Dividend Declaration/Interim Results
09 Januar 2004 - 6:01PM
UK Regulatory
Performance during the period
Over the review period, the NAV of the Package Units produced a positive total
return of 13.7%, slightly below the return on the FTSE All-Share Index over the
same period. In contrast to the previous year, the equity portion of the
portfolio (66% of the total) made the strongest contribution. However, the
corporate bond holdings, especially the M&G High Yield Corporate Bond Fund,
also made a positive return. The Package Units benefited from the modest bank
borrowings and their structure made up of one Zero Dividend Share and two
Ordinary Shares.
Over the review period the Company declared two dividends of 0.5p per Ordinary
Share (two dividends of 1p per Package Unit). These dividends were unchanged
compared with the same period last year. As at the period end, the yield on the
Package Units was 6.8%, well above the yield on the FTSE All-Share Index of
3.2%. The Company's earnings per Package Unit were 2.40p.
Second Interim Dividend
M&G Recovery Investment Company Limited announces that at a meeting of the
Board of Directors held today, it was resolved to declare a second interim
dividend of 0.5p per Ordinary Share, in respect of the period ending 31 October
2003, to be paid on 10 February 2004 to Ordinary Shareholders on the register
at close of business on 23 January 2004. The ex dividend date is 21 January
2004. Holders of Package Units will receive a dividend of 1.0p per Package
Unit, which comprises of one Zero Dividend Share and two Ordinary Shares.
Statement of total return
(unaudited)
(incorporating the revenue
account)
for the six months/ period ended 2003 2002
31 October
Revenue Capital Total Revenue Capital Total
�000 �000 �000 �000 �000 �000
Gains / (losses) on investments - 11,271 11,271 - (29,947) (29,947)
Income 3,755 - 3,755 4,389 - 4,389
Investment (302) (302) (604) (366) (366) (732)
management fee
Other (110) - (110) (127) - (127)
expenses
Net return before finance cost and 3,343 10,969 14,312 3,896 (30,313) (26,417)
tax
Interest payable and similar (422) (422) (844) (415) (415) (830)
charges
Return on ordinary activities 2,921 10,547 13,468 3,481 (30,728) (27,247)
before tax
Tax on ordinary - - - - - -
activities
Return on ordinary activities 2,921 10,547 13,468 3,481 (30,728) (27,247)
after tax
Appropriations for premium payable - (2,647) (2,647) - (2,852) (2,852)
on redemption
Return attributable to equity 2,921 7,900 10,821 3,481 (33,580) (30,099)
shareholders
Dividends (2,430) - (2,430) (2,433) - (2,433)
Transfer to/(from) 491 7,900 8,391 1,048 (33,580) (32,532)
reserves
Return per Zero Dividend Share 1.34p 1.34p 1.41p 1.41p
Earnings / return per Ordinary 1.20p 3.25p 4.45p 1.41p (13.62)p (12.21)p
Share
Earnings / return per Package Unit 2.40p 7.84p 10.24p 2.82p (25.83)p (23.01)p
The revenue column of this statement is the profit and loss
account of the Company.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired
or discontinued during the year.
The returns, earnings and dividends for 2002 arose in the period 4 April 2002
(the date the shares were issued
pursuant to the placing and offer for subscription) to 31 October 2002 and are
therefore not directly comparable.
Balance sheet
(unaudited)
As at 31 2003 2002
October
�000 �000
Employment of
capital
Fixed
assets
Investments 154,866 142,624
Current
assets
Debtors 1,115 1,024
Cash at 2,167 3,699
bank
3,282 4,723
Creditors: Amounts falling due (2,933) (2,739)
within one year
Net current assets 349 1,984
Total assets less current 155,215 144,608
liabilities
Creditors: Amounts falling due after more (27,932) (27,922)
than one year
Net assets 127,283 116,686
Capital and reserves
Called up share 4,398 4,428
capital
Capital redemption 132 102
reserve
Zero Dividend Share appropriation 7,960 2,817
reserve
Special 140,992 141,871
reserve
Capital - (13,821) (4,943)
reserves realised
- unrealised (13,395) (28,637)
Revenue 1,017 1,048
reserve
Shareholders' funds 127,283 116,686
Net asset value per Zero Dividend 36.99p 34.44p
Share
Net asset value per Ordinary Share 22.92p 20.20p
Net asset value per Package Unit 82.83p 74.84p
Cash flow statement (unaudited)
for the six months/ period ended 2003 2003 2002 2002
31 October
�000 �000 �000 �000
Net cash inflow from operating 3,671 3,574
activities
Servicing of finance
Interest paid on (829) (672)
bank loan
Annual monitoring (6) -
fee
(835) (672)
Equity dividends (3,650) -
paid
Investment
activities
Purchase of (11,250) (112,481)
investments
Sale of investments 10,660 85,932
Net cash outflow from investment (590) (26,549)
activities
Financing
Drawdown of bank - 28,000
loan
Specific loan costs - (84)
Repurchase of Zero Dividend Shares - (251)
Repurchase of Package Units (including - (2,106)
related costs)
Shares issued for - 4,575
cash*
Share issue costs - (2,788)
- 27,346
(Decrease) / increase in cash (1,404) 3,699
* Shares issued in exchange for investments pursuant to the offer for
subscription were not cash flows and are
accordingly excluded from the
above statement.
Kleinwort Benson (Guernsey) Fund Services
Limited
Company Secretary
END
