Finsbury Alternative - Final Results
January 17 2000 - 5:31AM
UK Regulatory
RNS Number:8804D
Finsbury Alternative Inv Strat Ld
17 January 2000
FINSBURY ALTERNATIVE INVESTMENT STRATEGIES LIMITED
(Formerly Finsbury International Hedge Investment Company Limited)
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 OCTOBER 1999
Finsbury Alternative Investment Strategies Limited, which invests in a
portfolio of international hedge funds with the aim of achieving superior
absolute returns with low volatility, today announces preliminary results for
the year ended 31 October 1999.
1999 1998
Investment income (USD'000) nil nil
Other income (USD'000) 370 345
Net returns before finance costs(USD'000) (792) (622)
Total return per ordinary share USD2.59 USD0.07
Net assets per ordinary share USD13.90 USD11.31
MSCI World Index (net) 2,064
Annual volatility - Company 9.84
MSCI World Index (net) 18.03
The Company has not generated significant income and, as anticipated in the
launch prospectus, the Directors are not proposing a dividend for the year
(1998: nil).
For and on behalf of Close Fund Services Limited - Secretary
14 January 2000
The following are attached:
Chairman's Statement
Balance Sheets of the Company
Consolidated Statement of Total Return
Notes to the accounts
For further information please contact:
Mark Mathias, Finsbury Asset Management 0207-426 6240
Neil Mainland, Mainland Public Relations 0207-439 4359
FINSBURY ALTERNATIVE INVESTMENT STRATEGIES LIMITED
(Formerly Finsbury International Hedge Investment Company Limited)
Chairman's Statement for the year ended 31 October 1999
Over the twelve months to the 31st October 1999 the Company's net assets per
share rose from USD11.31 to USD13.90 representing an increase of 22.90%
against a return of 24.91% for the MSCI World Index (Net).
Since the launch on December the 6th 1996 the Company's net asset value has
appreciated by 44.19%.
The Board considers this to be a good result and a strong endorsement of the
multi-manager approach. The Board feels this is particularly the case given
the low volatility that the portfolio has exhibited in the face of what could
best be described as turbulent market conditions that have occurred since
launch.
In the latter half of the twelve months period the Board, following approval
given by the shareholders, gave instructions to draw down on the facility from
Royal Bank of Canada. This should enable the company to enhance the net asset
value of the shares still further whilst continuing to offer very low
volatility of returns.
At the EGM held on the 26th August 1999, the shareholders approved the change
of name of the Company to reflect more realistically its investment strategy.
After much deliberation the Board now believes that a further change to the
Company's name would be appropriate. Following consultation with its
advisors, the Board would like to propose at the Annual General Meeting a
resolution to change the name of the Company to Alternative Investment
Strategies Limited.
Whilst the Board has immense respect for the Finsbury name and fully intends
to pursue an ongoing relationship with the Close Brothers' group of companies,
it considers that the proposed shortened name will emphasise the Company's
independent management structure, and reaffirm its commitment to the
innovative investment policies that have enabled it successfully to grow its
net asset value with such a low level of volatility.
The Board remains confident that the Company's portfolio is invested with
quality managers who have the talent and experience to achieve the Company's
aim of superior returns with low volatility. We therefore recommend that
shareholders vote in favour of the resolution that the Company should continue
for a further two year period.
Michael Sheehan Chairman
14 January 2000
FINSBURY ALTERNATIVE INVESTEMENT STRATEGIES LIMITED
(Formerly Finsbury International Hedge Investment Company Limited)
Balance Sheet
as at 31 October 1999
1999 1998
USD'000 USD'000
Fixed Asset Investments
Financial Investments 83,670 56,453
Current Assets
Debtors 167 109
Cash at Bank 340 6,342
507 6,451
Creditors
Loan (6,779) -
Amounts falling due within one year
(381) (238)
(7,160) (238)
Net current (liabilities)/assets (6,653) 6,213
77,017 62,666
Capital and reserves
Called up share capital 55 55
Share premium 53,269 53,269
Other reserves:
Capital reserve - realised 3,267 2,420
Capital reserve - unrealised 22,044 7,697
Revenue reserve (1,618) (775)
77,017 62,666
Total shareholders' funds are attributable to:
Equity shareholders 77,017 62,666
Net asset value per ordinary share USD13.90 USD11.31
FINSBURY ALTERNATIVE INVESTMENT STRATEGIES LIMITED
(Formerly Finsbury International Hedge Investment Company Limited)
Statement of Total Return
(Incorporating the revenue account for the year ended 31 October 1999)
Revenue Capital Total Revenue Capital Total
1999 1999 1999 1998 1998 1998
USD'000 USD'000 USD'000 USD'000 USD'000 USD'000
Gains on investments - 16,150 16,150 - 194 194
Income 370 - 370 345 - 345
Investment management
fee (736) (956) (1,692) (683) 824 141
Other expenses (426) - (426) (284) - (284)
Net return before
finance costs (792) 15,194 14,402 (622) 1,018 396
Interest payable
and similar charges (51) - (51) - - -
Return on ordinary
activities for
the financial period (843) 15,194 14,351 (622) 1,018 396
Transfer from/ (to)
reserves 843 (15,194) (14,351) 622 (1,018) (396)
Return per ordinary
share USD (0.15) 2.74 2.59 (0.11) 0.18 0.07
FINSBURY ALTERNATIVE INVESTMENT STRATEGIES LIMITED -
(Formerly Finsbury International Hedge Investment Company Limited)
continued
These accounts are not statutory accounts. Statutory accounts for the year
ended 31 October 1998 have been delivered to the Guernsey Financial Services
Commission and received an audit report which was unqualified.
Close Fund Services Limited - Secretary
17 January 2000
END
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