Athelney Tst. Regulatory News (ATY)

RNS Number : 6337Q

Athelney Trust PLC

06 August 2010

 

 

 

 

ATHELNEY TRUST PLC: INTERIM RESULTS

 

 

Athelney Trust plc, the investor in small companies and junior markets announces its results for the six month ended June 30.

 

·; Unaudited Net Asset Value ("NAV") 119.9p per share (June 2009: 104.9p)

·; Gross Revenue up 16 per cent at £73,199 (June 09: 63,061)

·; Revenue return per ordinary share rose 7.1 per cent to 3.0p (June 09: 2.8p)

·; Interim dividend of 4.75p paid in April 2010.

 

 

Chairman Hugo Deschampsneufs said: "I do not believe the pessimists will be right in the end and I do not believe in the double dip.  With economic activity well down on 2007 levels, unemployment high and core inflation rates close to zero in many countries, central banks are likely to react to evidence of any slowdown by printing money again. .

 

"The more we concentrate on austerity in government spending, the more we will have to respond in terms of a loose monetary policy.

 

"This suggests there could be another great buying opportunity later this year. Investors who missed out on the first leg of the bull market may get a second chance in the coming months.I am therefore a seller of gold and buyer of first class equity assets for a rising income and capital growth",

 

 

-ends-

For further information:

 

Robin Boyle, Managing Director

Athelney Trust plc 020 7628 7937

 

Paul Quade 020 7248 8010

CityRoad Communications 07947 186694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHAIRMAN'S STATEMENT AND BUSINESS REVIEW

 

I have pleasure in reporting the unaudited results for the six months to 30 June 2010. The salient points are as follows:

 

·; Unaudited Net Asset Value ("NAV") is 119.9p per share (31 December 2009: 127.0p, 30 June 2009: 104.9p), a decrease of 5.6 per cent for the half year and an increase of 14.3 per cent over the past year.

·; Gross Revenue rose by 16 per cent to £73,199 compared with the half year ended 30 June 2009 of £63,061 and the full year to 31 December 2009 of £122,963.

·; On a like-for-like basis gross revenue fell by 3.9 per cent to £60,611 compared with the half year ended 30 June 2009 of £63,061.

·; Revenue return per ordinary share was 3.0p, up 7.1 per cent from the previous half year (31 December 2009: 5.3p, 30 June 2009: 2.8p).

·; An interim dividend of 4.75p was paid in April 2010 (2009: 4.7p).

 

Review of 1 January 2010 to 30 June 2010

 

Economy was always 'elegant', and money-spending 'vulgar' and ostentatious - a sort of sour-grapeism, which made us very peaceful and satisfied.

 

Elizabeth Gaskell 1810-65. Cranford 1853.

 

No-one can deny that George Osborne has courage: the Emergency Budget presented on 22 June aims to deliver a huge fiscal retrenchment equal to 6.3 per cent (pc) of GDP by 2014/15. Three-quarters of that adjustment will come from spending cuts, including reductions in welfare. The rest will come from tax rises, both those planned by Labour and new ones, notably the hike in VAT from 17.5pc to 20pc to take effect from next January. Government spending will fall from 47pc of GDP in 2009/10 to under 41pc and borrowing from 11pc of GDP to 2pc. This is tough stuff: can the Chancellor deliver on his promises and, if he does, will the economy stumble? The single error in this Budget was to ring-fence spending on health, which now absorbs 20pc of the total. Protecting that massive chunk of spending means that enormous cuts averaging 25pc will have to be imposed elsewhere whereas, without the ring-fence, the cuts would be just 14pc. The second question is whether the economy can take such strong medicine. He is proposing to knock £113 billion a year out of the deficit by 2014/15, £40 billion more than Mr Darling had planned. Britain will grow, says Mr Osborne, if the state steps back: businesses will invest, exports expand, employment steady up. The important thing is to avoid a growing debt burden, he believes, which would result in much deeper cuts further down the road. It is a gamble but, in my opinion, he is right to take it. All I would counsel is that he remains flexible rather than be too dogmatic - for instance, he could well bring in the rise in VAT gradually over, say, five six-month periods, or three annual stages, rather than all at once. Nevertheless, these cuts will be the deepest since Sir Eric Geddes and his committee hacked away at a huge budget deficit in 1921 so that, er, Britain could rejoin the Gold Standard. Mind you, there is plenty of scope to cut: the inefficiency of the public sector does not consist of waste in the usual sense but rather of misdirected effort and resources, bloated levels of employment, excessive pay, gold-plated pensions, people doing non-jobs, taking money from some people and giving it back to them again. A vast bureaucracy of apparatchiks, under-motivated and under-managed presides over an orgy of form-filling and time-wasting which is holding back the rest of the economy.

Contrary to the above, the G20 Summit in June was a complete waste of time - the only way to get the world economy moving again is to persuade the umpteen countries which are running huge current account surpluses to spend more: last year, China's surplus was 6pc of GDP, Taiwan's 11pc, Malaysia's 7pc, Singapore's 19pc. The oil producers also ran huge surpluses - 5pc in Saudi Arabia, 16pc in Libya and Qatar, 26pc in Kuwait. Within Europe, our two big oil producers, Russia and Norway, ran surpluses of 4pc and 14pc respectively. Elsewhere, Germany and Holland were at 5pc and Switzerland 9pc. Moreover, these countries are sitting on huge international reserves - this is where the money is and where demand should be expanded. If these countries do not create fresh demand for goods and services, then it is difficult to see this brave Budget having its intended effect. As for markets themselves, no-one is going to pretend that the first half of 2010 was other than disappointing, especially after a reasonable start to the year. Investors are obsessed with developments in Europe, that is the sovereign debt crisis in Greece and how it might, domino-like, move to Spain, Ireland, Portugal and even Italy and what effect that would have on German, French and Spanish banks. Furthermore, the economic data coming out of America is just plain bad and cannot be described in any other way. Here are a few examples: the US workforce shrank by 652,000 in June, one of the sharpest falls on record; the rate of hourly earnings fell by 0.1%; home sales are down; factory orders in May suffered their biggest fall since March 2009, etc, etc. In short, investors are worried about the so-called double dip: now I am no economic historian but, as far as I know, a double-dip has only occurred on two previous occasions in America in 1937 and Japan in the early 'Nineties when schoolboy howlers were made with fiscal and monetary policy in both cases. I see no prospect of similar mistakes this time round.

 

Here are the grisly numbers for January to June: global shares -10.6pc, oil -4.7pc, China -27pc, the Euro against the Dollar -14.5pc, European interest rates +8.7 percentage points, the Euro against the Yen -19.4pc, London -9.2pc and European shares -4.8pc. On the other side of the coin, I found gold +13.3pc, US Treasury bonds +5.8pc and UK Gilts +8.1pc. I also found eight equity markets in positive territory, led by Venezuela (quite defeats me, that one), Indonesia, Thailand and Columbia. Congratulations to anyone who bought those two unlikely bedfellows, gold and Gilts, together.

 

But, surely, the great event of the period was the end of the disastrous (as far as Britain was concerned, anyway) political career of Mr Brown, that arch schoolyard bully who was so lacking in personal courage that he sent out 'The Forces of Hell' in the form of Messrs. Whelan and McBride to inflict damage on anyone who got in his way. And it was the dysfunctional partnership of Brown and Blair that dismantled border controls, encouraged unprecedented immigration, debased educational standards, attacked the independence of our best schools and universities, eroded British sovereignty, botched devolution, pump-primed our credit bubble, ran our private pension system ragged, messed up financial regulation and wrecked the country's finances. Good-bye Mr Brown and, no, I won't be buying your autobiography when it comes out.

 

What exactly happened on 6 May between 14.41 and 14.50 hours? During the so-called flash-crash, some 55 shares quoted on the New York Stock Exchange fell by over 10pc in those nine minutes of chaos. Shares in Procter & Gamble, the household products business, briefly fell by 35 pc whereas those of Accenture, the consulting group, slid alarmingly from $40 to an incredible one cent at one point. High frequency trading has been blamed - why? 

To take one step back, equity is the best form of long-term financing: its lack of a term marks it out from debt, which is finite and therefore better equipped to shorter term financing needs. Equity markets exist so that owners can realize their investments and new owners can be found. In theory, equity owners are medium to long-term investors. However, to increase the liquidity of markets, firms with no genuine interest in the long-term progress of the companies in which they are invested have been allowed in. It is entirely reasonable that they should be allowed to generate a profit on their capital: however, high frequency trading now accounts for 70 pc of share trading volume on U.S. markets and is likely to continue to produce gut-churning movements. Exchanges are driven by revenue, quotation fees, news and co-location fees: traders' strategies depend on extreme high-speed information so they locate their servers in the same buildings as those of the exchanges. In today's world, a distance of 100 miles is a big technological disadvantage. Do we really want a hugely volatile traders' paradise or should we want to return to the old-fashioned values of long-term investment?

 

Even without high-frequency trading, though, we would still be subject to bubbles such as that of the South Sea and the Victorian railway mania. Railway shares soared in the 1830s in line with the great expansion and planned new investment in the network rose to 8 pc of U.K. GDP, a huge amount compared with, say, the internet boom. Shares collapsed in 1837 but, fortunately, demand had been underestimated and by 1844 shareholders were sitting on gains of 10 pc per annum. Then, in 1845, Parliament authorized no less than 4,500 of new lines. Railway spivs (or stags, as they were called then) speculated in partly-paid stock and even fully-paid shares doubled. But the mania had run its course: shares shed two-thirds of their value and ended up pretty well where they started with the Bronte sisters and Charles Darwin suffering painful losses. I don't know what the next bubble will be but there is a lesson in the Victorian railway boom for us all, whether we be amateur or professional investors: never ever, ever leave your common sense at home.

 

More, Gentle Shareholder, on Victorian times. In June, the French government announced that the retirement age would be increased from 60 to 62 - the French are to be envied, though, since in other countries the retirement age is both higher and rising inexorably. The first old-age pension was introduced by Otto von Bismarck in the 1880s and 65 subsequently became the benchmark age. His pension was intended as social protection for the few who lived longest. At that time, average life expectancy in Germany was 35 for men and 38 for women. If the retirement age had evolved over the years to reflect the doubling in life expectancy, it would today be around 95 years. 

 

But the past decade has seen a reversal of falling retirement ages as ageing populations and pension black holes force people to work for longer. Since 1950, the number of working people supporting every pensioner has fallen from seven to four. The Beatles memorably asked, 'Will you still need me, will you still feed me, when I'm 64?' The answer, I regret, is, 'Depends on how many of us are around at the time.'

 

Economists frequently blame the Great Depression on the rigid operation of the Gold Standard: deflation, the banking crisis and massive unemployment followed until the Standard was jettisoned. Never again, they said, and yet the problems of the Euro-Zone to my mind seem rather similar. Countries returned to the Gold Standard after the Great War because, it was believed, having a currency convertible into gold would promote sound growth and financial stability. In theory, balance of payments deficits were supposed to lead to contractions in over-heated economies and vice versa. In reality, countries with trade deficits did not reduce credit and wages: likewise, countries with surpluses did not increase credit in proportion to gold in-flows. 

 

The pain of staying on the Standard was greater than anyone had anticipated. British cuts nearly provoked a naval mutiny at Scapa Flow and the country left the Standard in 1931. France, on the other hand, welcomed austerity and deflation as a cure for the excesses of the 1920s. When Austria's Credit Anstalt smashed in 1931, a contagion of fear spread across Europe: before long, Germany had jettisoned gold but the countries that remained such as Czechoslovakia and Belgium were left with massively over-valued currencies. The euro has also failed to meet the expectations of its exponents and, like gold, it lacks a method of recycling surpluses and deficits. Greece and Portugal, for instance, have relied on the recycling of trade surpluses from Germany but, when lending dried up, their economies buckled under the strain. Under a floating exchange rate, they would simply devalue but, within the Euro-Zone, they are forced into heavy deflation. The burden of the euro is getting heavier. Spain's unemployment rate has now reached levels last seen in the Great Depression: Ireland is experiencing its worst deflation since the 1930s. Greece and possibly Portugal are near a default. In one respect, the euro is worse than gold - the costs of leaving the Gold Standard were negligible whereas leaving the Euro-Zone would spark a run on the banks and the entire system would suffer collateral damage.

 

Results

 

Gross Revenue increased by 16 pc to £73,199 but this amount included a special dividend of £12,588 from GVC Holdings, formerly Gaming VC Holdings. If that is excluded altogether then, on a like-for-like basis, Gross Revenue actually fell by 3.9 pc. However, if GVC had declared an unchanged interim dividend (in fact, it declared no interim at all) and a correspondingly smaller special dividend, then Gross Revenue would have increased by 4.1 pc.

 

Number

Companies paying dividends 52

Companies purchased (therefore no true comparison) 3

Increased total dividends in the half year 17

Reduced total dividends in the half year 9

No change in dividend 12

Dividends accrued 3

 

Additional Directors

 

On 28 June 2010 the Board appointed Jonathan Addison a director (non executive) of the company and Dr. Manny Pohl as an alternate director, both appointments will be submitted for shareholder approval at the next Annual General Meeting. Their respective C.V's are:

 

Jonathan Lancelot Addison Non Executive Director

 

Jon Addison, aged 57, has over 30 years experience in the investment management industry, including wide experience in superannuation. Currently he is the Investment Manager, (part time), formally Fund Manager of the Meat Industry Employee Superannuation Fund (MIESF) whom he joined in 1999 and where he is responsible for the investment management of the fund. Prior to his appointment to MIESF, Jon was a Director and Asset Consultant within the corporate finance section of PricewaterhouseCoopers and in this role was responsible for establishing an investment consulting practice with clients ranging from superannuation funds to insurance funds and funds managers. Prior to that, he was a manager Investment Consultant at Sedgwick Noble Lowndes. Jon holds Non Executive Directorships with, African Enterprise Limited, African Enterprise New Zealand Limited, African Enterprise International, Hawksbridge Limited, Global Masters Fund, TPCG Limited and Phosphagenics Limited. Jon holds a Bachelor of Economics Degree and a postgraduate diploma from the Institute of Company Secretaries and is a member of the Australian Institute of Company Directors and has addressed a number of Australian and International conferences on investment related matters.

 

Dr Emmanuel Clive Pohl Alternate Director

 

Manny Pohl, aged 56, founded Hyperion Asset Management Limited in 1996 and has headed the business through its evolution into today's independent funds management company with A$2bn in funds under management. He is responsible for managing the overall business as well as the investment of client portfolios. Manny has nearly 25 years of investment experience, initially as head of research for leading South African broking firm, Davis Borkum Hare, followed by Westpac Investment Management in Australia after he emigrated to Australia in 1994. His engineering background gives him a methodical and disciplined approach to his role. Manny holds engineering and MBA degrees from the University of Witwatersrand and a doctorate in Business Administration (Economics) from Potchefstroom University. He has served on the Boards of several major corporations in his native South Africa and adopted home Australia.

 

Portfolio Review

 

Holdings of Randall Quilter Investment Holdings, Wincanton, Haynes Publishing Group, Local Shopping REIT, HMV and Paypoint were all purchased for the first time. Additional holdings of Alumasc, Renew Holdings, Charles Taylor Consulting and Macfarlane Group were also acquired. Havelock Europa and Severfield Rowen were sold and a holding of Fenner was top sliced.

 

Dividend

 

As is the Board's practice, consideration of a dividend will be left until the final results are known. 

 

Update

 

The unaudited NAV at 31 July 2010 was 120.8p whereas the quoted share price on the same day stood at 119.5p. Further updates can be found on www.athelneytrust.co.uk

 

Risks

 

There has been no change in this respect since the Annual Accounts where this was covered in the Report of the Directors on page 14 and in Note 14 (pages 32 and 33).

 

Outlook

 

I do not believe that the pessimists will be right in the end. With economic activity well down on 2007 levels, unemployment high and core inflation rates close to zero in many countries, central banks are likely to react to evidence of any slowdown by printing money again. The more we concentrate on austerity in government spending, the more we will have to respond in terms of a loose monetary policy. This suggests that there could be another great buying opportunity later this year. Investors who missed out on the first leg of the bull market may get a second chance in the coming months.  Furthermore, I do not believe in the double-dip and am therefore a seller of gold and buyer of first-class equity assets for a rising income and capital growth. I therefore repeat my hope of a 5 -7 pc rise in indices for the calendar year 2010.

 

 

 

 

 

H.B. Deschampsneufs

Chairman

06 August 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HALF YEARLY INCOME STATEMENT

(INCORPORATING THE REVENUE ACCOUNT)

											Audited
											Year ended
	Unaudited					Unaudited					31 December
	6 months ended 30 June 2010					6 months ended 30 June 2009						2009
	Revenue	Capital		Total		Revenue		Capital		Total		Total
	£	£		£		£		£		£		£
Profits/ (losses) on investments	-	(18,597)		(18,597)		-		250,508		250,508		650,678
Income	73,199	-		73,199		63,061		-		63,061		122,963
Investment Management expenses	(2,870)	(26,265)		(29,135)		(2,172)		(19,975)		(22,147)		(51,960)
Other expenses	(14,119)	(22,852)		(36,971)		(10,131)		(20,848)		(30,979)		(63,318)
Return on ordinary
activities before taxation	56,210	(67,714)		(11,504)		50,758		209,685		260,443		658,363
Taxation	-	-		-		-		-		-		-
Return on ordinary
activities after taxation	56,210	(67,714)		(11,504)		50,758		209,685		260,443		658,363
Dividends Paid:
Dividend	(85,633)	-		(85,633)		(84,732)		-		(84,732)		(84,732)
Transferred to reserves	(29,423)	(67,714)		(97,137)		(33,974)		209,685		175,711		573,631
Return per ordinary share	3.0p	(3.6p)		(0.6p)		2.8p		11.6p		14.4p		36.5p

 

The total column of this statement is the profit and loss account for the Company.

All revenue and capital items in the above statement derive from continuing operations.

No operations were acquired or discontinued during the above financial periods.

 

A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above Statement.

 

 

 

 

 

HALF-YEARLY RECONCILIATION OF SHAREHOLDERS' FUNDS 

 

		For the Six Months Ended 30 June 2010 (Unaudited)
	Called-up		Capital	Capital		Total
	Share	Share	reserve	reserve	Revenue	Shareholders'
	Capital	Premium	realised	unrealised	reserve	Funds
	£	£	£	£	£	£
Balance at 1 January 2010	450,700	405,605	620,562	633,701	179,039	2,289,607
Issue of ordinary shares	45,070	139,676	-	-	-	184,746
Net gains on realisation
of investments	-	-	20,816	-	-	20,816
Decrease in unrealised
appreciation	-	-	-	(39,413)	-	(39,413)
Expenses allocated to
capital	-	-	(49,117)	-	-	(49,117)
Taxation	-	-	-	-	-	-
Profit for the year	-	-	-	-	56,210	56,210
Dividend paid in year	-	-	-	-	(85,633)	(85,633)
Shareholders' Funds at 30 June 2010	495,770	545,281	592,261	594,288	149,616	2,377,216

 

		For the Six Months Ended 30 June 2009 (Unaudited)
	Called-up		Capital	Capital		Total
	Share	Share	reserve	reserve	Revenue	Shareholders'
	Capital	Premium	realised	unrealised	reserve	Funds
	£	£	£	£	£	£
Balance at 1 January 2009	450,700	405,605	589,079	101,647	168,946	1,715,977
Net losses on realisation
of investments	-	-	(41,957)	-	-	(41,957)
Decrease in unrealised
appreciation	-	-	-	292,465	-	292,465
Expenses allocated to
capital	-	-	(40,823)	-	-	(40,823)
Taxation	-	-	-	-	-	-
Profit for the year	-	-	-	-	50,758	50,758
Dividend paid in year	-	-	-	-	(84,732)	(84,732)
Shareholders' Funds at 30 June 2009	450,700	405,605	506,299	394,112	134,972	1,891,688

 

		For the Year Ended 31 December 2009 (Audited)
	Called-up		Capital	Capital		Total
	Share	Share	reserve	reserve	Revenue	Shareholders'
	Capital	Premium	realised	unrealised	reserve	Funds
	£	£	£	£	£	£
Balance at 1 January 2009	450,700	405,605	589,079	101,646	168,946	1,715,976
Net gains on realisation
of investments	-	-	118,623	-	-	118,623
Decrease in unrealised
appreciation	-	-	-	532,055	-	532,055
Expenses allocated to
capital	-	-	(87,140)	-	-	(87,140)
Taxation	-	-	-	-	-	-
Profit for the year	-	-	-	-	94,825	94,825
Dividend paid in year	-	-	-	-	(84,732)	(84,732)
Shareholders' Funds at 31 December 2009	450,700	405,605	620,562	633,701	179,039	2,289,607

 

 

HALF YEARLY BALANCE SHEET AS AT 30 JUNE 2010

 

							Audited
			Unaudited		Unaudited		31 December
			30 June 2010		30 June 2009		2009
			£		£		£
Fixed assets
Investments			2,321,340		1,809,198		2,184,507
Current assets
Debtors			57,040		77,972		96,088
Cash at bank and in hand			15,539		24,701		26,321
			72,579		102,673		122,409
Creditors: amounts falling due within one year			(16,703)		(20,183)		(17,309)
Net current assets			55,876		82,490		105,100
Total assets less current liabilities			2,377,216		1,891,688		2,289,607
Provisions for liabilities and charges			-		-		-
Net assets			2,377,216		1,891,688		2,289,607
Capital and reserves
Called up share capital			495,770		450,700		450,700
Share premium account			545,281		405,605		405,605
Other reserves (non distributable)
Capital reserve - realised			592,261		506,299		620,562
Capital reserve - unrealised			594,288		394,112		633,701
Revenue reserve			149,616		134,972		179,039
Shareholders' funds - all equity			2,377,216		1,891,688		2,289,607
Net Asset Value per share			119.9p		104.9p		127.0p
Number of shares in issue			1,983,081		1,802,802		1,802,802

 

 

 

 

 

 

 

 

 

 

 

 

HALF YEARLY CASHFLOW STATEMENT FOR THE SIX MONTHS ENDING

30 JUNE 2010

 

		Unaudited									Unaudited					Audited
		6 months ended									6 months ended					Year ended 31 December
		30 June 2010									30 June 2009					2009
		£					£				£		£			£
Net cash inflow/ (outflow) from
operating activities							45,535						(15,237)			(38,477)
Taxation
Corporation tax paid							-						-			-
Financial Investment
Purchases of investments			(227,963)								(139,446)					(442,039)
Sales of investments			72,533								238,078					565,531
Net cash (outflow)/ inflow from Financial Investment							(155,430)						98,632			123,492
Dividends paid							(85,633)						(84,732)			(84,732)
Financing
Issue of ordinary share capital								184,746						-		-
(Decrease)/ increase in cash in the year								(10,782)					(1,337)			283
Reconciliation of operating net revenue to
net cash inflow/ (outflow) from operating activities								£					£			£
Revenue return on ordinary activities before taxation								56,210					50,758			94,825
(Increase)/ decrease in debtors								39,048					(12,882)			(30,998)
(Decrease)/ increase in creditors								(606)					(12,290)			(15,164)
Investment management expenses charged to capital								(26,265)					(19,975)			(46,839)
Other expenses charged to capital								(22,852)					(20,848)			(40,301)
								45,535					(15,237)			(38,477)

 

 

 

 

 

 

 

 

 

NOTES TO THE HALF YEARLY FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2010

 

1. The figures included in the above statement are an abridged version of Athelney's unaudited results for the six months ended 30 June 2010 and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.  

 

2. The calculation of earnings per share for the six months ended 30 June 2010 is based on the attributable return on ordinary activities after taxation and on the weighted average number of shares in issue during the period.

 

 

	6 months ended 30 June 2010 (Unaudited)				6 months ended 30 June 2009 (Unaudited)
	Revenue	Capital	Total		Revenue	Capital		Total
	£	£	£		£	£		£
Attributable return on
ordinary activities after taxation	56,210	(67,714)	(11,504)		50,758	209,685		260,443
Average number of shares	1,862,895				1,802,802
Return per ordinary share	3.0p	(3.6)p	(0.6)p		2.8p	11.6p		14.4p
	12 months ended 31 December 2009 (Audited)
	Revenue	Capital	Total
	£	£	£
Attributable return on
ordinary activities after taxation	94,825	563,538	658,363
Number of shares	1,802,802
Return per ordinary share	5.3p	31.3p	36.5p

 

3. Net Asset Value (NAV) per share is calculated by dividing shareholders funds by the number of shares in issue at 30 June 2010 of 1,983,081 (30 June 2009: 1,802,802; and 31 December 2009: 1,802,802).

 

4. At the Annual General Meeting held on 05 May 2010 the shareholders approved the placing of 180,279 new ordinary shares of 25p to Global Masters Inc and these were allotted at 120.15p per new ordinary share.

 

5. Copies of the Half Yearly Financial Statements for the six months ended 30 June 2010 will be available on the Company's website www.athelneytrust.co.uk as soon as practicable.

 

This information is provided by RNS

The company news service from the London Stock Exchange