Annual Results
25 Novembre 2002 - 12:49PM
UK Regulatory
RNS Number:2201E
Collective Assets Trust PLC
25 November 2002
To: Company Announcements
From: Collective Assets Trust plc
Date: 25 November 2002
Preliminary Results for the year to 31 October 2002
The Directors of Collective Assets Trust PLC ("CAT") are pleased to announce the
Company's unaudited results for the year to 31 October 2002.
* CAT is an independently managed investment trust which at 31 October 2002
had shareholders' funds of #7.5 million. It was listed on the London Stock
Exchange just before the end of October 1998 at a price per share of 100p, a
net asset value per share of 103.5p and shareholders' funds of #5.5 million.
* CAT's primary investment objective is to achieve capital growth. The
Company seeks to achieve returns in excess of its benchmark, the FTSE
All-Share Index, principally by investing at attractive discounts in other
investment trusts and in investment management companies.
* CAT's net asset value per share at 31 October 2002 was 124.03p, a decrease
of 7.0 per cent since 31 October 2001. This compares with a fall of 19.7 per
cent in the Company's benchmark, the FTSE All-Share Index.
* The Board measures CAT's performance over rolling three-year periods. Over
the three years to 31 October 2002 the net asset value fell by 7.5 per cent
compared to the FTSE All-Share Index's fall of 33.2 per cent, equivalent to
an outperformance of 11.5 per cent per annum.
* Since launch, CAT's net asset value per share has increased by 19.8 per
cent. This compares with a fall of 22.6 per cent in the FTSE All-Share Index
since 31 October 1998.
* Over the year to 31 October 2002 CAT's share price fell by 11p to 128p,
representing a premium of 3.2 per cent to the Company's net asset value per
share at that date.
* Demand for shares from CAT's zero-charge ISA and Investment Plans was met
by the issue of 228,867 new ordinary shares, raising #321,000 of new
capital.The share price rose by 37.5% during the period.
* A dividend of 1.45p per ordinary share (2001: 1.425p) was paid on 22
November 2002 to those shareholders on the register on 8 November 2002.
* The Company's unaudited statement of total return, balance sheet and cash
flow statement follow.
For further information contact:
Ian Rushbrook
Investment Director
Tel: 0131- 465 1000
STATEMENT OF TOTAL RETURN (UNAUDITED)
FOR THE YEAR ENDED 31 OCTOBER 2002
Year to
31 October 2002
Revenue Capital Total
Notes #'000 #'000 #'000
Losses on investments - (630) (630)
Exchange differences - 65 65
Income 183 - 183
Investment management fee (4) (20) (24)
Other expenses (91) - (91)
Return on ordinary activities before tax 88 (585) (497)
Tax on ordinary activities - - -
Return attributable to equity shareholders 88 (585) (497)
Dividends in respect of ordinary shares (88) - (88)
Transfer from reserves - (585) (585)
Return per ordinary 2p share (p) 1 1.47 (9.77) (8.30)
STATEMENT OF TOTAL RETURN (UNAUDITED)
FOR THE YEAR ENDED 31 OCTOBER 2002
Year to
31 October 2001
Revenue Capital Total
Notes #'000 #'000 #'000
Losses on investments - (946) (946)
Exchange differences - 33 33
Income 173 - 173
Investment management fee (4) (22) (26)
Other expenses (84) - (84)
Return on ordinary activities before tax 85 (935) (850)
Tax on ordinary activities - - -
Return attributable to equity shareholders 85 (935) (850)
Dividends in respect of ordinary shares (83) - (83)
Transfer to/(from) reserves 2 (935) (933)
Return per ordinary 2p share (p) 1 1.53 (16.87) (15.34)
Notes As at As at
BALANCE SHEET (UNAUDITED) 31 October 30 31 October 2001
2002 #'000s
#'000s
Investments
United Kingdom 6,388 6,588
Overseas 1,225 838
7,613 7,426
Net current (liabilities)/assets (68) 383
Total assets less current liabilities 7,545 7,809
Equity shareholders' funds 7,545 7,809
Net asset value per ordinary 2p share 2 124.03p 133.39p
CASH FLOW STATEMENT (UNAUDITED) Year to Year to
31 October 31 October 2001
2002 #'000s
#'000s
Net cash inflow from operating activities 76 76
Capital expenditure and financial investment
(838) (1,415)
Purchase of investments
10 1,039
Disposal of investments
Net cash outflow from financial investment (828) (376)
Equity dividends paid (83) (73)
Financing
Allotment of new shares 321 771
(Decrease)/increase in cash
(514) 398
Reconciliation of net cash flow to movement in net funds
(Decrease)/increase in cash (514) 398
Effect of foreign exchange rates 75 -
(439) 398
Net funds at beginning of year 448 50
Net funds at end of year 9 448
Notes:
1. Return per ordinary share is based on a weighted average of 5,986,851
ordinary shares in issue during the year (2001 - 5,541,828).
2. Net asset value per ordinary share is based on the 6,082,986 ordinary shares
in issue as at 31 October 2002 (2001 - 5,854,119).
3. During the year the Directors allotted 228,867 ordinary shares.
4. These are not full accounts in terms of Section 240 of the Companies Act
1985. Full audited accounts for the year to 31 October 2001, which were
unqualified, have been lodged with the Registrar of Companies. No accounts
in respect of any period after 31 October 2001 have been reported on by the
Company's auditors or delivered to the Registrar of Companies.
5. The Annual Report and Accounts will be posted to Shareholders and copies will
be available from the Company's registered office at One Charlotte Square,
Edinburgh, EH2 4DZ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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