BFS Income & Growth Trust Plc

Transcription

1 BFS & Growth Trust Plc Previously : Exmoor Dual Inv Trust plc Share : Ordinary Main Investment Country Investment Sector Speciality UK High Equity & capital growth from UK trusts. Share price NAV Diluted Discount () / Gross assets Market cap. 21 May May 2004 NAV Premium (+) (million) (million) GBX * GBP USD Composite estimated last published on 19 May Ticker Portfolio Gross Average daily Debt Cover ISIN Market Launch Yield dividend yield turnover 000 Share gearing Sedol Makers BFS/LON GB Jul 1998 (prospective) Investment objectives The fund aims to provide an attractive return to Ordinary and Shareholders, good potential for capital growth, to meet the capital entitlement of the Zero Coupon Preference and Shares and to provide a good prospect for growth for the Ordinary Shares. The bulk of the portfolio will be invested in income and residual capital shares and conventional income shares of investment trusts and other closed end funds. The balance of assets will be invested in general equities, which may include Lloyds underwriting vehicles and the securities of other investment trusts which invest in general equities. Basic details Investment Management Investmt.Man. BFS Investments PLC White Lodge Farm Goose Rye Road Worplesdon Surrey UK GU3 3RQ Telephone +44 (1483) Fax number +44 (1483) Nigel G N Sidebottom (20 Jul 1998) / Alan Manager Brunsden (20 Jul 1998) / +44 (1483) WWW Directors Peter Kennedy (Chairman), Jonathan Carr, Martin HamiltonSharp, Nicholas Howard Lewis, Eitan Milgram, Michael Wigley Fees & Ratios Yearend 31 Jul Gross Assets (m) Net Assets (m) Expenses (m) Total Exp / GA 4.43% 5.86% 3.24% 1.37% Net Exp / NA 1.77% 4.26% 1.60% 0.96% Net Inc / NA 13.08% 29.70% 10.56% 5.33% Portfolio t/o Management Agreement is with BFS Investments plc for a fee of 0.75% of the Company's gross assets payable quarterly in arrears. The notice period is one year. Sinclair Henderson Ltd provide the company secretarial and administrative services for a fee subject to annual review based on the RPI. The fund issued six months protective notice of this contract on 20/06/2003, From 11/12/2003 the management fee has been reduced to 0.65% of the Company's gross assets per annum. Fund Capital Initial Public Offering 39,767,245 IRC shares issued at 1.00 GBP raising 39.8m gross and 39.6m net of expenses 39,767,245 income shares issued at 1.00 GBP raising 39.8m gross and 39.6m net of expenses 79,534,490 ZDPS shares issued at 1.00 GBP raising 79.5m gross and 79.2m net of expenses Financial calendar Year end 31 Jul Last AGM 26 Nov 2003 Last Accounts 08 Oct 2003 Next AGM 26 Nov 2004 NAV published Weekly & month end Dividends Quarterly Other information Launch date 20 Jul 1998 Domicile UK Tax Domicile UK Traded on London (LSE) Registrar Lloyds TSB Registrars Custodian HSBC Bank Plc Inv. Relations Redemption 31 Aug years Capital Changes Date Note Dec 03 BFS Investments have reduced their management fee from 0.75% per annum of gross assets to 0.65%; effective 11/12/03 Nov 03 The fund has restructured its Lloyds TSB loan facility and repaid œ1m; œ6.5m remains outstanding under the agreement Nov 03 The Uncontested Mandatory Cash Offer by Pomegranate for the fund's Ords & Incs has now closed Nov 03 Pomegranate Offer Update; Valid acceptances in respect of an aggregate of 75,024,938 Ords Nov 03 Pomegranate Investments LLC have updated the offer details; Valid acceptances received in respect of 71,960,527 shares Oct 03 The offer for the fund's Ords & Incs by Pomegranate Investments LLC is unconditional in all respects Oct 03 The fund has released further details of the offer made by Pomegranate Investment for the fund's Ords & Incs Oct 03 The Board has written to shareholders regarding the Pomegranate Offer, outlining factors to consider Sep 03 The board has noted the offer from Pomegranate Investments LLC and is discussing the terms with it's advisers Sep 03 The fund has released details of the Mandatory Cash Offer by Pomegranate Investments LLC Sep 03 Confirmation of the details of the relevant securities for the possible offer by the Brookdale Group Capital structure as at 21 May 2004 Debt Redeems GBPm Revolving Lloyds Credit Facility 31 Jul Equity Issued GBPm 25p Ord Inc 25p Zero Div 25p 64,543,969 64,543,969 86,437, Total Assets/Debt ratio 5.6 Stated Gearing (20) Fundamental Data

2 BFS & Growth Trust Plc Portfolio summary Asset allocation (%) estimated on 21 May 2004, based on 31 Mar 2004 Quoted Equity 38 Unquoted Equity FI (Government) FI (Corporate) Derivatives Convertibles Cash 2 Other Funds 64 Geographical allocation (%) estimated on 21 May 2004, based on 31 Mar 2004 UK Cash & Fixed Interest 2.4 Sector allocation (%) estimated on 21 May 2004, based on 31 Mar 2004 Ordinary Shares Miscellaneous IC Shares Investment Funds Net Current Assets Top shareholdings ( % portfolio) 31 Mar 2004 Acorn Fund ACM European 5.4 Enhanced Inc 3.3 Jupiter Enhanced 4.5 BP Plc 3.1 Small Companies Dividend 4.1 Jupiter Split Inc 2.9 Premier Pacific 3.6 Vodafone Group 2.6 BFS Managed JP Morgan Flem Inc & 3.5 Properties Cap 2.3 Dealing & Settlement London Stock Exchange. Stock Exchange Automated Quotation System (SEAQ). Market maker driven. CREST, 5 day rolling settlement. Windup provisions The Directors are obliged to convene an EGM to be held on 31/08/2005 to propose a special resolution for voluntary liquidation unless they have previously been released from that obligation by a special resolution passed not earlier than 31/08/2004. Tax Situation Tax considerations in UK Funds may gain approval as investment trusts pursuant to Section 842 of the and Corporation Taxes Act 1988 (ICTA) provided that they are not closed companies, and the income of funds is mainly eligible investment income, provided that the funds do not retain more than 15% of the income in any accounting period. They will then be exempt from UK taxation on realised chargeable gains. Dividends received from other UK resident companies will constitute franked investment income. will be subject to UK corporation tax after relief for allowable expenses where it is not franked investment income or foreign income dividends received from UK resident companies. arising from overseas investment may be subject to withholding tax, and this may be reduced or eliminated via any double taxation treaties between the UK and the countries concerned. Special Tax considerations Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is probable that a liability or asset will crystallise. Valuation Policy Listed investments are valued at midmarket prices. Current investments held at year end are valued at the lower of cost and net realisable value. News 12 May ,000 Incs (2.17%) in Framlington & Capital Trust to 1,250,000 (3.19%) 21 Apr ,000 Ords (2.165%) in Invesco Recovery Trust Plc to 625,000 (3.609%) 31 Mar 2004 Bear Stearns International Trading Ltd hold 3,020,000 Incs (4.68%) & 2,970,000 Ords 26 Mar 2004 Weiss Asset Management 3,020,000 Incs to 32,240,332 (49.95%) 26 Mar 2004 Weiss Asset Management 2,970,000 Ords to 35,014,143 (54.25%) 26 Mar 2004 Credit Lyonnais Securities hold 1,901,000 Incs (2.95%) & 1,904,000 Ords (2.95%) 26 Mar 2004 Beard Stearns International Trading Ltd hold 2,970,000 Ords (4.60%) 18 Mar 2004 Pomegranate Investments LLC hold 2,904,480 Incs (4.50%) & 2,904,480 Ords (4.50%) 18 Mar 2004 Weiss Asset Management hold 35,260,332 Incs (54.63%) & 37,984,143 Ords (58.85%) 09 Mar 2004 Weiss Asset Management 1,901,000 Incs and 1,904,000 Ords to 38,164,812 and 40,888,623, respectively +44 (20) Fundamental Data

3 BFS & Growth Trust Plc DISCLAIMER The FactBook pages are compiled by Fundamental Data and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The FactBook pages are based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Fundamental Data accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of these FactBook pages. +44 (20) Fundamental Data

4 BFS & Growth Trust Plc Ordinary FD Peer group ZDSUK SPO FD/AITC SCI O/I Comparative Indices FT350HI FTSE 350 High Yield Performance as at 21 May 2004 Category YTD 1Year 3Year 5Year NAV Capital return Fund $ , ZDSUK SPO $ Total return Fund $ ZDSUK SPO $ Price Capital return Fund $ , ZDSUK SPO $ Total return Fund $ ZDSUK SPO $ Index Capital return FTSE 350 High Yield $ Total return $ Risk & correlation 21 May 2004 Category 1Year 3Year 5Year NAV volatility (σ) Price volatility (σ) Alpha (NAV) (α) Beta (NAV) (β) Sharpe ratio (NAV) Treynor ratio (NAV) Rsquared (NAV) Correlation coeff (NAV) Risk breakdown Category 1Year 3Year 5Year Total portf. risk (σ) Market risk 5 2,010 1,822 Specific risk 12 Index statistics (FTSE 350 High Yield) Category 1Year 3Year 5Year Volatility (σ) Treynor relative Discount statistics 21 May 2004 Category 1Year 3Year 5Year Low High Average Volatility(σ) Z Statistic Year on Year Performance NAV Total Return Fund Peer Group Comp Index YTD 96 correction 97 Autumn correction 9798 rally Russian crisis Since Sep ~ ~ Recent Dividend history Type Exdividend Pay date Net GBp 05 Dec Sep Jun Dec Oct Jun Quarterly interim dividends are paid on Ordinary and Shares. Analytics Redemption Yields & Capital growth 2½% 0% 2½% 5% 7½% 10% All assets grown Terminal Gross Assets Terminal Assets / share Redemption Yield Only Equity grown Terminal Gross Assets Terminal Assets / share Redemption Yield Hurdle Rates Theor. Ratio Wipe out Share price Option Cheap / Equity All Equity All Value Dear (20) Fundamental Data

5 BFS & Growth Trust Plc Statistics & Analytics Current: 21 May 2004 GBp Price 9.50 Net Asset Value Shares outstanding (million) 31 Mar Market Cap (GBP million) 6.13 Prior charges Current (million) Prior charges Final (million) Net Dividend Yield % 0.00 Dividend growth rate 1 year year 0.0 stream to Redemption discounted present value Implied warrant price 10 Hurdle Rates Whole p/f Equity Only Wipe out Share Price Cover Ratio share + PC Net Redemption Yield From GBX on 21 Jul 1998 to GBX on 31 Aug 2005 increasing by 0.00GBX per month0 times p.a. to GBX on 31 Aug 2005 subject to the availability of sufficient assets 50% of revenue reserves, currently at GBPm 14.4 or 11.17p attributable to this share Projected to redemption 31 Aug 2005 Growth Whole p/f Equity Only rate TAV NRY TAV NRY Dividends Type Exdiv Pay date Net GBp 05 Dec Sep Jun Dec Oct Jun Zero Dividend Preference Share Statistics Current: 21 May 2004 GBp Price 9.20 Net Asset Value Market Cap (million) 7.95 Shares outstanding (m) 31 Mar Prior charges Current (million) 6.00 Prior charges Final (million) Hurdle Rates Whole p/f Equity Only Wipe out Share Price Redemption price Cover Ratio ZDPS ZDPS + PC Repayment Terms From GBp on 20 Jul 1998 increasing at 8.53% p.a., 365 times p.a. to GBp on 31 Aug 2005 subject to the availability of sufficient assets 0% of revenue reserves, currently at GBPm 14.4 or 0.00p attributable to this share Gross Redemption Yield Annual GRY ( rate to objective redemption price ) Gilt GILT1Y 4.48 Points over/under gilt month points range Whole p/f Equity Only Growth rate TAV GRY TAV GRY Relative Performance 1Year 3Year 5Year Price (capital return) Sector price (capital return) Relative Performance 1Year 3Year 5Year Price (cap return) Sector price (cap return) Price (tot return) Sector price (tot return) (20) Fundamental Data

6 BFS & Growth Trust Plc +44 (20) Fundamental Data