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Jersey Phoenix Tst (JPT)

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Thursday 29 August, 2002

Jersey Phoenix Tst

Preliminary Announcement

Jersey Phoenix Trust Ld
29 August 2002

JERSEY PHOENIX TRUST LIMITED

PRELIMINARY ANNOUNCEMENT

CHAIRMAN'S STATEMENT



Jersey Phoenix has had a very difficult year.  When I wrote my statement in the
last Annual Report, the NAV of Jersey Phoenix Ordinary shares was 75.87p and the
ZDP shares' NAV was 168.52p.  Today, as I write this statement they are 13.02p
and 184.55p respectively.  The loss of value is due in part to the very poor
performance of the investment portfolio in a volatile bear market, to the
collapse of the split capital investment trust sector on which Jersey Phoenix
depended for income flow and also to the high level of gearing imposed by the
Zero Dividend Preference share obligation.



In the Placing and Offer Document dated 20 November 1997 shareholders were
warned that there would be insufficient assets to repay the Ordinary shares at
their placing price of 135.5p if the underlying capital growth from the
portfolio from 1997 until the winding up date was less than 5.02% per annum
compound.  If the net assets fell by more than 1.31% per annum compound there
would be no assets to repay the Ordinary shares.   We are now 21/2 years from
the proposed winding up date of the Company and this leaves little time to make
good the ground that has been lost but it is worth bearing in mind that the bear
market has been going on for a long time; if there is a recovery in the
remaining period the gearing will have a significant impact on the upside
provided the share portfolio is correctly positioned to do so.



In December 2001 shareholders consented to a share buyback plan which permitted
the purchase of both Ordinary and ZDP shares in the market.  After a slow start
this was successful and by July approximately 13% of the ZDP shares had been
bought back in the market.  On 8th August shareholders approved a buyback scheme
which would permit further purchases of up to 14.99% of Ordinary shares and up
to 100% of the ZDP shares remaining in issue.  Since then a further 236,000 ZDP
shares have been purchased in the market.  There is a long way to go before
repurchases reach a level where the Board can be confident that Jersey Phoenix
will meet its obligations by 31 March 2005.



The investment strategy is also changing. In the investment adviser's report you
will read a detailed explanation of the past year's performance.  The focus is
changing because of the need to meet the dual but conflicting needs of the
Ordinary and ZDP shareholders; in particular the maintenance of a reasonable
level of income for the Ordinary shareholder with hopefully some recovery in the
NAV and for the ZDP shareholder to receive his entitlement on winding up date.
This is going to be difficult and neither the Ordinary nor ZDP shareholders
should be under any illusions. The future strategy is focused on a good quality
equity and bond portfolio almost totally UK based with yields and dividend
growth prospects consistent with revenue requirements and a measure of capital
protection and growth.



The Board is proposing a final dividend on the Ordinary shares of 2.25p making a
total for the year of 9p which compares to a total for last year of 12.75p. The
total dividend for the current year is likely to be less than this.



Finally, shareholders can obtain up to date information on the Company from the
Jersey Phoenix website www.jersey-phoenix.co.uk where we also show the
investment portfolio updated quarterly.



The Annual General Meeting will be held on 31 October at 11 am at the Pomme D'Or
Hotel.



Martyn J. E. Chambers

Chairman
29 August 2002



STATEMENT OF TOTAL RETURN
(incorporating the Revenue Account)


                                                             Year ended                     Year ended

                                                            30 June 2002                    30 June 2001


                                                  Revenue    Capital      Total    Revenue   Capital      Total

                                                    £'000      £'000      £'000      £'000     £'000      £'000

(Losses) on investments                                -    (15,678)   (15,678)          -  (11,901)   (11,901)

Income                                             3,946          -      3,946      5,011         -      5,011
Investment advisory and management                  (212)      (212)      (424)      (269)     (269)      (538)
fee
Other expenses                                      (272)      (132)      (404)      (233)     (147)      (380)
Exchange (losses)                                      -          -          -          -       (40)       (40)
Net return/(loss) before finance                   3,462    (16,022)   (12,560)     4,509   (12,357)    (7,848)
costs

Interest payable                                    (171)      (171)      (342)      (210)     (210)      (420)
Return/(loss) on ordinary activities               3,291    (16,193)   (12,902)     4,299   (12,567)    (8,268)
Appropriations in respect of
non-equity interests:
Compounding entitlement of Zero
  Dividend Preference shares ('ZDP's')                 -     (4,605)    (4,605)         -    (4,325)    (4,325)

Release of ZDP redemption reserve on
  buy-backs of ZDP's for                               -        716        716          -         -          -
cancellation

Return/(loss) attributable to
equity shareholders:                               3,291    (20,082)   (16,791)      4,299  (16,892)   (12,593)
Dividends on Ordinary shares                      (3,015)         -     (3,015)    (4,217)        -     (4,217)
Transfer to/(from) reserves                          276    (20,082)   (19,806)        82   (16,892)   (16,810)

Return/(loss) per share (pence):
Zero Dividend Preference                               -      16.08      16.08          -     14.69      14.69
Ordinary                                            9.85     (60.08)    (50.23)     13.03    (51.22)    (38.19)





The revenue column of this statement is the revenue account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.





BALANCE SHEET




                                                                               At 30 June              At 30 June
                                                                                     2002                    2001
                                                                                    £'000                   £'000

Fixed assets

Investments                                                                       59,519                  81,851

Current assets
Debtors                                                                            2,047                   1,002
Cash at banks                                                                        218                     590
                                                                                   2,265                   1,592


Current liabilities
Creditors: amounts falling due within one year                                    (1,214)                 (1,453)
Bank overdraft                                                                      (300)                   (512)

Net current assets/(liabilities)                                                     751                    (373)
Total assets less current liabilities                                             60,270                  81,478
Creditors: amounts falling due after one year
Loan                                                                              (4,750)                 (4,750)
Net assets                                                                        55,520                  76,728

Share capital and reserves
Called-up share capital                                                           29,344                  32,779
Share premium account                                                                136                  35,993
ZDP redemption reserve                                                            21,327                  19,429
Special reserve                                                                   32,524                       -
General reserve                                                                    3,469                       -
Capital reserve - realised                                                       (18,337)                 (8,757)
                - unrealised                                                     (13,837)                 (3,334)
Revenue reserves                                                                     894                     618
Total shareholders' funds                                                         55,520                  76,728

Attributable to:
Zero Dividend Preference shares - non-equity                                      47,308                  48,879
Ordinary shares - equity                                                           8,212                  27,849
Total                                                                             55,520                  76,728

Net asset value per share (pence):
Zero Dividend Preference                                                          182.09                  165.97
Ordinary                                                                           24.42                   83.64







CASH FLOW STATEMENT




                                                                             Year ended           Year ended
                                                                            30 June 2002         30 June 2001
                                                                          £'000      £'000      £'000      £'000

Net cash inflow from operating activities                                           3,605                 4,032

Servicing of finance
Loan interest paid                                                        (332)                 (333)
Overdraft interest paid                                                     (9)                 (104)
Net cash outflow from servicing of finance                                           (341)                 (437)
Taxation
Payment of Jersey income tax deducted at source from cash dividends                     -                  (110)
paid
Financial investment
Purchase of investments                                                (19,390)              (25,996)
Sale of investments                                                     24,568                27,588
Net cash inflow/(outflow) from financial investment                                 5,178                 1,592
Equity dividends paid                                                              (3,141)               (3,718)
Net cash inflow/(outflow) before financing                                          5,301                 1,359

Financing
Purchase of Zero Dividend Preference Shares for                                    (5,461)                    -
cancellation
(Decrease)/increase in cash in the year                                              (160)                1,359


Reconciliation of net cash flow to movements in net debt
(Decrease)/increase in cash in the year being movement in
net debt in
the year                                                                             (160)                1,359
Net debt at start of year                                                          (4,672)               (6,031)
Net debt at end of year                                                            (4,832)               (4,672)



Notes:-


1.  The capital return per Zero Dividend Preference share is based on the
appropriation for the year for the premium payable on redemption of the shares
of £4,604,941 (2001 - £4,325,225) and on 28,636,961 (2001 - 29,450,000) Zero
Dividend Preference shares being the weighted average number of Zero Dividend
Preference shares in issue during the year ended 30 June 2002.



The basic revenue return per Ordinary share is based on the net return on
ordinary activities of £3,291,295 (2001: £4,298,754) and on 33,423,174 (2001:
32,978,983) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the year ended 30 June 2002.



The basic capital return per Ordinary share is based upon the net capital loss
after deduction of appropriations in respect of non-equity shares of £20,081,797
(2001: £16,891,382) and on 33,423,174 (2001: 32,978,983) Ordinary shares, being
the weighted average number of Ordinary shares in issue during the year.



2.  The breakdown of income for the year is as follows:-


                                                                                   2002                     2001
                                                                                  £'000                    £'000

Dividends                                                                         2,103                    2,721
Bond interest                                                                     1,808                    2,266
Bank interest                                                                        35                       24
Total Income                                                                      3,946                    5,011



3.  The Directors recommend a final dividend of 2.25p per Ordinary share making
a total dividend for the year of 9.00p (2001: 12.75p).  Subject to approval by
the shareholders at the Annual General Meeting on 31 October 2002 the final
dividend will be paid on 1 November 2002 to shareholders on the register on 27
September 2002.



4.  On 28 December 2001, the Company obtained authorisation from shareholders to
make market purchases of up to 14.99% of each class of Ordinary shares and Zero
Dividend Preference shares.  To enable the Company to make these purchases,
further authorisation was obtained from the shareholders to cancel the Share
Premium Account to create a special reserve, subject to confirmation by the
Royal Court of Jersey.  Confirmation of the cancellation of the Share Premium
Account was obtained from the Court on 18 January 2002.



After receiving confirmation from the Court, the Company, up to 30 June 2002,
bought back 3,469,333 Zero Dividend Preference shares for cancellation at an
average discount to net asset value of 11.60%.  Since the year end a further
566,000  Zero Dividend Preference shares have been bought back for cancellation
at an average discount to net asset value of 22.99%.  No Ordinary shares have
been bought back to date.



5.  The Annual Report will be posted to shareholders in due course and further
copies will be available from the Registered Office, No 1 Seaton Place, St
Helier, Jersey, JE4 8YJ, Channel Islands.  Telephone: 01534 605600.



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