares (10,910) (22,973) (49,061)
Subscription shares exercised for 4,217 - 4,535
ordinary shares
Net cash (outflow)/inflow from (6,693) 26,887 5,136
financing
(Decrease)/increase in cash in the (2,439) 8,927 (9,804)
period
Reconciliation of net cash flow
movements to net debt
(Decrease)/increase in cash as (2,439) 8,927 (9,804)
above
Exchange movements (40) 5,516 3,946
Movement in net debt in the period (2,479) 14,443 (5,858)
Net debt at beginning of period (36,062) (30,204) (30,204)
Net debt at period end (38,541) (15,761) (36,062)
Notes to the Financial Statements
1. Accounting Policies
The condensed financial statements have been prepared under the historical cost
convention, modified to include the valuation of investments at fair value and
in accordance with United Kingdom Generally Accepted Accounting Practice and
with the Statement of Recommended Practice `Financial Statements of Investment
Trust Companies and Venture Capital Trusts' dated January 2009. All of the
Company's operations are of a continuing nature.
The same accounting policies used for the year ended 31 March 2010 have been
applied.
2. Income
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30 September 30 September 31 March
2010 2009 2010
£'000 £'000 £'000
Investment income 2,407 1,517 5,763
Interest receivable 652 369 62
Total 3,059 1,886 5,825
3. Investment Management, Management and Performance Fees
4.
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30 September 30 September 31 March
2010 2009 2010
£'000 £'000 £'000
Investment management fee 1,044 868 1,924
Management fee 397 340 730
Performance fee charged in 1,895 (224) 2,759
the period/year*
Refund of VAT previously - - (255)
paid on management fees
Total 3,336 984 5,158
*In accordance with the performance fee arrangements described on page 18 of
the 2010 annual report, a performance fee of £4,654,000 was accrued at 30
September 2010.
In addition, during the period, £224,000 was paid which related to a
performance fee which crystallised and became payable at 31 Match 2010.
Notes to the Financial Statements (continued)
4. Return/(Loss) Per Share
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended 30 ended 30
September 2010 September 2009 31 March 2010
£'000 £'000 £'000
The return/(loss) per share is
based on the following figures:
Revenue return 2,196 1,175 4,210
Capital (loss)/return (7,006) 19,612 75,192
Total (loss)/return (4,810) 20,787 79,402
Weighted average number of 43,497,098 42,611,585 44,122,846
shares in issue for the period/
year - basic
Revenue return per share 5.0p 2.8p 9.5p
Capital (loss)/return per share (16.1)p 46.0p 170.5p
Total (loss)/return per share (11.1)p 48.8p 180.0p
Weighted average number of 43,497,098 42,611,585 44,122,846
shares in issue for the period/
year - diluted
Revenue return per share *5.0p *2.8p *9.5p
Capital (loss)/return per share *(16.1)p *46.0p *170.5p
Total (loss)/return per share - *(11.1)p *48.8p *180.0p
diluted
* dilution not applicable
5. Net Asset Value Per Share
The net asset value per share is calculated on attributable assets at 30
September 2010 of £331,029,000 (30 September 2009: £309,321,000 and 31 March
2010: £346,181,000) and 43,385,916 being the number of shares in issue at 30
September 2010 (30 September 2009: 47,927,769 and 31 March 2010: 44,336,756).
The diluted net asset value per share assumes all outstanding subscription
shares were exercised at 638p per share resulting in assets attributable to
equity shareholders of £384,018,000 and on 51,691,330 shares (30 September
2009: assumed all outstanding subscription shares were exercised at 614p per
share resulting in assets attributable to equity shareholders of £369,069,000
and on 57,658,729 shares; March 2010: assumed all subscription shares were
exercised at 614p per share resulting in assets attributable to equity
shareholders of £401,394,000 and on 53,329,063 shares
6. Transaction Costs
Purchase transaction costs for the six months ended 30 September 2010 were £
319,000 (six months ended 30 September 2009: £237,000; year ended 31 March
2010: £467,000).
Sales transaction costs for the six months ended 30 September 2010 were £
229,000 (six months ended 30 September 2009: £214,000; year ended 31 March
2010: £372,000).
These costs comprise mainly commission.
Notes to the Financial Statements (continued)
7. Subscription Shares
During the period ended 30 September 2010 a total of 686,893 subscription
shares were exercised for a total consideration of £4,217,000. At the period
end the Company's share capital included 8,305,414 subscription shares, which
are currently exercisable at 638p per share.
8. Publication of Non Statutory Accounts
The financial information contained in this preliminary announcement does not
constitute statutory accounts as defined in sections 434-436 of the Companies
Act 2006. The financial information for the half years ended 30 September 2010
and 30 September 2009 has not been audited or reviewed by the auditors.
The information for the year ended 31 March 2010 has been extracted from the
latest published audited financial statements. The audited financial statements
for the year ended 31 March 2010 have been filed with the Registrar of
Companies. The report of the auditors on those accounts was unqualified, did
not include a reference to any matters to which the auditors drew attention by
way of emphasis without qualifying the report, and did not contain statements
under section 498 of the Companies Act 2006.
Earnings for the first six months should not be taken as a guide to the results
for the full year.
Frostrow Capital LLP
Company Secretary
26 November 2010
Worldwide Healthcare Trust PLC
Interim Results for the six months ended 30 September 2010
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