Half Yearly Report
Half-Yearly Report
Schroder AsiaPacific Fund plc (the "Company") hereby submits its Half-Yearly Report for the period ended 31 March 2012 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.2.
The Half-Yearly Report is also being published in hard copy format and an electronic copy of that document will shortly be available to download from the Company's website http://www.schroderasiapacificfund.com. Please click on the following link to view the document:
http://www.rns-pdf.londonstockexchange.com/rns/3547E_-2012-5-29.pdf
The Company has submitted a pdf of the hard copy format of its Half-Yearly Report to the National Storage Mechanism and it will shortly be available for inspection at www.Hemscott.com/nsm.do.
Enquiries:
John Spedding
Schroder Investment Management Limited Tel: 020 7658 3206
29 May 2012
Schroder AsiaPacific Fund plc
Financial Highlights
31 March 2012 30 September 2011 Change %
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total assets (£'000)* 409,291 332,957 22.9
Total net borrowings** (£'000) 18,084 12,989 39.2
Shareholders' funds (£'000) 374,868 307,280 22.0
Ordinary Shares in issue ('000) 145,949 145,921 0.0
Net asset value per share (undiluted) 256.85p 210.58p 22.0
Net asset value per share (diluted) 254.92p 210.16p 21.3
Ordinary share price 236.00p 190.75p 23.7
Subscription share price 9.00p 4.96p 81.5
Ordinary share price discount 7.42% 9.24%
Market capitalisation (£'000) 344,440 278,345 23.7
6 months ended Year ended
31 March 2012 30 September 2011
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
NAV total return*** 24.02% (5.43)%
MSCI All Countries Asia ex Japan
Index - total return in sterling terms**** 14.30% (12.18)%
* Calculated in accordance with the AIC guidance and comprises shareholders' funds plus borrowings used for investment purposes.
** Calculated as borrowings less cash, short term deposits and outstanding settlements.
*** Source: Morningstar (www.morningstar.co.uk).
**** Source: Thomson Financial Datastream. The benchmark index used for the year ended 30 September 2011 is a combination of both the MSCI All Countries Far East ex Japan Index and the MSCI All Countries Asia ex Japan Index on a pro-rata basis.
Interim Management Report
Chairman's Statement
Performance
During the six-month period ended 31 March 2012, the Company's net asset value per share produced a total return of 24.0%, significantly out-performing its benchmark Index, the MSCI All Countries Asia ex Japan Index which produced a total return of 14.3% over the same period. The share price produced a total return of 25.3% as sentiment towards the region also improved.
Further comment on performance and investment policy may be found in the Manager's Review.
Gearing Policy
The amount drawn under the Company's credit facility increased during the period from US$40 million to US$55 million. Since the end of the period, the US$75 million facility has been replaced with an unsecured US$75 million revolving facility from Scotiabank Europe PLC.
The gearing levels throughout the period operated within the limits agreed by the Board so that net borrowings do not exceed 20% of shareholders' funds. At the beginning of the period, the net effective gearing ratio was 4.2%, and this had increased to 4.8% at 31 March 2012.
Discount Control
In my last statement to shareholders, I indicated that the Board would continue to take action to ensure that the discount does not trade wider than a 10% target level over the long-term, and we have continued to target this level throughout the period under review. The average discount during the period (based on fully diluted capital only net asset values) was 8.1%, which compared to the peer group average of 8.4%. The discount has been kept under constant review and the Company's broker has been active in the market. It has not been necessary, however, to purchase shares for cancellation in support of the policy during the period under review.
Subscription Shares
As a reminder, the rights conferred by the Subscription Shares will be exercisable on each of 30 June, 30 September and 31 December 2012 (or if such date is not a Business Day, on the next following Business Day). The Subscription Share conversion price for each of these three remaining exercise dates will be 245p per share and the current ordinary share price (as at the close of business on 25 May 2012) is 221.25p per ordinary share. These are the only remaining exercise dates and after 31 December 2012 the Subscription Shares will lapse. We would urge all subscription shareholders to consider whether they wish to convert their Subscription Shares into ordinary shares. Investors should seek independent financial advice if they are unsure about what action to take.
Board Composition and Fees
As indicated in the Annual Report, an external evaluation of the performance of the Board was concluded during the period. Following that review, the Board has appointed Mr Nicholas Smith as Senior Independent Director in addition to his current role as Chairman of the Audit Committee, with effect from 1 April 2012.
As part of the evaluation of Board performance, the Board also considered fees paid to Directors. With effect from 1 April 2012, fees paid to the Chairman were increased from £20,000 to £26,000 per annum and those paid to Directors were increased from £16,000 to £19,000 per annum. In addition, the Chairman of the Audit Committee now receives an additional £2,000 per annum. These are the first fee increases since 2006 and reflect the increased workload and responsibilities of Directors since that time, fees paid to peer group companies and current market rates.
Outlook
Unlike most of the developed economies, Asia continued to show economic strength, but to an extent regional market performance was driven by the improvement in international investor confidence. However shareholders should take comfort that Asia still offers both the stability and economic growth that is missing from some Western economies. Although trade remains important for Asian growth other sectors like consumption and investment continue to expand. The Board remains convinced that in the medium term the prospects for growth and ultimately investor returns are good in Asia although the markets are not insulated from problems in the West.
Rupert Carington
Chairman
29 May 2012
Investment Manager's Review
The net asset value of the Company recorded a total return of 24.0% over the six months to end March 2012. This represents substantial outperformance of the benchmark, the MSCI All Countries Asia ex Japan Index which rose 14.3% over the same period.
The strength of markets over the period must be set against the poor investment environment at the beginning of the Company's fiscal year. This reflected mounting uncertainty surrounding the sustainability of the euro and the rising debt problems facing not only smaller economies such as Greece and Portugal, but also encircling the major entities of Spain, Italy, and even France in the wake of downgrades by the rating agencies. More broadly, the outlook for global growth was obscured by a lull in US activity and disruption to Japan from the tsunami of March last year.
Asia could not be immune from such issues of global economic importance, particularly as the region itself has yet to turn the corner decisively on inflationary pressures and tightening credit conditions. Nevertheless, the volatility of the regional stock markets did seem anomalous given the stronger fundamentals and overall financial strength of the Asian economies.
In the event, Asian markets responded well to the better overall conditions of the last six months. Widespread easing of monetary policy, most notably in the form of the liquidity growth programme pursued energetically by the European Central Bank, mirrored by further quantitative easing in the UK and a softening of policy by the Bank of Japan, supported sentiment, along with a flow of better-than-expected economic news across the developed and emerging world. Asia has also had more domestic sources of support in the form of a, thus far, orderly slowdown in China and selective interest rate/reserve requirement cuts (India, China, Australia).
As usual, markets across the region displayed a fair amount of variation in performance. Emerging ASEAN markets were generally the stand-out performers, particularly in the earlier part of the period when they were viewed as less directly impacted by external events. The exception was Indonesia where a very expansionary monetary stance by Bank Negara undermined confidence in the currency.
The other notable laggard has been India which has been hit by a slew of poor developments including political scandals and gridlock, rising commodity prices, and a loss of confidence in the currency. Loosening monetary policy has been of scant consolation, particularly as stubbornly high inflation and the weak currency have limited the room to manoeuvre.
Performance and Portfolio Activity
Against a backdrop of considerable economic and financial uncertainty, the relative performance of the Company's portfolio has been strong over the period. The main contributors were strong stock selection in Korea, Hong Kong, Taiwan and Singapore, with smaller contributions from the Philippines and India. Country allocation also contributed, though to a lesser extent, with the underweightings in India and Indonesia and the overweighting in Thailand being the main contributors.
Country and sector exposure has been broadly stable over the period. At the margin, we added to Singapore and Thailand at the expense of Korea, and initiated positions in New Zealand and Sri Lanka. Within HK/China, our emphasis has remained upon Hong Kong given superior corporate governance and more seasoned management in the face of an overall slowing in the Chinese economy.
Outlook and Policy
Although better economic statistics were a major support to equity markets in the first quarter of the year, further problems in the Eurozone since the end of March have led to markets giving back some of those gains. This volatility is likely to continue, but we have held to the view that the developed economies face a challenging 2012 with overall growth likely to be at subdued levels. This implies that markets will need to undergo a re-setting of expectations which may mirror that of last year, which also started with a period of (subsequently disappointed) optimism over economic activity. This leaves to one side the inevitably less predictable geo-political risks surrounding the situation in the Middle East and tensions over Iran.
Against this backdrop, global monetary policy is likely to remain loose with central banks in the major developed economies expected to keep interest rates low for an extended period. There is also the prospect of the US Federal Reserve implementing QE 3 if the economy loses momentum. In the UK, we assume further QE whilst in the Eurozone we see the ECB continuing to offer long term liquidity to the banking system. For emerging markets, 2012 should see cuts in interest rates and bank reserve ratios. Given the increased contribution that emerging markets make to global growth, this loosening should support sentiment even if growth forecasts for the developed world are tending to be revised lower.
Given the expected environment, the portfolio remains concentrated towards companies with relatively strong balance sheets, focused management and visible growth prospects. This does not mean that the portfolio is unduly defensive given that, even on our lower than consensus expectations, there should be reasonable global expansion of around 3% in real terms.
The main domestic area of uncertainty for the region is, in our view, China. At a time of continued flux in political leadership, a major re-orientation of economic growth away from investment and towards consumption is required. Given the scale of this shift, there is a risk of disappointment over headline growth numbers. While we would argue that a lower overall level of growth in China would be healthy for the long-term balance of the global economy, we do not underestimate the likely impact upon sentiment in the region. The possible implications for corporate profits and cash flows is one of the reasons for our continued caution over direct Chinese exposure, allied to the general paucity of attractive stock opportunities in that market.
Schroder Investment Management Limited
29 May 2012
Principal Risks and Uncertainties
The principal risks and uncertainties with the Company's business fall into the following categories: financial risk; gearing; strategic risk; and accounting, legal and regulatory risk. A detailed explanation of the risks and uncertainties in each of these categories can be found on page 12 of the Company's published Annual Report and Accounts for the year ended 30 September 2011. These risks and uncertainties have not materially changed during the six months ended 31 March 2012.
Going Concern
The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections; that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.
Related Party Transactions
Details of related party transactions can be found on page 36 of the Company's published Annual Report and Accounts for the year ended 30 September 2011. There have been no material transactions with the Company's related parties during the six months ended 31 March 2012.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge, this set of condensed financial statements has been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP) and with the Statement of Recommended Practice Financial Statements of Investment Companies and Venture Capital Trusts (SORP) issued in January 2009 and the Interim Management Report as set out above includes a fair review of the information required by 4.2.7R and 4.2.8R of the FSA's Disclosure and Transparency Rules.
Ten Largest Investments
As at 31 March 2012 Market Value of % of
Holding Shareholders'
Company and Activities £'000 Funds
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Samsung Electronics 27,102 7.23
Producer of memory semiconductors.
Jardine Strategic Holdings 21,893 5.84
Large holding company, including stakes in hotels and shops.
Taiwan Semiconductor Manufacturing 21,591 5.76
Manufacturer of semiconductor products.
Swire Pacific 12,801 3.41
Hong Kong holding company.
Bangkok Bank 10,718 2.86
Banking group providing banking and financial services.
Axiata Group 10,325 2.75
Malaysian telecommunication company providing
telecommunications and related services.
Hyundai Motor 9,940 2.65
Korean producer of cars, trucks and commercial vehicles.
Techtronic Industries 9,382 2.50
Hong Kong manufacturer of electrical, electronic and professional industrial products.
Fortune Real Estate Investment Trust 9,270 2.47
Singapore based REIT, with malls in Hong Kong.
Jaiprakash Associates 8,267 2.21
Indian industrial conglomerate.
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total 141,289 37.68
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
At 30 September 2011, the ten largest investments represented 38.63% of shareholders' funds.
Income Statement
(Unaudited) (Unaudited) (Audited)
For the six months For the six months For the year
ended 31 March 2012 ended 31 March 2011 30 September 2011
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Gains/(losses) on
investments held
at fair value - 70,865 70,865 - 37,224 37,224 - (25,272) (25,272)
Other currency
gains/(losses) - 437 437 - (808) (808) (1,718) (1,718)
Income 2 2,727 - 2,727 2,303 5 2,308 9,401 242 9,643
Investment
management fee 3 (1,757) - (1,757) (1,868) - (1,868) (3,527) - (3,527)
Administrative expenses (326) - (326) (393) - (393) (777) - (777)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net return/(loss) before
finance costs
and taxation 644 71,302 71,946 42 36,421 36,463 5,097 (26,748) (21,651)
Interest payable and
similar charges 3 (229) - (229) (69) - (69) (260) - (260)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net return/(loss) on
ordinary activities before
taxation 415 71,302 71,717 (27) 36,421 36,394 4,837 (26,748) (21,911)
Taxation on ordinary
activities (125) (49) (174) (141) - (141) (804) (75) (879)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net return attributable
to equity shareholders 290 71,253 71,543 (168) 36,421 36,253 4,033 (26,823) (22,790)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net return per ordinary
share (undiluted) 4 0.20p 48.82p 49.02p (0.10)p 22.33p 22.23p 2.60p (17.32)p (14.72)p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net return per ordinary
share (diluted) 4 0.20p 48.82p 49.02p (0.10)p 22.19p 22.09p 2.59p (17.22)p (14.63)p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The Total column of this statement is the profit and loss account of the Company. The Revenue and Capital columns are both provided in accordance with guidance issued by The Association of Investment Companies. The Company has no recognised gains or losses other than those disclosed in the Income Statement and the Reconciliation of Movements in Shareholders' Funds. Accordingly no Statement of Total Recognised Gains and Losses is presented.
All Revenue and Capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.
The notes below form an integral part of these accounts.
Reconciliation of Movements in Shareholders' Funds
For the six months ended 31 March 2012 (Unaudited)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Called-up Capital Share Share Warrant
share redemption premium purchase exercise Capital Revenue
capital reserve account reserve reserve reserve reserve* Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Balance at 1 October 2011 14,877 2,704 33,744 48,479 8,704 194,278 4,494 307,280
Net return from operating activities - - - - - 71,253 290 71,543
Ordinary Dividends paid - - - - - - (4,014) (4,014)
Issue of Ordinary Shares on exercise
of Subscription Shares 3 - 56 - - - - 59
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
At 31 March 2012 14,880 2,704 33,800 48,479 8,704 265,531 770 374,868
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
For the six months ended 31 March 2011 (Unaudited)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Called-up Capital Share Share Warrant
share redemption premium purchase exercise Capital Revenue
capital reserve account reserve reserve reserve reserve* Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Balance at 1 October 2010 17,103 81 25,592 110,529 8,704 221,101 5,003 388,113
Net return/(loss) from operating
activities - - - - - 36,421 (168) 36,253
Ordinary Dividends paid - - - - - - (4,542) (4,542)
Tender offer (2,571) 2,571 - (60,907) - - - (60,907)
Issue of ordinary shares on
exercise of subscription shares 339 - 6,889 - - - - 7,228
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
At 31 March 2011 14,871 2,652 32,481 49,622 8,704 257,522 293 366,145
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
For the year ended 30 September 2011 (Audited)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Called-up Capital Share Share Warrant
share redemption premium purchase exercise Capital Revenue
capital reserve account reserve reserve reserve reserve* Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Balance at 1 October 2010 17,103 81 25,592 110,529 8,704 221,101 5,003 388,113
Net (loss)/return from
operating activities - - - - - (26,823) 4,033 (22,790)
Ordinary Dividends paid - - - - - - (4,542) (4,542)
Purchase of shares for cancellation (52) 52 - (1,157) - - - (1,157)
Tender offer (2,571) 2,571 - (60,893) - - - (60,893)
Issue of ordinary shares on
exercise of subscription shares 397 - 8,152 - - - - 8,549
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
At 30 September 2011 14,877 2,704 33,744 48,479 8,704 194,278 4,494 307,280
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
* The revenue reserve represents the amount of the Company's reserves distributable by way of dividend.
The notes below form an integral part of these accounts.
Balance Sheet
(Unaudited) (Unaudited) (Audited)
At 31 At 31 At 30
March March September
2012 2011 2011
Note £'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Fixed assets
Investments held at fair value through
profit or loss 392,780 377,206 320,519
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
392,780 377,206 320,519
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Current assets
Debtors 5,829 3,980 4,155
Cash at bank and short-term deposits 18,406 13,626 12,274
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
24,235 17,606 16,429
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Current liabilities
Creditors - amounts falling due within one year 5 (42,147) (28,667) (29,668)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net current liabilities (17,912) (11,061) (13,239)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net assets 374,868 366,145 307,280
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Capital and reserves
Called-up share capital 6 14,880 14,871 14,877
Capital redemption reserve 2,704 2,652 2,704
Share premium account 33,800 32,481 33,744
Share purchase reserve 48,479 49,622 48,479
Warrant exercise reserve 8,704 8,704 8,704
Capital reserve 265,531 257,522 194,278
Revenue reserve 770 293 4,494
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Equity shareholders' funds 374,868 366,145 307,280
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net asset value per ordinary share (undiluted) 7 256.85p 251.13p 210.58p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net asset value per ordinary share (diluted) 7 254.92p 243.95p 210.16p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The notes below form an integral part of these accounts.
Cash Flow Statement
(Unaudited) (Unaudited) (Audited)
For the six For the six For the
months ended months ended year ended
31 March 2012 31 March 2011 30 September 2011
£'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash (outflow)/inflow from operating activities (135) (366) 5,322
Net cash outflow from servicing of finance (197) (59) (224)
Taxation (91) (96) (937)
Net cash inflow from investment activities 1,328 33,897 27,895
Equity dividends paid (4,014) (4,542) (4,542)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash (outflow)/inflow before financing (3,109) 28,834 27,514
Net cash inflow/(outflow) from financing 9,540 (34,466) (34,902)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net cash inflow/(outflow) 6,431 (5,632) (7,388)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Reconciliation of net cash flow to movement in net (debt)/funds
Net cash inflow/(outflow) 6,431 (5,632) (7,388)
Movement in borrowings (9,482) (18,599) (18,599)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Movement in net (debt)/funds resulting from cash flows (3,051) (24,231) (25,987)
Net (debt)/funds at 1 October (13,403) 14,302 14,302
Exchange gains/(losses) on currency,
loans and cash balances 437 (808) (1,718)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net debt carried forward (16,017) (10,737) (13,403)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The notes below form an integral part of these accounts.
Notes to the Accounts
1. Accounting Policies
The financial information for each of the six month periods ended 31 March 2012 and 31 March 2011 comprises non-statutory accounts within the meaning of sections 434-436 of the Companies Act 2006. The financial information for the year ended 30 September 2011 has been extracted from published accounts that have been delivered to the Registrar of Companies and on which the report of the auditors was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The Company's accounting policies have not varied from those described in the Report and Accounts for the year ended 30 September 2011.
2. Income
(Unaudited) (Unaudited) (Audited)
For the six For the six For the
months ended months ended year ended
31 March 2012 31 March 2011 30 September 2011
£'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Revenue:
Income from investments:
Overseas dividends 2,649 2,258 9,050
UK franked dividend income - - 71
Stock dividends - - 163
Bank deposit interest 14 33 53
Stock lending fee income 64 12 64
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
2,727 2,303 9,401
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Capital:
Special dividend allocated to capital - 5 242
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
2,727 2,308 9,643
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
3. Investment Management fees and interest payable
The investment management fee and any finance costs on borrowings for investment purposes are apportioned 100% to revenue.
4. Return/(loss) per Ordinary share
(Unaudited) (Unaudited) (Audited)
For the For the For the
six months ended six months ended year ended
31 March 2012 31 March 2011 30 September 2011
£'000 £'000 £'000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The calculation of basic earnings per share is based on the following data:
Revenue (£'000) 290 (168) 4,033
Capital (£'000) 71,253 36,421 (26,823)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total (£'000) 71,543 36,253 (22,790)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Undiluted:
Weighted average number of ordinary shares in issue 145,947,127 163,120,314 154,830,888
Revenue 0.20p (0.10)p 2.60p
Capital 48.82p 22.33p (17.32)p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total 49.02p 22.23p (14.72)p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Diluted:
Weighted average number of ordinary shares in issue 145,947,127 164,135,750 155,803,975
Revenue 0.20p (0.10)p 2.59p
Capital 48.82p 22.19p (17.22)p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total 49.02p 22.09p (14.63)p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The calculation of the diluted total, revenue and capital returns per ordinary share are carried out in accordance with FRS22 "Earnings per Share". For the purposes of calculating diluted returns per ordinary share, the number of ordinary shares is the weighted average used in the basic calculation plus the number of ordinary shares deemed to be issued for no consideration on exercise of all subscription shares by reference to the average share price of the ordinary shares during the period.
For the current period to 31 March 2012 there was no dilution of the return per ordinary share in respect of the conversion rights attaching to the subscription shares.
5. Creditors: Amounts falling due within one year
Included within creditors is the following loan:
(Unaudited) (Unaudited) (Audited)
At 31 At 31 At 30
March March September
2012 2011 2011
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
US dollars 55,000,000 40,000,000 40,000,000
Equivalent to £34,423,000 £24,954,000 £25,677,000
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
During the period, the Company had a credit facility of US$75 million with ING Bank NV, of which the amount drawn at the period end is set out above. This facility had a revolving 364 day term, was chargeable at a floating rate linked to LIBOR and was unsecured. Since the end of the period, the facility has been replaced by a similar facility with Scotiabank Europe plc.
6. Called-up share capital
(Unaudited) (Unaudited) (Audited)
At 31 At 31 At 30
March March September
2012 2011 2011
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Allotted, Called up and Fully paid:
Ordinary shares of 10p each
Opening balance 145,921,120
(31 March 2011 and 30 September 2011: 167,737,237) 14,592 16,774 16,774
Issue of 27,996 ordinary shares on exercise of subscription shares
(31 March 2011: 3,775,755 and 30 September 2011: 4,410,584) 3 377 441
Purchase and cancellation of ordinary shares
(31 March 2011: nil and 30 September 2011: 515,000) - - (52)
Tender offer: Share buy back of nil ordinary shares
(31 March 2011 and 30 September 2011: 25,711,701) - (2,571) (2,571)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Closing Balance 145,949,116
(31 March 2011: 145,801,291 and
30 September 2011: 145,921,120) 14,595 14,580 14,592
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Subscription shares of 1p each:
Opening balance of 28,479,596
(31 March 2011 and 30 September 2011: 32,890,180) 285 329 329
Exercise of 27,996 subscription shares converted into ordinary
(31 March 2011: 3,775,755 and 30 September 2011: 4,410,584) - (38) (44)
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Closing Balance 28,451,600
(31 March 2011: 29,114,425 and 30 September 2011: 28,479,596) 285 291 285
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Total share capital 14,880 14,871 14,877
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The subscription shares were issued as a bonus issue to the ordinary shareholders on 13 October 2009 on the basis of one subscription share for every five ordinary shares. Each subscription share confers the right (but not the obligation) to subscribe for one ordinary share on each 31 December, 31 March, 30 June and 30 September until 31 December 2012 when the rights under the subscription shares will lapse.
The price for conversion on the three remaining exercise dates of 30 June, 30 September and 31 December 2012 is 245 pence per share.
7. Net asset value per ordinary share
(Unaudited) (Unaudited) (Audited)
At 31 At 31 At 30
March March September
2012 2011 2011
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Undiluted:
Net assets attributable to ordinary shareholders (£'000) 374,868 366,145 307,280
Ordinary shares in issue at end of period 145,949,116 145,801,291 145,921,120
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net asset value per ordinary share 256.85p 251.13p 210.58p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Diluted:
Net assets attributable to ordinary shareholders 444,574 426,703 366,518
Ordinary shares in issue at end of period
if subscription shares converted 174,400,716 174,915,716 174,400,716
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
Net asset value per ordinary share 254.92p 243.95p 210.16p
――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――――
The diluted net asset value per ordinary share has been calculated on the assumption that 28,451,600 subscription shares in issue were converted at 245 pence per share, resulting in a total number of shares in issue of 174,400,716.
This information is provided by RNS
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