Final Results
Fleming Mid Cap Inv Tst PLC
1 March 2001
LONDON STOCK EXCHANGE ANNOUNCEMENT
THE FLEMING MID CAP INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS
The Directors of The Fleming Mid Cap Investment Trust plc today announce the
Company's results for the six months ended 31st December 2000.
In the six months to 31st December 2000, the Company's net asset value per
share decreased by 2.8% to 463.2p. This compares with a decrease over the
same period of 0.3% in the Company's benchmark, the FTSE 250 Index
(ex-Investment Trusts). The Company's share price rose by 11.9% during the
period, with the discount to net asset value narrowing to 8.6%.
During the period, the Company repurchased a total of 150,000 shares in the
market for cancellation.
The Directors have declared an interim dividend of 2.0p (1999: 1.55p) per
share payable on 2nd April 2001 to shareholders on the register at the close
of business on 9th March 2001. It is the Board's intention to at least
maintain the total annual dividend of 6.00p per share for the current
financial year.
Chase Fleming Asset Management (UK) Limited - Secretary
1st March 2001
For further information, please contact:
Jonathan Latter
Chase Fleming Asset Management (UK) Limited 020 7742 6000
THE FLEMING MID-CAP INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE HALF-YEAR ENDED 31ST DECEMBER 2000
2000 1999
£'000 £'000
Revenue
Income
Franked dividends 1,701 1,595
Scrip dividends 35 36
Deposit interest 91 43
Underwriting commission 18 3
Gross Revenue 1,845 1,677
Less Management fee 265 205
Other administrative expense 125 169
Interest payable 443 408
Return before Taxation 1,012 895
Less Taxation 22 9
Return available to ordinary shareholders 990 886
====== ======
2000 1999
£'000 £'000
CAPITAL
Movement on investments (3,835) 30,566
Less: Expenses charged to Capital 618 479
Less: Finance costs charged to 1,033 952
Capital
Return before Taxation (5,486) 29,135
Taxation 22 9
Return attributable to ordinary shareholders (5,464) 29,144
====== ======
Dividends per ordinary share 2.00p 1.55p
Cost of dividends £'000 765 611
Revenue return per ordinary share 2.57 p 2.23 p
Capital return per ordinary share (22.60) p 73.21 p
Total return per ordinary share (18.13) p 75.44 p
THE FLEMING MID-CAP INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE HALF-YEAR ENDED 31ST DECEMBER 2000
BALANCE SHEET
2000 1999
£'000 £'000
Investment at valuation 214,056 201,084
Net current (liabilities)/assets (4,484) 4,629
Creditors : amounts falling due after more than one year (30,910) (30,905)
Total net assets 178,662 174,808
====== ======
Net asset value per ordinary share 463.2 p 443.3 p
CASH FLOW STATEMENT
2000 1999
£'000 £'000
Net cash inflow from operating activities 1,090 1,020
Net cash outflow from returns on investments
and servicing of finance
(1,482) (1,066)
Net cash (outflow)/inflow from capital
expenditure and financial investment
(2,932) 3,403
Total equity dividends paid (1,717) (1,500)
Net cash (outflow)/inflow from financing (987) 3,678
(Decrease)/increase in cash in the period (6,028) 5,535
====== ======
The above financial information does not constitute statutory accounts as
defined on Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 30th June 2000 have been delivered to the Registrar of Companies.
CHASE FLEMING ASSET MANAGEMENT (UK) LIMITED
1st March 2001
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