Interim Results
Investment Company PLC
21 December 2005
THE INVESTMENT COMPANY PLC
UNAUDITED INTERIM REPORT
For the period 1st April 2005 to 30th September 2005
CHAIRMAN'S STATEMENT
My statement in the Annual Report and Accounts for 31st March 2005 was written
as recently as August and the Annual General Meeting was held on 21st September,
so I have little to add to what I wrote and was available to be questioned about
on that occasion. The latest movement in base rates was downwards and the value
of preference shares in general has remained firm. Your board expects a
satisfactory outcome for the year to next March.
As recorded in Note 22 to those accounts under Post Balance Sheet Events the
High Court confirmed the cancellation of the 100,000 deferred shares of 50p that
were in issue (which was a technical matter arising out of the capital
reorganisation in 1996) but more importantly re-classified the Capital
Redemption Reserve as a distributable reserve. This had effect from 18th May
2005 and your Board took advantage of this by purchasing for cancellation
1,240,000 participating preference shares at 1021/4p xd on 26th September 2005.
With the issue of the 5% loan notes as part of the acquisition consideration for
New Centurion Trust in March the gearing of the smaller number of ordinary
shares in issue increased. The reduction in the number of participating
preference shares in issue of almost 20% has helped to rebalance the capital
gearing and has relieved the Revenue account of expensive debt. Your Board
believes that this is in the interest of all shareholders.
As announced on 23 November your board has declared an interim dividend on the
reduced number of voting Ordinary shares in issue of 4p (2004: 3p) which will be
paid to shareholders on the register on 2 December 2005. The shares were quoted
ex dividend on 30 November 2005 and the dividend will be paid on 30 December
2005.
Under the listing agreement your company is obliged to adopt International
Financial Reporting Standards in place of Generally Accepted Accounting
Principles with effect from these interim accounts. Shareholders will note the
reconciliation statements set out in Note 9 which explains the changes that this
has caused to the figures previously presented at 30th September 2004 and 31st
March 2005.
Most particularly the new standards require our investments to be valued at bid
prices instead of middle market prices. Your board has given careful
consideration to what ought to be the appropriate discount for the unique
portfolio that your company owns. Many listed securities are now quoted on a
very narrow spread between bid and offer prices. However many of our investments
are not priced by the market-makers on a regular basis and we have taken into
account the reality of the prices we could obtain if we were to decide to sell
such investments based on our experience in recent transactions. We have also
consulted our brokers Collins Stewart in this matter. Your board has concluded
that an average discount of 1% across the company's quoted portfolio will fairly
reflect bid values.
The result of adopting these new Standards is that the asset value at the 30th
September 2004 has increased to 186.34p from the previously announced figure of
180.55p xd and similarly the asset value at 30th March 2005 has increased from
211.65p xd to 215.65p. At the 30th September 2005 the asset value is 250.49p.
It should be noted that these IFRS asset values are cum the ordinary dividend,
which is paid subsequent to the end of the period. Under IFRS these proposed
dividends do not appear as liabilities or provisions at the end of the period to
which they relate. Provision for the accrued fixed preference dividend is taken
into account before the calculation of the published net asset values, but the
participating element which is paid on 1st October is treated in the same way as
ordinary share dividends and is only recognised in the period in which it is
paid.
Sir David Thomson Bt. Registered Office:
Chairman 3rd Floor Salisbury House
London Wall
20 December 2005 London EC2M 5QS
Registered No. 4205 England
INDEPENDENT REVIEW REPORT TO THE INVESTMENT COMPANY PLC
Introduction
We have been instructed by the company to review the financial information for
the six months ended 30th September 2005 which comprises the consolidated income
statement, the consolidated balance sheet, the consolidated cashflow statement,
the consolidated statement of changes in equity and the related notes. We have
read the other information contained in the interim report and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the interim report in accordance with the Listing
Rules of the United Kingdom Listing Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of management and applying analytical
procedures to the financial information and underlying financial data and, based
thereon, assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions. It is substantially less in scope than an audit performed in
accordance with applicable Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit opinion
on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30th September 2005.
Saffery Champness Lion House
Chartered Accountants Red Lion Street
London
WC1R 4GB
20 December 2005
CONSOLIDATED INCOME STATEMENT
For the six months ended 30th September 2005
Half-year to Half-year to Year to
30th September 30th September 31st March
2005 2004 2005
(unaudited) (unaudited) (audited)
Notes £ £ £
Total income 590,034 531,840 1,028,871
Expenses (241,939) (148,370) (697,456)
Loan note interest paid (103,323) - -
Net revenue before taxation 244,772 383,470 331,415
Taxation (15,602) - -
Net revenue after taxation 229,170 383,470 331,415
Dividends: Participating preference (6) (218,218) (218,218) (514,371)
Ordinary (6) (77,216) (111,943) (195,901)
Transfer (from)/to reserves (66,264) 53,309 (378,857)
Earnings/(losses) per 50p Ordinary
Share
Basic (5) 0.30p 5.90p (6.41)p
Adjusted (5) 0.57p 5.90p 6.27p
Net asset value per 50p Ordinary 250.49p 186.34p 215.65p
Share
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30th September 2005
Own Capital
Share Share Shares Redemption Revaluation Capital Revenue
Capital Premium Held Reserve Reserve Reserve Account Total
£ £ £ £ £ £ £ £
Balance at 30th September
and 1st October 2003 4,566,695 - - 2,439,800 (292,820) 4,657,143 654,284 12,025,102
Movement in unrealised
appreciation of - - - 447,183 - 447,183
investment
Realised capital gains/ - - - (1,034,740) - (1,034,740)
(losses)
Retained earnings for
the period - - - - (126,358) (126,358)
Balance at 31st March
and 1st April 2004 4,566,695 - - 2,439,800 154,363 3,622,403 527,926 11,311,187
Movement in unrealised
appreciation of - - - (9,862) - (9,862)
investment
Realised capital gains/ - - - 94,954 - 94,954
(losses)
Retained earnings for
the period - - - - 53,309 53,309
Balance at 30th September
and 1st October 2004 4,566,695 - - 2,439,800 144,501 3,717,357 581,235 11,449,588
Premium on new shares - 1,019,246 - - 1,019,246
issued
Ordinary shares issued 424,686 - - - 424,686
Own shares held - (2,919,861) - - (2,919,861)
Movement in unrealised
appreciation of - - - 446,120 - 446,120
investment
Realised capital gains/ - - - 410,127 - 410,127
(losses)
Retained earnings for
the period - - - - (432,166) (432,166)
Balance at 31st March and
1st April 2005 4,991,381 1,019,246 (2,919,861) 2,439,800 590,621 4,127,484 149,069 10,397,740
Cancellation of capital
redemption reserve - - - (2,439,800) - - 2,439,800 -
Cancellation of
deferred shares (50,000) - - 50,000 - - - -
Buy in of own shares (621,500) - - 621,500 - - (1,281,589) (1,281,589)
Realised capital gains/ - - - - - 502,744 - 502,744
(losses)
Movement in unrealised
appreciation of - - - - 270,015 - - 270,015
investment
Retained earnings for the - - - - - - (66,264) (66,264)
period
Balance at
30th September 2005 4,319,881 1,019,246 (2,919,861) 671,500 860,636 4,630,228 1,241,016 9,822,646
CONSOLIDATED BALANCE SHEET
At 30th September 2005
Half year to Half year to Year to
30th September 30th September 31st March
2005 2004 2005
(unaudited) (unaudited) (audited)
Notes £ £ £
Non-current assets
Portfolio investments at cost 13,654,654 11,628,686 13,769,941
Unrealised appreciation 889,401 144,501 619,385
14,544,055 11,773,187 14,389,326
Current assets
Debtors 11,645 152,946 29,198
Investments 321,575 149,921 318,201
Cash at bank 98,448 - 27,236
431,668 302,867 374,635
Total assets 14,975,723 12,076,054 14,763,961
Current liabilities
Bank overdraft 1,029,589 - 273,582
Dividends 218,218 218,218 218,218
Other creditors 248,266 408,248 217,417
1,496,073 626,466 709,217
Net current liabilities (1,064,405) (323,599) (334,582)
Non-current liabilities
Loan notes 3,657,004 - 3,657,004
Net assets 9,822,646 11,449,588 10,397,740
Capital and reserves
Called-up share capital (4) 4,319,881 4,566,695 4,991,381
Share premium 1,019,246 - 1,019,246
Own shares held (2,919,861) - (2,919,861)
Capital redemption reserve (4) 671,500 2,439,800 2,439,800
Revaluation reserve 860,636 144,501 590,621
Capital reserve brought forward 4,127,484 3,622,403 3,622,403
Realised profits 502,744 94,954 505,081
Capital reserve carried forward 4,630,228 3,717,357 4,127,484
Revenue account brought forward 149,069 527,926 527,926
Cancellation of capital redemption reserve (4) 2,439,800 - -
Buy in of own shares (7) (1,281,589) - -
Net (loss)/revenue for period (66,264) 53,309 (378,857)
1,241,016 581,235 149,069
9,822,646 11,449,588 10,397,740
CONSOLIDATED CASHFLOW STATEMENT
For the six months ended 30th September 2005
Half-year to Half-year to Year to
30th September 30th September 31st March
2005 2004 2005
Notes (unaudited) (unaudited) (audited)
£ £ £
Operating activities
Net revenue before taxation 244,772 383,470 331,415
Goodwill written off on consolidation - - 354,879
Loan note interest payable 103,323 - -
Interest payable 11,724 244 21,594
Investment gains of trading subsidiary (8,002) - (3,945)
Deemed income distribution - (92,127) (92,127)
Operating cash flows before movements
in working capital 351,817 291,587 611,816
Decrease/(increase) in debtors 17,552 (65,581) (28,674)
(Decrease)/increase in creditors (36,725) 2,552 (883)
Net cash inflow from operating activities 332,644 228,558 582,259
Financing activities (309,800) (218,462) (535,965)
22,844 10,096 46,294
Investing activities
Purchase of investments (932,967) (1,018,982) (3,820,714)
Purchase of own shares (7) (1,281,589) - -
Further payment in respect of
purchase of subsidiary (34,655) - (314,960)
Cash acquired with subsidiary - - 469,091
Sale of investments 1,555,627 911,599 3,211,979
(693,584) (107,383) (454,604)
Equity dividends paid (14,055) (109,145) (194,389)
Decrease in cash (8) (684,795) (206,432) (602,699)
NOTES TO THE INTERIM REPORT
1. Financial information
The financial information above does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985. Statutory accounts
for the year ended 31st March 2005 have been delivered to the Registrar of
Companies and contain an audit report in accordance with Section 285, which was
unqualified.
The interim financial information has not been audited but has been
reviewed by the Company's auditors.
2. Basis of consolidation
The group has taken advantage of the exemption under IFRS 1 First-time
Adoption of IFRS not to apply IFRS 3 Business Combinations retrospectively to
past business combinations (business combinations that occurred before the date
of transition to IFRS).
3. Accounting policies
These financial statements have been prepared on the basis of the
recognition and measurement requirements of International Financial Reporting
Standards ('IFRS') in issue that either are endorsed by the European Union ('
EU') and effective (or available for early adoption), or are expected to be
endorsed and effective (or available for early adoption) at 31st March 2006, the
Group's first annual reporting date at which it is required to use adopted IFRS.
Based on these adopted and unadopted IFRS, the directors have made assumptions
about the accounting policies expected to be applied when the first annual IFRS
financial statements are prepared for the year ending 31st March 2006.
The Group has complied with IAS 34 and IFRS 1 in the preparation of
these interim statements. The following are the key accounting policy extracts
relating to the financial information presented and the effects of the
transition to IFRS.
(a) Taxation
Current tax is provided at amounts expected to be paid (or recovered)
using the tax rates and laws that have been enacted or substantially enacted by
the balance sheet date.
Deferred tax is recognised in respect of all timing differences that
have originated but not reversed at the balance sheet date where transactions or
events that result in an obligation to pay more tax in the future or a right to
pay less tax in the future have accrued at the balance sheet date. Timing
differences are differences between the Group's taxable profits and its results
as stated in the financial statements that arise from the inclusion of gains and
losses in tax assessments in periods different from those in which they are
recognised in the financial statements.
The company has material tax losses available for relief against
future profits and gains, resulting from accumulated unrealised losses on
certain investments and excess management expenses. No deferred tax asset has
been provided for on the basis that future profits or gains are uncertain.
(b) Preference shares
Participating shares entitle the holder to a fixed net cash cumulative
dividend at the rate of 7p per share per annum. In addition, holders are
entitled to a participating dividend at the rate of 25% of any dividends paid on
the Ordinary Shares in excess of 2p per share for any year, subject to a maximum
of 3p per share.
On any return of capital holders are entitled to a premium of 50p per
share in addition to the nominal value of 50p on any surplus assets. The shares
also confer voting rights in certain circumstances.
The participating preference share capital has been treated as an
equity financial instrument in accordance with IAS 32.
(c) Dividends
Ordinary dividends are accounted for in the period in which they are
declared in accordance with IAS 10. Preference dividends have two dividend
elements, the fixed net cash cumulative dividend and the participating dividend.
The participating dividend element is accounted for in the period in
which the dividend is declared and is treated in the same way as the Ordinary
dividend upon which its calculation is based.
The fixed net cash cumulative element accrues evenly on a daily basis
throughout the period. The dividend payable on 1st October 2005 has therefore
been treated as a charge against revenue for the six months to 30th September
2005.
This basis overrides IAS 10 as, in the opinion of the directors, the
dividend has accrued on a daily basis during the six months ended 30th September
2005.
(d) Investments
IAS 39 requires investment funds to measure assets listed on a
recognised Stock Exchange at current bid prices whereas under UK GAAP these
assets have been previously measured at current middle market prices.
The directors are of the opinion that the bid valuation is 1% lower
than the mid valuation due to the nature of the assets concerned and this
adjustment has been reflected in the investment valuation for the period ended
30th September 2005 as detailed in Note 9. The Group has taken advantage of the
exemption within IFRS 1 First Time Adoption not to apply this valuation to
previously reported financial information.
4. Share capital
The cancellation of all of the 100,000 Deferred Shares of 50p each in
the company was confirmed by the High Court on 18th May 2005. These shares had
carried no voting or dividend rights and negligible rights upon a repayment of
capital.
Likewise the Company was granted permission to reduce the amount
previously standing to the credit of the Capital Redemption Reserve and
£2,439,800 was thus credited to the Revenue Account.
During the half-year to 30th September 2005 the company bought in
1,240,000 Participating Preference Shares of 50p each, having a total nominal
value of £620,000, at a cost of £1,275,509.
During the half-year to 30th September 2005 the company bought in
3,000 Ordinary Shares of 50p each, having a total nominal value of £1,500, at a
cost of £6,080.
5. Earnings/(losses) per share
Half-year to Half-year to Year to
30th September 30th September 31st March
2005 2004 2005
(unaudited) (unaudited) (audited)
£ £ £
Net revenue after taxation 229,170 383,470 331,415
Participating preference dividend (218,218) (218,218) (514,371)
Profit/(loss) attributable to ordinary shareholders 10,952 165,252 (182,956)
Adjustment for goodwill - - 354,879
Adjusted profit attributable to ordinary shareholders 10,952 165,252 171,923
Weighted number of ordinary shares in issue 3,646,956 2,798,584 2,854,433
Adjusted weighted number of ordinary shares
in issue being ordinary shares in issue excluding
non-voting shares held by the group 1,929,391 2,798,584 2,741,498
6. Dividends
Half-year to Half-year to Year to
30th September 30th September 31st March
2005 2004 2005
(unaudited) (unaudited) (audited)
£ £ £
Interim dividends declared
Participating preference shares - - 296,153
- - 296,153
Final dividends declared
Participating preference shares 218,218 218,218 218,218
Ordinary shares 77,216 111,943 195,901
295,434 330,161 414,119
Total dividends 295,434 330,161 710,272
7. Buy in of own shares
Half-year to Half-year to Year to
30th September 30th September 31st March
2005 2004 2005
(unaudited) (unaudited) (audited)
£ £ £
Buy in of 1,240,000 preference shares of 50p each 1,275,509 - -
Buy in of 3,000 ordinary shares of 50p each 6,080 - -
1,281,589 - -
8. Analysis of net debt
At 30th September At 1st April
2005 Cash flow 2005
£ £ £
Bank overdraft (1,029,589) (756,007) (273,582)
Cash at bank 98,448 71,212 27,236
(931,141) (684,795) (246,346)
Long term debt (3,657,004) - (3,657,004)
(4,588,145) (684,795) (3,903,350)
9. Translation statements to International Accounting Standards
The following statements have been included to reconcile the financial
information as previously reported under United Kingdom Generally Accepted
Accounting Principles ('GAAP') to the revised figures reported under
International Accounting Standards ('IAS')
(a) Reconciliation of consolidated income
UK GAAP Adjustment IAS
(unaudited) (unaudited) (unaudited)
Half year to 30th September 2005 £ £ £
Total income 590,034 - 590,034
Expenses (241,939) - (241,939)
Loan note interest paid (103,323) - (103,323)
Net revenue before taxation 244,772 - 244,772
Taxation (15,602) - (15,602)
Net revenue after taxation 229,170 - 229,170
Dividends:
Participating preference (296,153) 77,935 (218,218)(1)
Ordinary - (77,216) (77,216)(1)
Transfer (from)/to reserves (66,983) 719 (66,264)
(Loss)/earnings per 50p Ordinary
Share:
Basic (1.84)p 2.14p 0.30p
Adjusted (3.47)p 4.04p 0.57p
Net asset value per 50p Ordinary 252.84p xd 2.35p 250.49p
Share
UK GAAP Adjustment IAS
(unaudited) (unaudited) (unaudited)
Half year to 30th September 2004 £ £ £
Total income 531,840 - 531,840
Expenses (148,370) - (148,370)
Net revenue before taxation 383,470 - 383,470
Taxation - - -
Net revenue after taxation 383,470 - 383,470
Dividends:
Participating preference (296,153) 77,935 (218,218)(1)
Ordinary (83,958) (27,985) (111,943)(1)
Transfer (from)/to reserves 3,359 49,950 53,309
Earnings per 50p Ordinary Share:
Basic 3.12p 2,78p 5.90p
Adjusted 3.12p 2,78p 5.90p
Net asset value per 50p Ordinary Share 180.55p xd 5.79p 186.34p
UK GAAP Adjustment IAS
(audited) (unaudited) (unaudited)
Year to 31st March 2005 £ £ £
Total income 1,028,871 - 1,028,871
Expenses (697,456) - (697,456)
Net revenue before taxation 331,415 - 331,415
Taxation - - -
Net revenue after taxation 331,415 - 331,415
Dividends:
Participating preference (514,371) - (514,371)(1)
Ordinary (161,174) (34,727) (195,901)(1)
Transfer from (344,130) (34,727) (378,857)
(Loss)/earnings per 50p Ordinary Share:
Basic (6.41)p - (6.41)p
Adjusted 6.27p - 6.27p
Net asset value per 50p Ordinary Share 211.65p xd 4.00p 215.65p
b) Reconciliation of consolidated balance sheet
UK GAAP Adjustment IAS
(unaudited) (unaudited) (unaudited)
As at 30th September 2005 £ £ £
Non-current assets
Portfolio investments at cost 13,654,654 - 13,654,654
Unrealised appreciation 1,012,804 (123,403) 889,401(2)
14,667,458 (123,403) 14,544,055
Current assets
Debtors 11,645 - 11,645
Investments 321,575 - 321,575(2)
Cash at bank 98,448 - 98,448
431,668 - 431,668
Total assets 15,099,126 (123,403) 14,975,723
Current liabilities
Bank overdraft 1,029,589 - 1,029,589
Dividends 296,153 (77,935) 218,218(1)
Other creditors 248,266 - 248,266
1,574,008 (77,935) 1,496,073
Net current (liabilities) (1,142,340) 77,935 (1,064,405)
Non-current liabilities
Loan notes 3,657,004 - 3,657,004
Net assets 9,868,114 (45,468) 9,822,646
Capital and reserves
Called up share capital 4,319,881 - 4,319,881
Share premium 1,019,246 - 1,019,246
Own shares held (2,919,861) - (2,919,861)
Capital redemption reserve 671,500 - 671,500
Revaluation reserve 984,039 (123,403) 860,636(2)
Capital reserve brought forward 4,127,484 - 4,127,484
Realised profits 502,744 - 502,744
Capital reserve carried forward 4,630,228 - 4,630,228
Revenue account brought forward 71,853 77,216 149,069(1)
Cancellation of capital redemption reserve 2,439,800 - 2,439,800
Buy in of own sharees (1,281,589) - (1,281,589)
Net (loss)/revenue for period (66,983) 719 (66,264)(1)
1,163,081 77,935 1,241,016
9,868,114 (45,468) 9,822,646
UK GAAP Adjustment IAS
(unaudited) (unaudited) (unaudited)
As at 30th September 2004 £ £ £
Non-current assets
Portfolio investments at cost 11,628,686 - 11,628,686
Unrealised appreciation 144,501 - 144,501(2)
11,773,187 - 11,773,187
Current assets
Debtors 152,946 - 152,946
Investments 149,921 -(2) 149,921(2)
302,867 - 302,867
Total assets 12,076,054 - 12,076,054
Current liabilities
Dividends 380,111 (161,893) 218,218(1)
Other creditors 408,248 - 408,248
788,359 (161,893) 626,466
Net current (liabilities) (485,492) 161,893 (323,599)
Net assets 11,287,695 161,893 11,449,588
Capital and reserves
Called up share capital 4,566,695 - 4,566,695
Capital redemption reserve 2,439,800 - 2,439,800
Revaluation reserve 144,501 - 144,501
Capital reserve brought forward 3,622,403 - 3,622,403
Realised profits 94,954 - 94,954
Capital reserve carried forward 3,717,357 - 3,717,357
Revenue account brought forward 415,983 111,943 527,926(1)
Net (loss)/revenue for period 3,359 49,950 53,309(1)
419,342 161,893 581,235
11,287,695 161,893 11,449,588
UK GAAP Adjustment IAS
(audited) (unaudited) (unaudited)
As at 31st March 2005 £ £ £
Non-current assets
Portfolio investments at cost 13,769,941 - 13,769,941
Unrealised appreciation 619,385 - 619,385(2)
14,389,326 - 14,389,326
Current assets
Debtors 29,198 - 29,198
Investments 318,201 -(2) 318,201(2)
Cash at bank 27,236 - 27,236
374,635 - 374,635
Total assets 14,763,961 - 14,763,961
Current liabilities
Bank overdraft 273,582 - 273,582
Dividends 295,434 (77,216) 218,218(1)
Other creditors 217,417 - 217,417
786,433 (77,216) 709,217
Net current (liabilities) (411,798) 77,216 (334,582)
Non-current liabilities
Loan notes 3,657,004 - 3,657,004
Net assets 10,320,524 77,216 10,397,740
Capital and reserves
Called up share capital 4,991,381 - 4,991,381
Share premium 1,019,246 - 1,019,246
Own shares held (2,919,861) - (2,919,861)
Capital redemption reserve 2,439,800 - 2,439,800
Revaluation reserve 590,621 - 590,621
Capital reserve brought forward 3,622,403 - 3,622,403
Realised profits 505,081 - 505,081
Capital reserve carried forward 4,127,484 - 4,127,484
Revenue account brought forward 415,983 111,943 527,926(1)
Net (loss)/revenue for period (344,130) (34,727) (378,857) (1)
71,853 77,216 149,069
10,320,524 77,216 10,397,740
Notes:
1. Under GAAP, dividends to shareholders were recognised as a liability in
the period even if not declared in that period. The adjusted figures represent
dividends declared in the period and exclude dividends not declared and not yet
paid in accordance with IAS. These figures include elements of undeclared
preference dividends as detailed in Note 3(c).
2. Under GAAP, investments made by the Company in stocks listed on a
recognised Stock Exchange were valued at middle market prices at the close of
business on the balance sheet date. Unlisted investments were valued by the
Directors at the year end based upon dealing prices where available or
stockbrokers' valuations, net asset values or other relevant information. Under
IAS quoted investments are valued at bid price.
The directors are of the opinion that an average discount of 1% across
the company's quoted portfolio will fairly reflect bid values and this
adjustment has been made in the investment valuation for the period ended 30th
September 2005 as shown above. The Group has taken advantage of the exemption
within IFRS 1 First Time Adoption not to apply this valuation to previously
reported financial information.
3. There are no material differences between the cash flow presented under
IAS and the cash flow statement presented under GAAP.
Enquiries:
Stephen Cockburn - Managing Director - 020 7448 4715
This information is provided by RNS
The company news service from the London Stock Exchange
Monday, 13th May 2024
COMPANIES COVERED:
Latest directors dealings
- 14 minutes ago easyJet
- 59 minutes ago Oxford Instruments
- 1 hour ago Sabre Insurance Group
- 2 hours ago Moneysupermarket.com Group
- 2 hours ago BioPharma Credit