Final Results

Personal Assets Trust PLC 11 May 2000 PERSONAL ASSETS TRUST PLC Preliminary Results for the year to 30 April 2000 The Directors of Personal Assets Trust (PAT) are pleased to announce the Group's preliminary results for the year to 30 April 2000. The key points are as follows: * PAT is an independently managed investment trust run for individuals who may wish to commit to it a significant proportion of their capital. * Over the year to 30 April 2000 PAT's net asset value per share outperformed its benchmark by 0.2 per cent. Its decrease of 0.7 per cent to £199.80 compares to a drop of 0.9 per cent in the FTSE All-Share Index. PAT's share price at 30 April 2000 was £202.00, the same as at the previous year end. * Since PAT became independently managed in 1990 the Board has chosen to measure PAT's performance over rolling three-year periods. Over the three years to 30 April 2000 the net asset value per share increased by 49.2 per cent compared to the FTSE All-Share Index's 40.6 per cent, an outperformance of 2.0 per cent per annum. * In a year when the UK equity market fell, PAT maintained a high level of liquidity (30 April 2000: 45 per cent, 30 April 1999: 38 per cent). It is the Board's view that markets continue to be overvalued. * The Directors intend PAT's annual dividend rate to grow at least in line with inflation. Two interim dividends have been declared during the year, totalling £2.625 per ordinary share. These represent an increase of 2.9 per cent over the corresponding payments for the previous year and compare to inflation of 2.1 per cent. The second interim dividend of £1.325 per share will be paid on 22 May 2000. * £10.1 million of new capital was subscribed during the year through the issue of 49,405 new ordinary shares. This reflects the continuing high level of demand for the Company's zero-charge Investment Plans. At 30 April 2000, 45.2 per cent of the Company's share capital was held in these Plans. The total value of shares held in the Plans was £33.7 million. For further information contact: Ian Rushbrook Investment Director Tel: 0131-465 1000 The Group's statement of total return, balance sheet and cash flow statement follow. GROUP STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account) FOR THE YEAR ENDED 30 APRIL 2000 Year to 30 April 2000 Revenue Capital Total £'000 £'000 £'000 (Losses)/gains on investments - (103) (103) Exchange differences - (441) (441) Income 1,652 - 1,652 Investment management fee (210) (390) (600) Other expenses (239) - (239) ----- ---- ----- Net return on ordinary activities before tax 1,203 (934) 269 Tax on ordinary activities (165) 120 (45) ----- ---- ---- Return attributable to equity shareholders 1,038 (814) 224 Dividends in respect of equity shares (942) - (942) ----- ---- ---- Transfer to/(from) reserves 96 (814) (718) ----- ----- ---- Return per ordinary £12.50 share (£) 2.98 (2.34) 0.64 GROUP STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account) FOR THE YEAR ENDED 30 APRIL 2000 Year to 30 April 1999 Revenue Capital Total £'000 £'000 £'000 (Losses)/gains on investments - 6,650 6,650 Exchange differences - (491) (491) Income 1,700 - 1,700 Investment management fee (157) (291) (448) Other expenses (297) - (297) ----- ----- ----- Net return on ordinary activities before tax 1,246 5,868 7,114 Tax on ordinary activities (164) 135 (29) ----- ----- ----- Return attributable to equity shareholders 1,082 6,003 7,085 Dividends in respect of equity shares (788) - (788) ----- ----- ----- Transfer to/(from) reserves 294 6,003 6,297 ----- ----- ----- Return per ordinary £12.50 share (£) 3.67 20.34 24.01 GROUP BALANCE SHEET AT 30 APRIL 2000 1999 £' 000s £' 000s Investments ----------- Investments - equities 39,855 40,173 - fixed interest 25,022 21,336 ------ ------ 64,877 61,509 Net Current Assets 8,874 3,691 ------ ------ Total Assets 73,751 65,200 ------ ------ Ordinary Shareholders' Funds 73,751 65,200 ------ ------ Net Asset Value per Ordinary £12.50 Share £199.80 £201.26 ------- ------- GROUP CASH FLOW STATEMENT AT 30 APRIL 2000 1999 £' 000s £' 000s Operating activities Investment income received 920 1,196 Deposit interest received 238 267 Other income 99 84 Investment management fees (600) (448) Directors' fees (44) (43) Other cash payments (197) (177) ----- ----- Net cash inflow from operating activities 416 879 ----- ------ Taxation 210 (22) ----- ----- Financial investment Purchase of investments (29,200) (47,549) Disposal of investments 27,555 39,622 ------ ------ Net cash outflow from financial investment (1,645) (7,927) ------ ----- Equity dividends paid (877) (702) Financing Allotment of new shares 10,079 10,201 Shares bought back (810) - ------ ------ Net cash inflow from financing 9,269 10,201 ----- ----- Increase in cash 7,373 2,429 ----- ----- Reconciliation of net cash flow to movement in net funds Increase in cash over period 7,373 2,429 Effect of foreign exchange rates (192) (346) ----- ----- Change in net funds 7,181 2,083 Net funds at beginning of year 4,045 1,962 ----- ----- Net funds at end of year 11,226 4,045 ------ ----- Notes: 1. Return per ordinary share is based on a weighted average of 348,468 ordinary shares in issue during the year (1999 - 295,089). 2. Net asset value per ordinary share is based on the 369,121 ordinary shares in issue as at 30 April 2000 (1999 - 323,966). 3. During the period the Directors allotted 49,405 ordinary shares and bought back 4,250 ordinary shares for cancellation. 4. At 30 April 2000 the sterling value of the US fixed interest investment was protected by a forward currency contract. 5. These are not full accounts in terms of Section 240 of the Companies Act 1985. Full audited accounts for the year to 30 April 1999, which were unqualified, have been lodged with the Registrar of Companies. No full accounts in respect of any period after 30 April 1999 have been reported on by the Company's auditors or delivered to the Registrar of Companies. 6. The Annual Report and Accounts will be posted to Shareholders during May 2000. Copies will be available from the Company's registered office at One Charlotte Square, Edinburgh, EH2 4DZ.

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