Rights and Issues Investment Trust PLC (RIII)
Rights and Issues Investment Trust PLC: Half-yearly Results
02-Aug-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
RIGHTS AND ISSUES INVESTMENT TRUST PLC
For the six months ended 30th June 2019
A copy of the Company's Half Yearly Financial Report for the six months ended
30th June 2019 will shortly be available to view and download from
www.maitlandgroup.com/investments-trusts/rights-and-issues-investment-trust-pl
c/. Neither the contents of this website nor the contents of any website
accessible from hyperlinks on this website (or any other website) is
incorporated into or forms part of this announcement.
Printed copies of the Report will be sent to shareholders shortly. Additional
copies may be obtained from the Corporate Secretary - Maitland Administration
services Limited, Hamilton Centre, Rodney Way, Chelmsford, Essex CM1 3BY.
INTERIM DIVIDEND
An interim dividend of 10.75p per share has been approved by the Board and is
payable on 27th September 2019 to shareholders on the register as at 30th
August 2019 (ex-dividend 29th August 2019).
The following text is copied from the Half Yearly Financial Report.
HALF YEARLY FINANCIAL REPORT
for the six months ended 30th June 2019
CHAIRMAN'S STATEMENT
Markets have recovered with a 10.4% increase in the FTSE All-Share Index in
the six months to 30 June 2019.
The UK smaller company market underperformed with the FTSE Small Cap Index
rising by 8.5% and the FTSE Fledgling Index falling by 4.3%.
The Trust made modest progress with the net asset value increasing by 3.3% to
2188.7p.
The share buy-back programme has continued in the half year with a further
GBP3.1m of purchases and the issued equity has now been reduced by 13% since
December 2016.
The interim dividend is being raised by 2.4% to 10.75p.
The change of Prime Minister now means the Brexit process is at its most
uncertain and this is likely to dominate for the remaining months of 2019.
Dr D. M. BRAMWELL
Chairman
1st August 2019
You can view or download copies of the Half Yearly and the Annual Reports from
our website at
www.maitlandgroup.com/investment-trusts/rights-and-issues-investment-trust-plc
/ [1]
The Half Yearly Report will be posted to shareholders and copies are available
at the registered office of the Company.
Risks and uncertainties
Cautionary statement
This Half Yearly Report contains forward-looking statements that involve risk
and uncertainty. These have been made by the Directors in good faith based on
the information available to them at the time of their approval of this
Report. Due to the inherent uncertainties, including stock market risk factor,
actual results may differ materially from those expressed or implied by these
forward-looking statements.
There are a number of potential risks and uncertainties which could have a
material impact on the Company's performance over the remaining six months of
the financial year and could cause actual results to differ materially from
expected and historical results. The Company's results continue to be exposed
to market price risk. Further information on the principal long-term risks and
uncertainties of the Company is included in the latest Annual Report.
STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30th June 2019
Six months Six months
ended 30th ended 30th
June 2019 June 2018
Notes Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment 2 1,911 - 1,911 1,814 - 1,814
income
Other 2 8 - 8 8 - 8
operating
income
Total 1,919 - 1,919 1,822 - 1,822
income
Gains on - 5,518 5,518 - 8,873 8,873
fair value
through
profit or
loss
assets
Gains on - 52 52 - - -
subsidiary
holding
1,919 5,570 7,489 1,822 8,873 10,695
Expenses
Investment - - - - - -
management
fee
Other 400 16 416 395 44 439
expenses
400 16 416 395 44 439
Profit 1,519 5,554 7,073 1,427 8,829 10,256
before tax
Tax- - - - - -
Profit for 1,519 5,554 7,073 1,427 8,829 10,256
the period
Earnings
per share
Return per 19.1p 69.8p 88.9p 17.3p 107.3p 124.6p
Ordinary
Share
Return per share is calculated using the weighted average number of Ordinary
shares in issue during the period ended 30th June 2019 of 7,958,152 (2018:
8,228,933).
The total column of this statement represents the Statement of Comprehensive
Income, prepared in accordance with International Financial Reporting
Standards as adopted by the EU. The supplementary revenue return and capital
return columns are both prepared under guidance published by the Association
of Investment Companies. All items in the above statement are those of the
single entity and derive from continuing operations.
The profit for the period disclosed above represents the Company's total
Comprehensive Income. The Company does not have any other Comprehensive
Income.
An interim dividend of 10.75p (2018: 10.50p) per share and amounting to
GBP833,213 (calculated as at 29th July 2019) (2018: GBP845,870) is payable on 27th
September 2019 to shareholders on the register as at 30th August 2019
(ex-dividend 29th August 2019).
Year ended 31st December 2018
Notes Revenue Capital Total
GBP'000 GBP'000 GBP'000
Investment 2 3,599 - 3,599
income
Other operating 2 20 - 20
income
Total income 3,619 - 3,619
(Losses)/gains - (21,459) (21,459)
on fair value
through profit
or loss assets
Gains on - - -
subsidiary
holding
3,619 (21,459) (17,840)
Expenses
Investment - - -
management fee
Other expenses 813 59 872
813 59 872
Loss before tax 2,806 (21,518) (18,712)
Tax - - -
Loss for the 2,806 (21,518) (18,712)
period
Earnings per
share
Return per 34.5p (264.8)p (230.3)p
Ordinary Share
Return per share is calculated using the weighted average number of Ordinary
shares in issue during the year ended 31st December 2018 of 8,125,931.
The financial information contained in this Half Yearly Financial Report does
not constitute statutory accounts as defined in Sections 434 - 436 of the
Companies Act 2006. The information for the six months to 30th June 2019 and
30th June 2018 has not been audited.
The information for the year ended 31st December 2018 has been extracted from
the latest published audited accounts which have been filed with the Registrar
of Companies. The report of the auditors on those accounts contained no
qualification or statement under Section 498 (2) or (4) of the Companies Act
2006.
The auditors have reviewed the financial information for the six months ended
30th June 2019 pursuant to the Auditing Practices Board guidance on Review of
Interim Financial Information and their report is on page 12.
BALANCE SHEET
as at 30th June 2019
Non-current assets 30th June 30th June 31st December
2019 2018 2018
GBP'000 GBP'000 GBP'000
Investments - fair value 163,207 188,173 155,647
through profit or loss
163,207 188,173 155,647
Current assets
Trade and other receivables 1,095 937 621
Amounts due from Group 78 78 78
undertakings
Cash and cash equivalents 7,642 12,302 13,310
8,815 13,317 14,009
Total assets 172,022 201,490 169,656
Current liabilities
Trade and other payables 154 65 81
154 65 81
Total assets less current 171,868 201,425 169,575
liabilities
Net assets 171,868 201,425 169,575
Equity
Called up share capital 1,963 2,025 2,002
Capital redemption reserve 292 230 253
Retained reserves:
Capital reserve 59,481 62,096 61,984
Revaluation reserve 107,170 134,491 102,217
Revenue reserve 2,962 2,583 3,119
Total equity 171,868 201,425 169,575
Net asset value per share
Ordinary shares 2,188.7p 2,487.9p 2,118.1p
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30th June 2019
For the six Share Capital Capital Revaluation Revenue Total
months capita redemptio reserve reserve reserve
ended 30th l n reserve
June 2018
GBP'000
(MORE TO FOLLOW) Dow Jones Newswires
August 02, 2019 02:00 ET (06:00 GMT)
© 2019 Dow Jones News
