Results to 30/4/2000
BFS Small Companies Dividend Trust PLC
30 May 2000
PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS
The Directors announce the unaudited statement of consolidated results for the
period 6 April 1999 to 30 April 2000 as follows:
CONSOLIDATED STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account)
Period to 30 April 2000
Revenue Capital Total
£'000 £'000 £'000
Losses on investments - (2,177) (2,177)
Dividends and interest 2,067 - 2,067
Investment management fee (100) (149) (249)
Other expenses (165) (6) (171)
----- ----- -----
Net return before finance
costs and taxation 1,802 (2,332) (530)
Interest payable and
similar charges (79) (119) (198)
Appropriations in respect of :
Zero Dividend Preference shares - (483) (483)
Preference shares - (2) (2)
Issue costs of Zero Dividend
Preference shares - (31) (31)
----- ----- -----
Return on ordinary
activities before and after taxation 1,723 (2,967) (1,244)
First interim dividend (300) - (300)
paid of 2.00p
Second interim dividend
paid of 2.00p (300) - (300)
Third interim dividend
paid of 2.00p (315) - (315)
Fourth interim dividend
proposed of 3.00p (473) - (473)
----- ----- -----
Transfer to/(from) reserves 335 (2,967) (2,632)
===== ===== =====
pence pence pence
Return per share:
Ordinary Share 11.39 (19.62) (8.23)
Zero Dividend Preference Share - 7.72 7.72
Preference Share - 7.72 7.72
===== ===== =====
* 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
30 April
2000
£'000
Investments 24,363
Net current liabilities (5,384)
------
Total assets less current
liabilities 18,979
Creditors- amounts falling due
after more than one year (6,547)
------
Total net assets 12,432
======
Net asset value per share
at 30 April 2000: pence
Ordinary 77.54
Zero Dividend Preference 107.72
Preference 107.72
SUMMARISED STATEMENT OF CASH FLOWS
Period 6 April 1999 to 30 April 2000
£'000
Net cash inflow from operating activities 1,320
----
Servicing of finance
Interest paid (176)
----
Net cash outflow from servicing of finance (176)
----
Capital expenditure and financial expenditure
Purchases of investments (34,319)
Sales of investments 7,948
----
Net cash outflow from capital expenditure
and financial investments (26,371)
----
Equity dividends paid (915)
----
Net cash outflow before financing (26,142)
----
Financing
Issue of Ordinary shares (15,664)
Issue of Zero Dividend Preference shares (6,250)
Issue of Preference shares (31)
Expenses of issue 850
----
Net cash inflow from financing (21,095)
-------
Decrease in cash (5,047)
-------
(26,142)
-------
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 fourth interim dividend of 3p net per
Ordinary share, payable on 30 June 2000 to the holders of Ordinary shares on
the Register at 9 June 2000, bringing the total dividend payable for the first
accounting period to 9.00p net. (The Placing document indicated that net
dividends on the Ordinary shares in respect of the first accounting period to
30 April 2000 would total 8.3p.)
3. The Company issued 750,000 Ordinary shares on 3 March 2000 at 88.5p. The
Company now has 15,750,000 Ordinary shares in issue.
4. The revenue return per Ordinary share is based on earnings of £1,723,000
and on 15,124,648 shares, being the weighted average number of Ordinary shares
in issue during the period.
5. The capital return per Ordinary share is based on net capital losses of
£2,967,000 and on 15,124,648 Ordinary shares being the weighted average number
of Ordinary shares in issue during the period.
6. An amount of £274,000 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 30 April 2000 was 107.72 per share
and the total amount accrued of £483,000 has been charged to capital.
9. 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.
10. The Financial Statements have been prepared in accordance with Financial
Reporting Standard No.16: Current Taxation. This states that UK dividends
should be disclosed excluding their associated tax credit. This reduces the
figures shown for income and taxation but has no effect on the return on
ordinary activities after taxation.
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