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Undervalued Assets (SVU)

  Print      Mail a friend       Annual reports

Wednesday 16 May, 2001

Undervalued Assets

Final Results - Amendment

Undervalued Assets Trust PLC
16 May 2001

The issuer advises that the following replaces the 'Final Results'
announcement released on 15 May 2001, at 17:21, under RNS number 6608D.

The Dividend payment date under the section titled 'Dividend' should have

An unchanged single final dividend of 2.35p per share will be paid on 10 July
2001 to shareholders on the register on 8 June 2001, not 9 June as previously

All other details remain unchanged. The full amended text appears below.

News Release

15 May 2001

                           UNDERVALUED ASSETS TRUST


Key Points

  * Net asset value per share declined by 29.2% to 158.2p. Since the year
    end it has recovered to 172.6p (close 11 May).

  * An unchanged single final dividend of 2.35p per share will be paid on 10
    July 2001 to shareholders on the register on 9 June 2001.

  * During the year under review, the Company repurchased 7.1 million shares
    representing 9% of issued capital, helping to maintain a more stable        

  * The principal portfolio themes are business services, consumer sectors
    and financials.


For further information, please contact:

Donald Robertson, Scottish Value Management   0131 226 6699

Roland Cross, Broadgate  020 7726 6111

                         UNDERVALUED ASSETS TRUST PLC

              Unaudited Results for the year ended 31 March 2001

Commenting on the results, Chairman, Professor John Kay, said:

'Over the period under review, on a total return basis, net asset value fell
29.2% to 158.2p. Over the same period, the Company's benchmark index, the FTSE
All Share Index, fell 10.8%. As at the close of business on 11 May, net asset
value had risen to 172.6p.


Performance over the twelve months under review was disappointing. Despite
being underweight in the telecoms sector, the portfolio was impacted by poor
performance from three investments in medium sized telecom companies which
failed in their plans to compete with larger groups. During the period under
review, the stockmarket pattern favoured low growth sectors. The portfolio's
emphasis on growing businesses was not helpful, and the technology sector was
de-rated. We achieved profitable sales of Autonomy, Logica and ARM, but some
other smaller technology holdings realised losses. Performance was also
affected by disappointing profits from Ockham Holdings, Cable & Wireless and
Shanks Group. Only Ockham has been retained in the portfolio and we believe
its profits will recover sharply this year.

Many of the companies in the portfolio are medium sized or smaller companies.
The portfolio emphasises business services, consumer sectors, oils and
financials. Amongst the larger portfolio holdings, consultancy groups, RPS and
WSP, have each reported earnings growth of more than 25% for their latest
twelve months trading and have the potential to continue this growth.
Additions to the portfolio over the last six months have focused on the
improving retail sector, including Debenhams, Arcadia and MFI. These have all
subsequently reported improved trading.


Although the Company's borrowings magnify the impact on net asset value of
stockmarket falls, the Board believes that gearing has the potential to
enhance long term returns for shareholders. The Company operates with a bank
facility equivalent to 20% of gross assets and gearing was 12% as at 31 March


In 1999, the Board embarked on one of the most vigorous re-purchase programmes
adopted by any investment trust. During the year under review, the Company
bought back 7.1 million shares following the approval of the buy-back
resolution at the AGM in June 2000. As a result of the serial buy-back
programme the discount has remained more stable over the twelve months under
review and ended the period at 12%. We will continue to make further share
re-purchases as appropriate.


The Company's Annual General Meeting will be held in London on 28 June 2001
and details of the resolutions to be proposed are given in the Notice of
Meeting. The AGM will be at 12.30 p.m. and will be preceded at 12 noon by a
presentation from the Managers, who will review the portfolio and investment
policy, and answer any questions from shareholders.

Copies of the presentation will be available upon request to all shareholders
and will be put on the Managers' website. We plan to repeat the practice of
making a presentation to shareholders in Scotland in September.


An unchanged single final dividend of 2.35p per share will be paid on 10 July
2001 to shareholders on the register on 8 June 2001.

Professor John Kay

14 May 2001

Undervalued Assets Trust plc Cont'd

Summarised Group Statement of Total Return

                        Year to 31 March 2001         Year to 31 March 2000     
                     Revenue   Capital     Total   Revenue   Capital     Total
                       £'000     £'000     £'000     £'000     £'000     £'000
  Gains /                  -  (51,618)  (51,618)         -    41,790    41,790
  (losses) on                                                                 
  Income               2,392         -     2,392     3,288         -     3,288
  Investment           (120)   (1,080)   (1,200)     (192)   (1,726)   (1,918)
  management fees                                                             
  Other expenses       (271)         -     (271)     (322)         -     (322)
                    --------  --------  --------  --------  --------  --------

  Return before        2,001  (52,698)  (50,697)     2,774    40,064    42,838
  interest and                                                                
  Bank overdraft       (152)   (1,364)   (1,516)     (119)   (1,072)   (1,191)
                    --------  --------  --------  --------  --------  --------

  Return on            1,849  (54,062)  (52,213)     2,655    38,992    41,647
  before taxation                                                             
  Taxation                 -         -         -        43         -        43
                    --------  --------  --------  --------  --------  --------

  Return on            1,849  (54,062)  (52,213)     2,698    38,992    41,690
  after taxation                                                              
  Dividends in       (1,635)         -   (1,635)   (1,858)         -   (1,858)
  respect of                                                                  
  equity shares                                                               
                    --------  --------  --------  --------  --------  --------

  Transfer to /          214  (54,062)  (53,848)       840    38,992    39,832
  (from) reserves                                                             
                       =====     =====     =====     =====     =====     =====
  Return per           2.46p  (71.80p)  (69.34p)     3.15p    45.46p    48.61p
  ordinary share                                                              
  Dividend per                                                                
  ordinary share                                                              
  Final dividend       2.35p         -     2.35p     2.35p         -     2.35p

Summarised Group Balance Sheet
                                                            as at         as at
                                                         31 March      31 March

                                                             2001          2000
                                                            £'000         £'000

Listed investments                                        118,396       177,899
Unlisted investments                                       10,979        26,937
Net current liabilities                                  (15,555)      (25,406)
                                                       ----------    ----------
Total assets less current liabilities                     113,820       179,430
                                                           ======        ======

Ordinary shareholders' funds                              113,820       179,430
                                                           ======        ======

Net asset value per ordinary share                        158.24p       226.92p

Summarised Group Cash Flow Statement
                                                          Year to       Year to
                                                         31 March      31 March

                                                             2001          2000
                                                            £'000         £'000

Net cash inflow from operating activities                     486         1,990
Returns on investment and servicing finance               (1,516)       (1,191)
Taxation                                                        -         (106)
Capital expenditure and financial investment               25,405        22,489
Equity dividends paid                                     (1,803)       (2,230)
Financing                                                (11,762)      (26,356)
                                                       ----------    ----------
Increase / (decrease) in cash                              10,810       (5,404)
                                                           ======        ======


        1.     Returns per Ordinary Share are based on a weighted average of
        75,297,639 shares in issue during the year (2000 - 85,759,283). The
        number of shares in issue at 31 March 2001 was 71,927,324. (31 March
        2000 - 79,072,324).

        2.     During the year, the Company purchased for cancellation
        7,145,000 ordinary shares through the market for a total consideration
        of £11,762,000 at an average price of 164.6 pence per share. The full
        amount has been set off against the Special Reserve.

        3.     Investment management fees and bank overdraft interest has been
        allocated 10% to revenue and 90% to capital (2000: same). This
        allocation is in line with the Board's expected long-term split of
        returns in the form of income and capital gains respectively from the
        investment portfolio.

        4.     The above figures do not constitute full group accounts in
        terms of Section 240 of the Companies Act 1985. The audited statutory
        accounts for the year to 31 March 2000, which were unqualified, have
        been lodged with the Registrar of Companies. The annual report and
        accounts will be mailed to shareholders and will be lodged with the
        Registrar of Companies towards the end of May 2001. Copies will be
        available for inspection at 7 Castle Street, Edinburgh, the registered
        office of the Company.