9 Mths Results to 30/09/2000
Shires Smaller Companies PLC
19 October 2000
Consolidated Statement of Total Return
(incorporating the Revenue Account)
for the nine months to 30 September 2000
Nine months to 30 Sep 00
(unaudited)
Revenue Capital Total
£000 £000 £000
Gains on investments - 5,188 5,188
Dividends and interest 1,597 - 1,597
receivable (note 1)
Foreign income dividends - - -
Profits less losses of 130 - 130
dealing subsidiary
Underwriting commission 4 - 4
Investment management fee (199) (199) (398)
Other administrative (141) - (141)
expenses
_____ _____ _____
Net return before finance
costs 1,391 4,989 6,380
and taxation
Finance costs of borrowings 346 346 692
_____ _____ _____
Return on ordinary
activities before 1,045 4,643 5,688
taxation
Taxation - - -
_____ _____ _____
Return on ordinary
activities after 1,045 4,643 5,688
taxation for the period
Dividends on equity shares 1,061 - 1,061
_____ _____ _____
Transfer (from)/to reserves (16) 4,643 4,627
Return per share 5.06p 22.48p 27.54p
- undiluted
- fully diluted 4.94p 21.92p 26.86p
Dividends per share 5.00p
Nine months to 30 Sep 99
(unaudited)
Revenue Capital Total
£000 £000 £000
Gains on investments - 9,164 9,164
Dividends and interest 1,895 - 1,895
receivable (note 1)
Foreign income dividends 70 - 70
Profits less losses of - - -
dealing subsidiary
Underwriting commission 17 - 17
Investment management fee (159) (159) (318)
Other administrative expenses (135) - (135)
_____ _____ _____
Net return before finance
costs 1,688 9,005 10,693
and taxation
Finance costs of borrowings 388 388 776
_____ _____ _____
Return on ordinary activities 1,300 8,617 9,917
before
taxation
Taxation - - -
_____ _____ _____
Return on ordinary activities
after 1,300 8,617 9,917
taxation for the period
Dividends on equity shares 855 - 855
_____ _____ _____
Transfer (from)/to reserves 455 8,617 9,062
Return per share
- undiluted 6.62p 43.85p 50.47p
- fully diluted 6.29p 41.70p 47.99p
Dividends per share 4.35p
SHIRES SMALLER COMPANIES PLC
Group Balance Sheet
as at 30 September 2000
30 September 2000
(unaudited)
£000 %
Fixed assets Investments listed on the
London Stock Exchange
- ordinary shares 72,772 133.1
- convertibles 4,486 8.2
______ ______
77,258 141.3
Current assets
2,696 4.9
Debtors
Creditors: amounts falling due within one 2,921 5.3
year
______ _____
Net current liabilities (225) (0.4)
Creditors: amounts falling due after 22,358 40.9
more than one year
Equity shareholders' funds 54,675 100.0
Capital and reserves 10,943
Called up share capital 11,490
Share premium account
Capital redemption reserve 2,032
Share
Warrants reserve -
Realised capital reserve 16,688
Unrealised capital reserve 12,831
Revenue reserve 691
54,675
Net asset value per ordinary share (note 2)
- undiluted 249.8p
- fully diluted 249.8p
31 December 1999
(note 3)
£000 %
Fixed assets Investments listed on the London
Stock Exchange
- ordinary shares 54,467 113.9
- convertibles 4,649 9.7
______ ______
59,116 123.6
Current assets
Debtors 460 0.9
Creditors: amounts falling due within one year
1,793 (3.7)
______ _____
Net current liabilities (1,333) (2.8)
Creditors: amounts falling due after 9,968 20.8
more than one year
______ _____
Equity shareholders' funds 47,815 100.0
Capital and reserves 9,827
Called up share capital 9,509
Share premium account
Capital redemption reserve 2,032
Share
Warrants reserve 864
Realised capital reserve 10,410
Unrealised capital reserve 14,466
Revenue reserve 707
______
Net asset value per ordinary share (note 2) 47,815
- undiluted 243.3p
- fully diluted 228.7p
Notes
Dividends and interest receivable include special dividends totalling
£nil (1999 - £487,000)
All of the 2,233,417 remaining warrants to subscribe for ordinary shares
were exercised on 1 June 2000, which was the final exercise date.
Consequently, there is no difference between the fully diluted and undiluted
net asset value as at 30 September 2000.
These are not statutory accounts under section 240 of the Companies Act
1985 and are unaudited. The information as at 31 December 1999 is derived
from the audited company balance sheet as at that date contained in the
latest audited accounts which have been delivered to the Registrar of
Companies; the report of the auditors on those accounts was unqualified and
did not contain a statement under Section 237 (2) or (3) of the Companies Act
1985.
SHIRES SMALLER COMPANIES PLC
REPORT FOR THE NINE MONTHS TO 30 SEPTEMBER 2000
Comments
The total return on net assets in the third quarter of 2000 was 5.5%, which
compares favourably with the return of 1.6% on the FTSE SmallCap Index
(excluding Investment Companies).
The Board has declared a third interim dividend of 2.0p per share (1999 -
1.45p per share) in respect of the year to 31 December 2000, payable on 29
December 2000 to shareholders on the register at close of business on 8
December 2000. Total dividends declared to date amount to 5.0p per share
(1999 - 4.35p per share).
The Company has now implemented its new strategy designed to raise the yield
on net assets. During the quarter £12.0 million of zero coupon finance was
raised at a financing cost of 7.2%, all of which will be charged to capital.
Just after the end of the quarter £5 million of variable rate borrowing was
also raised. Including the 9% secured loan, total gearing amounted to 50.7%
of net assets at 10 October 2000. As a result of the new strategy, the Board
intends to pay total dividends of not less than 7.5p per share in respect of
the year to 31 December 2000 (1999 - 6.6p per share), indicating a final
dividend of not less than 2.5p per share.
For the year to 31 December 2001 the Board intends to pay total dividends of
not less than 13.75p per share, which would represent a net yield of 6.9% on
the share price of 199p as at 30 September 2000.
For further information please contact:
David Williams, Managing Director
Glasgow Investment Managers 0141 572 2700
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