TIDMSIPP
RNS Number : 1365U
Specialist Investment PropertiesPLC
05 April 2016
5 April 2016
Specialist Investment Properties plc
(the "Company" or "SIPP")
Final Results for the year ended 31 December 2015
Notice of AGM
Specialist Investment Properties plc is pleased to announce its
final results for the year to 31 December 2015, highlights of which
are set out below. The Company began to implement a new investment
policy in 2016 and these results relate to a year in which the
Company was seeking a new strategy and then preparing to implement
it.
The Company also announces that its Annual General Meeting
("AGM") will be held at 10.00 a.m. on 18 May 2016 at its registered
office, Burleigh Manor, Peel Road, Douglas, Isle of Man IM1
5EP.
The Company's final report and accounts and notice of AGM are
available from the Company's website at
http://specialistinvestmentproperties.com/ and will be posted to
shareholders by 8 April 2016.
For further information:
Specialist Investment Properties plc
Derek Short / David Craine
+44 (0) 1624 626586
Allenby Capital Limited (Nomad and Broker to the Company)
Simon Clements / James Thomas
+44 (0) 20 7167 6433
Directors' Report
The Directors present their annual report on the affairs of
Specialist Investment Properties plc, ("the Company"), together
with the Financial Statements and Auditor's Report for the year
ended 31 December 2015.
Principal Activity
The principal activity of the Company is now that of a property
investment Company investing in purpose built homes for adults with
learning difficulties requiring support from carers, together with
purpose built care homes for the elderly and infirm and converted
dwellings accommodating young adults/ late teens requiring
extensive support from social services.
Results of the Company
Revenue for the year is stated at GBPnil (2014: GBPnil). During
the year ended 31 December 2015, shareholder bond interest and
preference share dividend payments have not been recognised as they
will not be received. See note 5 and note 11 for further details.
After deducting administrative expenses, operating losses amounted
to GBP0.2m (2014: GBP0.1m operating loss), resulting in a loss
before tax of GBP0.2m (2014: GBP0.1m loss). No tax is payable for
the year due to the zero income taxation provisions in the Isle of
Man. Basic loss per share was 0.33p (2014: loss per share
0.29p).
The Company's net asset value per share ("NAV"), as at 31
December 2015 is 0.64p (2014: 0.97p).
Dividend
The Directors do not recommend a dividend for 2015 (2014:
GBPnil).
Annual General Meeting
The Annual General Meeting will be held on 18 May 2016.
New Investing Policy and Events after the Balance Sheet Date
Much has happened during 2015 and since the start of 2016. On 16
September 2016 the Company adopted a new Investing Policy. On 25
February 2016, the Company completed a share capital reorganisation
and a fund-raising to enable it to begin implementing this new
investment policy.
The Investing Policy is for the Company to become an investment
property company, acquiring and holding freehold properties (and,
in rare cases, long lease-hold properties) in specialised sectors
of the property market. The initial and primary focus is to make
investments in purpose-built homes for adults with learning
difficulties requiring support from carers (for example adults with
autism), purpose-built care homes for the elderly and infirm and
converted dwellings accommodating young adults/late teens requiring
extensive support from social services. The Investing Policy for
the Company will also allow it to invest in other specialist areas
such as wedding and conference centres, other leisure facilities
and, if sufficiently non-mainstream, residential or commercial
property.
Through the fund-raising the Company raised proceeds of
approximately GBP2.14 million which will be used, inter alia, to
acquire properties in specialised care sectors, initially focussed
on children's homes, and to provide further working capital for the
Company.
The Company has now begun to implement this Investment Policy
with the acquisition through a subsidiary of its first two
properties for GBP507,000 with the Company funding GBP188,000 and
the balance borrowed. It acquired two existing children's homes in
Heywood and Bury, Greater Manchester, leased to a well-established
children's home care operator, on a 25-year inflation linked FRI
lease. It is also in discussions to purchase two more residential
properties in Birmingham to be leased to the same operator.
The Company is also in discussions with developers, property
owners and care operators in relation to further acquisition
opportunities, both in the children's homes sector and supported
living sector. Given the number of acquisition opportunities
currently in negotiation, the Board expects the net proceeds of the
fund-raising to be fully deployed within the timeframe of three to
six months stated in its circular to shareholders. The initial
average gross rental yield from the most advanced acquisition
opportunities currently identified and in discussion is expected to
exceed 8% per annum.
Going Concern
In light of the events as outlined in note 11 of the Company's
financial statements, no future income and indeed no investment
return from the UK Group of Hotels Plc is expected. In September
2015 the Shareholders approved a new investment policy and since
that date the board has been implementing that policy (see note 14,
for progress on that implementation).
Cash flow forecasts indicate that the Company will have
sufficient resources to continue in the short to medium term, with
the new investment policy, but an additional fund raising exercise
would be necessary to further expand the investment into new
properties.
The board would expect a positive outcome to a further fund
raising and on that basis considers the Company to be a going
concern and therefore continue to adopt the going concern basis of
preparing the annual report and financial statements.
Prospects
The new investment policy is now being implemented.
Following the fund-raising in 2016 (see above and note 14) the
Company is now investing in the specialised property market.
Company Statement of Comprehensive Income
For the year ended 31 December 2015
2015 2014
Notes GBP'000 GBP'000
Continuing Operations
Administrative expenses (168) (144)
-------- --------
Operating loss (168) (144)
Bank interest receivable 2 2
Loss before taxation (166) (142)
Taxation 6 - -
-------- --------
Loss for the year and
total comprehensive loss
for the year 5 (166) (142)
======== ========
Loss per share
Basic and diluted 8 (0.33p) (0.29p)
The accompanying notes are an integral part
of these financial statements.
Company Statement of Financial Position
As at 31 December 2015
Notes 2015 2014
Assets
GBP'000 GBP'000 GBP'000 GBP'000
Current Assets
Trade and other
receivables 9 8 8
Cash and cash
equivalents 333 501
--------- ---------
341 509
---------- --------
Total Assets 341 509
---------- --------
Liabilities
Current Liabilities
Trade and other
payables 10 23 25
---------
Total Liabilities (23) (25)
---------- --------
Net Assets 318 484
========== ========
Equity
Share capital 12 2,491 2,491
Share premium
account 12 11,015 11,015
Retained losses (13,188) (13,022)
--------- ---------
Equity attributable
to owners of the
Company 318 484
---------- --------
Shareholders' Equity 318 484
========== ========
Net Asset Value
per share 0.64p 0.97p
(Based on number of shares
in issue at year end)
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Company Statement of Changes in Equity
For the year ended 31 December 2015
Notes Share Share Retained Total
Capital Premium losses
Account
GBP'000 GBP'000 GBP'000 GBP'000
Balance at
1 January 2014 2,491 11,015 (12,880) 626
Total Comprehensive
Loss for the
year - - (142) (142)
Dividends 7 - - - -
Balance at
31 December
2014 2,491 11,015 (13,022) 484
--------- --------- ----------- -----------------
Total Comprehensive
Loss for the
year - - (166) (166)
Dividends 7 - - - -
------ ------- --------- ------
Balance at
31 December
2015 2,491 11,015 (13,188) 318
====== ======= ========= ======
The accompanying notes are an integral part of these financial
statements.
Company Statement of Cash Flows
For the year ended 31 December 2015
Notes 2015 2014
GBP'000 GBP'000
Net cash used in operating (170
activities 13 ) (143)
--------- ---------
Cash flows from investing
activities
Interest received 2 2
Net cash generated by investing
activities 2 2
--------- ---------
Cash flows from financing
activities
Dividends paid - -
--------- ---------
Net cash used in financing
activities - -
--------- ---------
Net decrease in cash and
cash equivalents (168) (141)
Cash and cash equivalents
at beginning of year 501 642
--------- ---------
Cash and cash equivalents
at end of year 333 501
========= =========
The accompanying notes are an integral part of these financial
statements.
Notes to the Company Financial Statements
1. General Information
Specialist Investment Properties plc is incorporated in the Isle
of Man under the Companies Acts 1931 to 2004. These financial
statements are presented in pounds sterling because that is the
currency of the primary economic environment in which the Company
operates and is rounded to the nearest thousand pounds.
2. Adoption of new and revised Standards
In the current year, the following new and revised Standards and
Interpretations have been adopted. Their adoption has not had any
significant impact on the amounts reported in these financial
statements but may impact the accounting for future transactions
and arrangements.
i. IFRIC 21 Levies
ii. Annual improvements to IFRSs: 2010-2012 Cycle (Dec 2013)
iii. Annual improvements to IFRSs: 2011-2013 Cycle (July
2014)
iv. Amendments to IAS 19 - Defined Benefit Plans: Employee
Contributions
New standards and interpretations not yet adopted
At the date of authorisation of these financial statements, the
following Standards and Interpretations which have not been applied
in these financial statements were in issue but not yet effective
(and in some cases had not yet been adopted by the EU):
i. Amendments to IFRS 10, IFRS 12 and IAS 28 - Investments
Entities: Applying the Consolidation Exception
ii. Amendments to IAS 1 - Disclosure Initiative
iii. Amendments to IFRS 10 and IAS 28 - Sale or Contribution of
Assets between an Investor and its Associate of Joint Venture
iv. Amendments to IAS 12 - Recognition of Deferred Tax Assets
for Unrealised Losses
v. IFRS 9 - Financial Instruments
vi. Amendments to IAS 16 and IAS 41 - Agriculture: Bearer
Plants
vii. IFRS 15- Revenue from Contracts with Customers
viii. Amendments to IAS 7 - Disclosure Initiative
ix. IFRS 16 - Leases
x. Amendments to IAS 16 and IAS 38 - Clarification of Acceptable
Methods of
Depreciation and Amortisation
xi. Amendments to IFRS 11 - Accounting for Acquisitions of
Interests in Joint
Operations
xii. IFRS 14 - Regulatory Deferral Accounts
xiii. Annual Improvements to IFRSs: 2012-14 Cycle (Sept
2014)
The directors do not expect that the adoption of these standards
listed above will have a material impact on the financial
statements of the Company in future periods, except for IFRS 9 -
Financial instruments, which will impact both the measurement and
disclosure of Financial Instruments, and IFRS 15 - Revenue from
Contracts with Customers, which may have an impact on revenue
recognition and related disclosures. Beyond the information above,
it is not practicable to provide a reasonable estimate of the
effect of these standards, until a detailed review has been
completed.
3. Significant accounting policies
Basis of accounting
The Company financial statements have been prepared in
accordance with International Financial Reporting Standards
(IFRSs). The financial statements have also been prepared in
accordance with IFRSs adopted by the European Union and IASB. The
financial statements have been prepared on the historical cost
basis, except for the revaluation of the investment in the
Company's subsidiary UK Group of Hotels. Historical cost is
generally based on the fair value of the consideration given in
exchange for the assets. The principal accounting policies adopted
are set out below.
Basis of Preparation
These separate financial statements are the only financial
statements presented by the Company.
Revenue recognition
Note 11 explains that the UK Group of Hotels plc and all of its
subsidiary companies were placed into dissolution. The directors
have considered the detailed recognition criteria in IAS 18
Revenue, as in particular, as to whether it is probable that
economic benefits associated with transactions will flow to the
Company, from interest on bonds and preference share dividends.
Following consideration of the conditions, the Company has not
recognised revenue due in the current period or any earlier period
with effect from January 2012.
Going Concern
In light of the events as audited in note 11, no future income
and indeed no investment return from the UK Group of Hotels Plc is
expected. In September 2015 the Company approved a new investment
policy and since that date the board has been implementing that
policy (see note 14, per progress on that implementation).
Cash flow forecasts indicate that the Company will have
sufficient resources to continue in the short to medium term, until
the new investment policy, but a further fund raising exercise
would be necessary to further expand the investment into new
properties.
The board would expect a positive outcome to the further fund
raising and on that basis considers the Company to be a going
concern and therefore continue to adopt the going concern basis of
preparing the annual report and financial statements.
Dividend and interest income recognition
Dividend income from investments is recognised when the
shareholders' rights to receive payment have been established
provided that it is probable that the economic benefits will flow
to the Company and the amount of revenue can be measured
reliably.
Interest income is recognised when it is probable that the
economic benefits will flow to the company and the amount of
revenue can be measured reliably.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and demand
deposits and other short-term highly liquid investments that are
readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value.
Financial instruments
Financial assets and financial liabilities are recognised in the
Company's statement of financial position when the Company becomes
a party to the contractual provisions of the instrument.
Financial Assets
All financial assets are recognised and derecognised on a trade
date where the purchase or sale of a financial asset is under a
contract whose terms require delivery of the financial asset within
the timeframe established by the market concerned, and are
initially measured at fair value, plus transaction costs, except
for those financial assets classified as at fair value through
profit or loss, which are initially measured at fair value.
Financial assets of the Company are classified into the
following specified categories: financial assets 'at fair value
through profit or loss' (FVTPL), and 'loans and receivables'. The
classification depends on the nature and purpose of the financial
assets and is determined at the time of initial recognition.
Financial assets at FVTPL
Financial assets are classified as at FVTPL when the financial
asset is either held for trading or it is designated as at
FVTPL.
A financial asset is classified as held for trading if:
-- it has been acquired principally for the purpose of selling in the near term; or
-- on initial recognition it is part of a portfolio of
identified financial instruments that the Company manages together
and has a recent actual pattern of short-term profit-taking; or
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A financial asset other than a financial asset held for trading
may be designated as at FVTPL upon initial recognition if:
-- such designation eliminates or significantly reduces a
measurement or recognition inconsistency that would otherwise
arise; or
-- the financial asset forms part of a Company of financial
assets or financial liabilities or both, which is managed and its
performance is evaluated on a fair value basis, in accordance with
the Company's document risk management or investment strategy, and
information about the grouping is provided internally on that
basis; or
-- it forms part of a contract containing one or more embedded
derivatives, and IAS 39 Financial Instruments: Recognition and
Measurement permits the entire combined contract (asset or
liability) to be designated as at FVTPL.
Financial assets at FVTPL are stated at fair value, with any
gains or losses arising on measurement recognised in profit or
loss. The net gain or loss recognised in profit or loss
incorporates any dividend or interest earned on the financial asset
and is included in the 'other gains and losses' line item in the
income statement. Fair value is determined in the manner described
in note 11.
Derecognition of financial assets
The Company derecognises a financial asset only when the
contractual rights to the cash flows from the asset expire, or when
it transfers the financial asset and substantially all the risks
and rewards of ownership of the asset to another entity. If the
Company neither transfers nor retains substantially all the risks
and rewards of ownership and continues to control the transferred
asset, the Company recognises its retained interest in the asset
and an associated liability for amounts it may have to pay. If the
Company retains substantially all the risks and rewards of
ownership of a transferred financial asset, the Company continues
to recognise the financial asset and also recognises a
collateralised borrowing for the proceeds received.
Financial liabilities and equity
Debt and equity instruments are classified as either financial
liabilities or as equity in accordance with the substance of the
contractual arrangement.
Equity instruments
An equity instrument is any contract that evidences a residual
interest in the assets of an entity after deducting all of its
liabilities. Equity instruments issued by the Company are
recognised at the proceeds received, net of direct issue costs.
4. Business and geographical segments
All bank interest is derived from the Isle of Man
5. Loss for the year
Loss for the year has been arrived at after charging:
2015 2014
GBP'000 GBP'000
Audit fees payable for
the audit of the Company's
annual accounts
* Current year 10 13
9 -
* Prior year under provision
Impairment loss on trade
receivables - -
-------- --------
19 13
======== ========
6. Company Tax on loss on ordinary activities
A 0% rate of corporate income tax is applicable to the Company's
income and therefore no provision for liability to Manx income tax
has been included in these financial statements.
7. Dividends
The Directors do not recommend the payment of a dividend in
respect of the year to 31 December 2015 (2014: GBPnil).
8. Loss per share
2015 2014
GBP'000 GBP'000
Loss for the purposes of
basic earnings per share
being loss attributable
to owners of the Company (166) (142)
-------- --------
Number of Shares 2015 2014
No. No.
Weighted average number
and diluted ordinary shares
for the purpose of basic
loss per share 49,819,050 49,819,050
----------- -----------
Loss per share
Basic and diluted (0.33p) (0.29p)
======== ========
9. Trade and Other Receivables
2015 2014
GBP'000 GBP'000
Amounts falling
due within
one year
Prepayments
and accrued
income 8 8
8 8
========== ==========
The Directors consider that the carrying amount of trade and
other receivables approximates to their fair value. All receivables
are less than 180 days and are not past due or impaired.
10. Trade and Other Payables
2015 2014
GBP'000 GBP'000
Amounts falling
due within
one year
Accruals and
deferred income 23 25
23 25
========== ==========
The directors consider the carrying value of Trade and Other
Payables is approximately equal to their fair value.
11. Investments
Ordinary Shares, Preference Shares and Bonds held in UK Group of
Hotels plc
The investment is carried at GBPNil value which is also
considered to be the fair value in accordance with IAS39, Financial
Instruments Recognition and Measurement.
UK Group of Hotels plc, as previously reported went into
administration on 4(th) August 2014.
In a report from the Administrators dated 27 January 2015 it was
stated that there would be no return for ordinary shareholders,
preference shareholders or debenture holders. The investment in all
forms into UK Group of Hotels plc has no present or future
value.
In a report dated 11 September 2015 the Administrators have
advised that their term of office would cease after one year and
expect a notice to move from administration to dissolution and
three months thereafter the companies would be dissolved.
As the company is to be placed into dissolution and the
administrators have advised there will be no return to shareholders
the Directors have derecognised the company's investment in UK
Group of Hotels plc in accordance with the accounting policy
adopted by the company as described in note 3.
12. Share Capital
Authorised: Ordinary Shares
of GBP0.05
Number GBP'000
As at 31 December 2015 80,000,000 4,000
============= ========
Issued and fully paid: Ordinary
Shares of GBP0.05
Number GBP'000
Balance at start of year 49,819,050 2,491
Issued during year - -
As at 31 December 2015 49,819,050 2,491
============= ========
The Company had one class of ordinary shares which carry no
right to fixed income. See note 14 for changes to share capital
post Balance sheet.
Share Premium Account
On 29 June 2009 the Company issued 15,200,000 new ordinary
shares of 5p each at a placing price of 80p resulting in 75p
premium on each share, a total of GBP11,400,000 premium. Placing
costs of GBP385,000 were deducted from the premium achieved
resulting in a net share premium of GBP11,015,000. See note 14 for
changes to Share Premium post-balance sheet.
The Share Premium account has been affected by the fund raising
in 2016 - see note 14 for further details.
13. Notes to the Statement of Cash Flows
Reconciliation of operating loss to net cash generated by
operating activities:
2015 2014
GBP'000 GBP'000
Operating
loss (168) (144)
Adjustments
for:
Decrease/(increase)
in Trade and
other Receivables - 1
(Decrease)/increase
in Trade and
other payables (2) -
Net cash used
in operating
activities (170) (143)
========= =========
14. Events after the Balance Sheet Date
On 15 January a Circular was sent to all shareholders proposing
a Capital Restructuring together with a Placing and Open offer of
12,454,765 New Ordinary shares at 20 pence per share and the issue
of up to 4,151,485 Warrants. At the same time the Company would
change its name to Specialist Investment Properties plc to more
properly reflect its business.
At an Extraordinary General Meeting held on 8 February 2016,
resolutions were passed to:
a. Consolidate and sub-divide the Company's issued share capital
b. To sub-divide the Company's remaining unissued share capital
A special resolution was also passed to change the Company's
name.
On 23 February 2016, the Company announced the conclusion of rounds 1 and 2 of the Open Offer. Valid acceptances for 713,142 Open Offer Shares had been received. A further 10,000,000 New Shares would be issued under the placing. Warrants totalling 3,571,035 will also be issued to open offer and placing shares.
Following admission for trading on the AIM on 25 February 2015,
the Company's issued share capital will consist of 13,204,095
ordinary shares, all with voting rights, together with deferred
99p, shares with no voting rights.
The open offer and placement raised GBP2,142,628 from which
approximately GBP130,700 of fund raising expenses will be
deducted.
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The Company has now started implementing its new investment
policy and on 1st March announced it had acquired its first two
properties.
The Company has incorporated three subsidiaries after the
balance sheet date. Secta Limited is a Joint Venture vehicle which
is owned 70%, with 30% owned by Mr Mark Dyson as outlined in the
Circular to Shareholders.
In turn, Secta Ltd has its own 100% subsidiary, Secta Properties
Limited which will acquire the properties subject to the joint
venture agreement.
Finally the third subsidiary SIPP Holdings Limited is 100% owned
by the company and will be used to acquire properties which are not
subject to the Joint Venture.
All three subsidiary companies are registered in the Isle of
Man.
15. Related Party Transaction
Immediate and Ultimate Controlling Party
In the opinion of the Directors there is no immediate and
ultimate controlling party.
Key Management Compensation
The remuneration of the Directors of the Company, who are the
key management personnel, is set out below:
Company Company
2015 2014
GBP'000 GBP'000
Short-term
employee benefits
and directors
fees 38 41
--------- ---------
Total 38 41
========= =========
David Craine was a Director of Peregrine Corporate Services
Limited, (PCS), the Company which provides accountancy,
administration and secretarial services to Specialist Investment
Properties plc. Fees, including VAT, of GBP33,850 (2014: GBP33,676)
were paid to PCS during the year. Mr Craine resigned as a director
of PCS on 1 May 2015.
Derek Short's directors fees are paid to English and Continental
Properties Limited.
David Craine's director's fees are paid to Burleigh Offshore
Services Limited.
16. Financial Instruments
Capital risk management
The Company manages its capital to ensure that the Company will
be able to continue as a going concern, this is achieved by
maintaining sufficient liquid resources to meet ongoing liabilities
as they fall due, including payment of dividends, while maximising
the return to stakeholders through the optimisation of the debt and
equity balance.
The capital structure of the Company consists of cash and cash
equivalents and equity attributable to equity holders of the
Company, comprising issued capital, share premium and retained
losses. The Company does not have a target gearing ratio.
The Company is not subject to any externally imposed capital
requirements. Equity includes all capital and reserves of the
Company that are managed as capital.
Significant accounting policies
Details of the significant accounting policies and methods
adopted (including the criteria for recognition, the basis of
measurement and the basis for recognition of income and expenses)
for each class of financial asset, financial liability and equity
instrument are disclosed in note 3.
Categories of financial instruments
Company Company
2015 2014
GBP'000 GBP'000
Financial assets
Investment at fair
value through profit
and loss - -
Cash and cash equivalents 333 501
Loans and receivables 8 8
========= =========
The investment at fair value through profit and loss which
includes the bonds and the preference shares is designated level
three (2015: level three) financial assets and liabilities within
the definitions of IFRS 13, Fair Value Measurement. As per note 11,
the investment held by the Company has been valued at GBPnil as at
31 December 2015 (2014: GBPnil). Notes 3, and 11 detail the
valuation techniques used by the Company in determining the fair
value and note 11 details the reasons why the investment is valued
at GBPnil. There have been no gains or losses recognised in the
year, nor any purchases or disposals or transfer between levels in
the fair value hierarchy.
At the end of the reporting year, there are no significant
concentrations of credit risk for loans and receivables. The
carrying amount reflected above represents the Company's maximum
exposure to credit risk for such loans and receivables.
Financial risk management objectives
The Board of Directors monitor and manage financial risks,
relating to the operation of the Company, through periodic
assessment of its exposure to them. These risks include interest
rate risk, credit risk, cash flow interest rate risk and liquidity
risk.
Market risk
There has been no change to the Company's exposure to market
risks or the manner in which these risks are managed and measured.
The Company is not exposed to any financial risks arising from
changes in foreign currency exchange rates or interest rates.
Foreign currency risk management
Company operations are based in the Isle of Man and all assets
and liabilities are denominated in sterling. As a result the
Company has no exposure to foreign currency risk.
Liquidity risk management
Ultimate responsibility for liquidity risk management rests with
the Company Board of Directors, which has established an
appropriate liquidity risk management framework for the management
of the Company's short, medium and long-term funding and liquidity
management requirements. The Company manages liquidity risk by
maintaining adequate reserves and by continuously monitoring
forecast and actual cash flows.
Liquidity risk tables
The following table details the Company's expected maturity for
its non-derivative financial assets. The table below has been drawn
up based on the undiscounted contractual maturities of the
financial assets including interest that will be earned on those
assets. The inclusion of information on non-derivative financial
assets is necessary to understand the Company's liquidity risk
management as the liquidity is managed on a net asset and liability
basis.
Weighted
average
effective Less 3 months
interest than 1-3 to 1 1-5
rate 1 month months year years 5+ years Total
------------ --------- -------- --------- ------- --------- -------
% GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
31 December
2015
Non-interest
bearing - - - - - -
Variable interest
rate instruments < 1% 325 - - - - 325
325 - - - -
========= ======== ========= ======= ========= =======
Weighted
average 3
effective Less months
interest than 1-3 to 1 1-5
rate 1 month months year years 5+ years Total
--------- -------- -------- -------- -------- --------- -------
% GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
31 December
2014
Non-interest
bearing - - - - - -
Variable
interest
rate
instruments 0.35 493 - - - - 493
-------- -------- ----------------- --------- ------------
493 - - - - 493
======== ======== ================= ========= ============
The amounts included above for variable interest rate
instruments for non-derivative financial assets is subject to
change if changes in variable interest rates differ to those
estimates of interest rates determined at the reporting date.
The following table details the remaining contractual maturity
for its non-derivative financial liabilities with agreed repayment
dates. The table has been drawn up based on the discounted cash
flows of financial liabilities based on the earliest date on which
the Company can be required to pay.
Weighted
average 3
effective Less months
interest than 1-3 to 1 1-5 5+
rate 1 month months year years years Total
----------- -------- -------- -------- -------- -------- -------
% GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
31 December
2015
Non-interest
bearing - 23 - - - 23
Variable
interest
rate
instruments - - - - - - -
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-------- -------- ----------------- -------- -----------
- 23 - - - 23
======== ======== ================= ======== ===========
Weighted
average 3
effective Less months
interest than 1-3 to 1 1-5
rate 1 month months year years 5+ years Total
---------- -------- -------- -------- -------- --------- -------
% GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
31 December
2014
Non-interest
bearing - 25 - - - 25
Variable
interest
rate
instruments - - - - - -
-------- -------- ----------------- --------- -----------
- 25 - - - 25
======== ======== ================= ========= ===========
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UGUUCCUPQPUC
(END) Dow Jones Newswires
April 05, 2016 02:00 ET (06:00 GMT)
Grafico Azioni Spec Inves Prop (LSE:SIPP)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Spec Inves Prop (LSE:SIPP)
Storico
Da Feb 2024 a Feb 2025
