Initial Accounts
BFS SMALL COMPANIES DIVIDEND TRUST PLC
31 August 1999
BFS SMALL COMPANIES DIVIDEND TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED INITIAL RESULTS
The Directors announce the unaudited statement of consolidated results for
the period 6 April 1999 to 31 July 1999 as follows
CONSOLIDATED STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account)
Period to 31 July 1999
Revenue Capital Total
£'000 £'000 £'000
Gains on investments - 2,483 2,483
Dividends and interest 750 - 750
Investment management fee (24) (36) (60)
Provision for
Investment management performance fee - (587) (587)
Other expenses (49) (3) (52)
----- ----- -----
Net return before finance
costs and taxation 677 1,857 2,534
Interest payable and
similar charges (6) (9) (15)
----- ----- ----
Return on ordinary
activities
before taxation 671 1,848 2,519
Taxation on
ordinary activities (72) - (72)
----- ----- -----
Return on ordinary
activities after
taxation for the period 599 1,848 2,447
Appropriations in respect of :
Zero Dividend Preference shares - (105) (105)
Preference shares - (1) (1)
---- ----- -----
Return attributable to
Ordinary shareholders 599 1,742 2,341
Dividend in respect of
Ordinary shares (300) - (300)
----- ----- -----
Transfer to reserves 299 1,742 2,041
===== ===== =====
pence pence pence
Return per share:
Ordinary Share 3.99 11.62 15.61
Zero Dividend Preference Share - 1.68 1.68
Preference Share - 1.68 1.68
====== ====== ======
* The revenue column of this statement is the revenue column of the Group.
The accounts have been prepared on the basis of the accounting policies set
out in the Listing Particulars which have been delivered to the Registrar of
Companies
SUMMARISED BALANCE SHEET
As at
31 July
1999
£'000
Investments 26,773
Net current liabilities (4,195)
------
Total assets less current
liabilities 22,578
Creditors- amounts falling due
after more than one year (6,387)
------
Total net assets 16,191
======
Net asset value per share
at 31 July 1999 values :
Ordinary 105.95p
Zero Dividend Preference 101.68p
Preference 101.68p
NOTE
1.The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985
2.The Directors have declared a first interim dividend of 2.00p net per
Ordinary share, payable on 30 September 1999 to the holders of Ordinary shares
on the Register at 10 September 1999.
3.The Placing document indicated that on the basis of the then current market
conditions and bases and assumptions contained in at document that net
dividends on the Ordinary shares in respect of the first accounting period to
30 April 2000 will total 8.3p. On current projections this forecast will be
met.
4.The revenue return per Ordinary share is based on earnings of £599,000 on
15,000,000 Ordinary shares in issue throughout the period.
5. The capital return per Ordinary share is based on net capital profits of
£1,311,000 on 15,000,000 Ordinary shares in issue throughout the period.
6. An amount of £1,063,000 has been charged to capital in respect of
management fees and interest in accordance with accounting policy.
7. It is the intention of the Directors to conduct the affairs of the Company
so that it satisfies the conditions for approval as an investment trust
company set out in section 842 of the Income and Corporation Tax Act 1988.
8. There are 6,250,000 Zero Dividend Preference shares in issue. They have an
initial capital entitlement of £1.00 per share, growing to £1.8463 on 30th
April 2007. The accrued entitlement as at 31st July 1999 was 101.68p. per
share and the total amount accrued of £105,000 has been charged to capital.
9. The amount of £587,000 shown above reflects a provision for a performance
fee payable to the Investment Manager on the assumption that the Company's
performance for the accounting period ending 30 April 2000 will be the same as
for the period to 31 July 1999.
Latest directors dealings
- 34 seconds ago Unilever
- 19 minutes ago Morgan Sindall Group
- 29 minutes ago Taylor Wimpey
- 31 minutes ago HSBC Holdings
- 51 minutes ago M&G