Interim Results - 6 April 1999 to 31 October 1999
BFS Small Co Div Tst PLC
26 November 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 October 1999 as follows:
CONSOLIDATED STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account)
Period to 31 Oct 1999
Revenue Capital Total
£'000 £'000 £'000
Gains on investments - 972 972
Dividends and interest 1,253 - 1,253
Investment management fee (50) (74) (124)
Provision for
Investment management performance fee - (53) (53)
Other expenses (91) (3) (94)
----- ----- -----
Net return before finance
costs and taxation 1,112 842 1,954
Interest payable and
similar charges (26) (39) (65)
Appropriations in respect of :
Zero Dividend Preference shares - (229) (229)
Preference shares - (1) (1)
Issue costs of Zero Dividend
Preference shares - (15) (15)
----- ----- -----
Return on ordinary
activities
before taxation 1,086 558 1,644
Taxation on
ordinary activities (120) - (120)
----- ----- -----
Return on ordinary
activities after
taxation for the period 966 558 1,524
First interim dividend
paid of 2.00p (300) - (300)
Second interim dividend
proposed of 2.00p (300) - (300)
----- ----- -----
Transfer to reserves 366 558 924
===== ===== =====
pence pence pence
Return per share:
Ordinary Share 6.44 3.72 10.16
Zero Dividend Preference Share - 3.67 3.67
Preference Share - 3.67 3.67
===== ===== =====
* 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 Oct
1999
£'000
Investments 25,573
Net current liabilities (3,972)
------
Total assets less current
liabilities 21,601
Creditors- amounts falling due
after more than one year (6,277)
------
Total net assets 15,324
======
Net asset value per share
at 31 October 1999:
Ordinary 98.16
Zero Dividend Preference 103.67
Preference 103.67
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 second interim dividend of 2p net per Ordinary
share, payable on 30 December 1999 to the holders of Ordinary shares on the
Register at 10 December 1999.
3.The Placing document indicated that on the basis of the then current market
conditions and bases and assumptions contained in the 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 £966,000 and
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
£558,000 and on 15,000,000 Ordinary shares in issue throughout the period.
6. An amount of £169,000 has been charged to capital in respect of management
fees, other expenses 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 31 October 1999 was 103.67 per
share and the total amount accrued of £229,000 has been charged to capital.
9. The amount of £53,000 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 October 1999.
10. The net asset values per share are calculated in accordance with the
Company's Articles of Association, whilst figures shown in the summarised
Balance Sheet are in accordance with FRS4.
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