DJ Rights and Issues Investment Trust PLC: Half Year Report for the period to 30th June 2021
Rights and Issues Investment Trust PLC (RIII)
Rights and Issues Investment Trust PLC: Half Year Report for the period to 30th June 2021
03-Aug-2021 / 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 2021
A copy of the Company's Half Yearly Financial Report for the six months ended 30th June 2021 will shortly be available
to view and download from www.maitlandgroup.com/investments-trusts/rights-and-issues-investment-trust-plc/. 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 made available 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 2021 to
shareholders on the register as at 27th August 2021 (ex-dividend 26th August 2021).
The following text is copied from the Half Yearly Financial Report.
HALF YEARLY FINANCIAL REPORT
for the six months ended 30th June 2021
DIRECTORS AND ADVISERS
DIRECTORS
Dr D. M. BRAMWELL (Chairman)
D. M. BEST
Dr A. J. HOSTY
S. J. B. KNOTT
J. B. ROPER
REGISTERED OFFICE
Hamilton Centre
Rodney Way
Chelmsford CM1 3BY
WEBSITE
www.maitlandgroup.com/investment-trusts/rights-and-issues-investment-trust-plc/
ADMINISTRATOR/SECRETARY
MAITLAND ADMINISTRATION SERVICES LTD
Hamilton Centre
Rodney Way
Chelmsford CM1 3BY
SOLICITORS
EVERSHEDS SUTHERLAND
One Wood Street
London EC2V 7WS
AUDITOR
BEGBIES
9 Bonhill Street
London EC2A 4DJ
REGISTRARS
LINK MARKET SERVICES LTD
Central Square
10th Floor
29 Wellington Street
Leeds
LS1 4DL
BROKERS
SHORE CAPITAL LTD
Cassini House
57-58 St James's Street
London SW1A 1LD
BANKERS/CUSTODIAN
NORTHERN TRUST COMPANY
50 Bank Street
Canary Wharf
London E14 5NT
REGISTRATION DETAILS
Company Registration Number: 00736898 (Registered in England)
SEDOL number: 0739207
ISIN number: GB0007392078
London Stock Exchange (EPIC) Code: RIII
Global Intermediary Identification Number (GIIN): I2ZVNY.99999.SL.826
Legal Entity Identifier (LEI): 2138002AWAM93Z6BP574
HALF YEARLY FINANCIAL REPORT
for the six months ended 30th June 2021
CHAIRMAN'S STATEMENT
The outcome of the post BREXIT trade negotiations with the EU is ongoing, particularly with respect to the trading
status of Northern Ireland, some issues around fishing rights and border security. Many believed that exiting the EU
would adversely affect the UK economy but so far it has grown at an encouraging rate. The Board closely monitors
related developments to inform decision making on behalf of the Company.
The COVID19 pandemic, which arrived in the UK and mainland Europe in early 2020, had an unprecedented and immediate
negative impact on markets, throughout 2020 and into 2021. COVID19 will be part of our lives for some time therefore
governments, organisations and business must adopt long term strategies to cope with the 'new normal'.
The FTSE All-Share Index increased by 9.3% during the first six months and the Company's portfolio had an encouraging
six months with net asset value increasing by 23.0% to 2777.5p.
The Directors did not authorise the repurchase of any shares under the Company's established share buy-back programme
in the half year. The issued share capital therefore remained unchanged as at 30th June 2021 at 7,540,321 Ordinary
shares.
The interim dividend is being maintained at 10.75p reflecting the Directors' awareness of the importance of dividend
income to the Company's investors and its robust underlying financial position.
Environmental, Social and Governance risks continue to be recognised as significant matters of global concern and the
Board is committed to ensuring that the Company, through the Investment Director, appropriately manages and mitigates
these risks through the investment strategy.
I am pleased to confirm that the composition of your Board has remained stable throughout the half year, and myself and
my board colleagues look forward to overseeing implementation of the Company's investment strategy and improving
returns for shareholders in the future.
Dr D. M. BRAMWELL
Chairman
2nd August 2021
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.
The Board is mindful of the continuing uncertain outlook for the global economy arising from the effects of the
COVID-19 pandemic and governmental interventions both to restrict the spread of the virus and to support businesses,
individuals and communities. The Company's assets and the potential level of revenue derived from the portfolio have
recovered but remain exposed to macro-economic deteriorations. The Directors, having considered the nature and
liquidity of the portfolio, the Company's investment objectives and projected income and expenditure, are satisfied
that the Company has adequate resources to continue in operational existence for the foreseeable future and is
financially sound.
The Board believes that the Company and its key third party service providers have in place appropriate business
continuity plans and will be able to maintain service levels to support the Company's operational performance.
STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30th June 2021
Six months ended 30th June 2021 Six months ended 30th June 2020
Notes Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 2 2,541 - 2,541 315 - 315
Other operating income 2 - - - - - -
Total income 2,541 - 2,541 315 - 315
Gains/(losses) through fair value - 38,957 38,957 - (34,137) (34,137)
Gains/(losses) on subsidiary holding - (411) (411) - - -
2,541 38,546 41,087 315 (34,137) (33,822)
Expenses
Investment management fee - - - - - -
Other expenses 360 - 360 367 - 367
360 - 360 367 - 367
Profit/(loss) before tax 2,181 38,546 40,727 (52) (34,137) (34,189)
Tax - - - - -
Profit/(loss) for the period 2,181 38,546 40,727 (52) (34,137) (34,189)
Earnings per share
Return per Ordinary 28.9p 511.2p 540.1p (0.7)p (452.7)p (453.4)p
Share
Return per share is calculated using the weighted average number of Ordinary shares in issue during the period ended 30th June 2021 of 7,540,321 (2019: 7,540,321).
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 (2020: 10.75p) per share and amounting to GBP810,585 (calculated as at 22nd July 2021) (2020: GBP810,585) is payable on 27th September 2021 to shareholders on the register as at 27th August 2021 (ex-dividend 26th August 2021).
Year ended 31st December 2020
Notes Revenue Capital Total
GBP'000 GBP'000 GBP'000
Investment income 2 1,603 - 1,603
Other operating income 2 3 - 3
Total income 1,606 - 1,606
Gains through fair value - 349 349
Gains on subsidiary holding - - -
1,606 349 1,955
Expenses
Investment management fee - - -
Other expenses 749 - 749
749 - 749
Profit/(loss) before tax 857 349 1,206
Tax - - -
Profit/(loss) for the period 857 349 1,206
Earnings per share
Return per Ordinary 11.4p 4.6p 16.0p
Share
Return per share is calculated using the weighted average number of Ordinary shares in issue during the year ended 31st December 2020 of 7,540,321.
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 2021 and 30th June 2020 has not been audited.
(MORE TO FOLLOW) Dow Jones Newswires
August 03, 2021 02:00 ET (06:00 GMT)
DJ Rights and Issues Investment Trust PLC: Half Year -2-
The information for the year ended 31st December 2020 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 2021 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 2021
30th June 30th June 31st December
Non-current assets 2021 2020 2020
GBP'000 GBP'000 GBP'000
Investments - fair value through profit or loss 169,877 123,519 158,005
169,877 123,519 158,005
Current assets
Trade and other receivables 937 33 681
Amounts due from Group undertakings - 78 -
Cash and cash equivalents 38,666 12,158 12,474
39,603 12,269 13,155
Total assets 209,480 135,788 171,160
Current liabilities
Trade and other payables 45 43 73
Amounts due to Group undertakings - - 758
45 43 831
Total assets less current liabilities 209,435 135,745 170,329
Net assets 209,435 135,745 170,329
Equity
Called up share capital 1,885 1,885 1,885
Capital redemption reserve 370 370 370
Retained reserves:
Capital reserve 84,596 63,842 63,842
Revaluation reserve 120,403 68,347 102,833
Revenue reserve 2,181 1,301 1,399
Total equity 209,435 135,745 170,329
Net asset value per share
Ordinary shares 2,777.5p 1,800.3p 2258.9p
STATEMENT OF CHANGES IN EQUITY
for the six months ended 30th June 2021
For the six months Revenue
ended 30th June 2020 Share Capital redemption reserve Capital reserve reserve
Revaluation reserve
Balance at capital GBP'000 GBP'000 GBP'000 Total
GBP'000
GBP'000 GBP'000
31st December 2019 1,885 370 64,742 101,584 2,974 171,555
Loss for the period - - (900) (33,237) (52) (34,189)
Total recognised income
and expense 1,885 370 63,842 68,347 2,922 137,366
Ordinary shares bought back - - - - - -
and cancelled
Dividends (Note 3) - - - - (1,621) (1,621)
Balance at
1,885 370 63,842 68,347 1,301 135,745
30th June 2020
For the year ended Capital Redemption
31st December 2020 Share Revenue
reserve Capital reserve Revaluation reserve reserve
Balance at capital Total
GBP'000 GBP'000 GBP'000 GBP'000
GBP'000 GBP'000
31st December 2019 1,885 370 64,742 101,584 2,974 171,555
Changes in equity for 2020
Profit for the year - - (900) 1,249 857 1,206
Total recognised income
and expense 1,885 370 63,842 102,833 3,831 172,761
Ordinary shares bought back - - - - - -
and cancelled
Dividends (Note 3) - - - - (2,432) (2,432)
Balance at
1,885 370 63,842 102,833 1,399 170,329
31st December 2020
For the six months
ended 30th June 2021 Share Capital redemption reserve Revenue
Capital reserve Revaluation reserve reserve
Balance at capital GBP'000 Total
GBP'000 GBP'000 GBP'000
GBP'000 GBP'000
31st December 2020 1,885 370 63,842 102,833 1,399 170,329
Profit for the period - - 20,976 17,570 2,181 40,727
Total recognised income
and expense 1,885 370 84,818 120,403 3,580 211,056
Ordinary shares bought back - - - - - -
and cancelled
Dividends (Note 3) - - (222) - (1,399) (1,621)
Balance at
1,885 370 84,596 120,403 2,181 209,435
30th June 2021
STATEMENT OF CASH FLOWS
for the six months ended 30th June 2021
30th June 30th June 31st December
Cashflows from operating activities 2021 2020 2020
GBP'000 GBP'000 GBP'000
Profit/(loss) before tax 40,727 (34,189) 1,206
Adjustments for:
(Gains)/losses on investments (38,546) 34,137 (349)
Purchases of investments - (6,697) (6,697)
Proceeds on disposal of investments 26,674 4,742 4,742
Operating cash flows before movements in working capital 28,855 (2,007) (1,098)
(Increase)/decrease in receivables (256) 501 (147)
Decrease in payables (28) (37) (7)
(Decrease)/increase in amounts payable to group undertakings (758) - 836
Net cash from operating activities 27,813 (1,543) (416)
Cashflows from financing activities
Ordinary shares bought back and cancelled - - -
Dividends paid (1,621) (1,621) (2,432)
Net cash used in financing activities (1,621) (1,621) (2,432)
Net (decrease)/increase in cash and cash equivalents 26,192 (3,164) (2,848)
Cash and cash equivalents at beginning of period 12,474 15,322 15,322
Cash and cash equivalents at end of period 38,666 12,158 12,474
NOTES TO THE HALF YEARLY FINANCIAL REPORT
for the six months ended 30th June 2021
1. Accounting Standards
The condensed interim financial report has been prepared in accordance with International Financial Reporting Standards (IFRSs), including IAS 34 "Interim financial reporting" as adopted by the European Union. The same accounting policies and methods of computation are followed in the interim financial report as those used in the Company's latest published annual financial statements.
30th June 30th June 31st December
2. Income
2021 2020 2020
Total income comprises:
GBP'000 GBP'000 GBP'000
Dividends 1,783 315 1,603
Interest - - 3
Total income 1,783 315 1,606
3. Dividends
30th June 30th June 31st December
2021 2020 2020
GBP'000 GBP'000 GBP'000
Amounts recognised as distributions to equity holders in the relevant period:
Interim dividend for the year ended 31st December 2020 of 10.75p per share - - 811
Final dividend for the year ended 31st December 2020
1,621 1,621 1,621
of 21.5p per share (year ended 31st December 2019: 21.5p)
(MORE TO FOLLOW) Dow Jones Newswires
August 03, 2021 02:00 ET (06:00 GMT)
