Results for 31 July 2002
October 17 2002 - 8:30AM
UK Regulatory
RNS Number:6215C
Thai Development Capital Fund Ld
17 October 2002
The THAI DEVELOPMENT CAPITAL FUND LIMITED
3rd Floor, 36c Bermuda Tower, Dr. Roy's Drive, George Town,
Grand Cayman, British West Indies
Announcement of Results for the 16 month
Period ending 31st July 2002
The directors of the Thai Development Capital Fund Limited announce the results
of the company for the sixteen month period to, and as at, 31st July 2002. The
Net Asset Value was US$0.319 million, or US$0.18 cents per share.
The loss over the period was US$0.273 million, or US$0.17 per share, largely as
a result of provisions that were made against the expected realisation value of
the investments in the portfolio. Exits from three investments at prices in
excess of their carrying values were made during the period.
At 31st July 2002, the company's assets comprised the following:
Net cash and liquid assets US$0.219m
Investments, net of provisions US$0.100m
Total net assets US$0.319m
Issued, paid up shares 1,754,500
Net Assets per share US$0.18
The company's remaining investments continue to be liquidated under the control
of the directors, and capital thus released will be returned to shareholders.
Directors' Review
There has been success in divesting the portfolio over the 16 months period to
31st July 2002. Only three investments remain to be disposed of which the
directors believe have realistic prospects of achieving a return to
shareholders. One of these is a company in which only a loan remains
outstanding, and this is being repaid. The residual companies in the portfolio
have continued to make progress in a difficult economic environment, and the
directors are cautiously optimistic that exits will be achieved, even if this
might take some time.
As ever, the timing and amounts recovered from disposals of the remaining
unlisted investments, including the amount, if any, that might be gained from
the non-performing investments, is difficult to predict. The realisations
achieved over the period enabled a further distribution of shareholders'
original capital of US$ 0.50 per share to be made, which was paid on 28th June
2002.
The Directors have worked hard to ensure that the current arrangements provide
for the lowest-cost means of disposing of the company's few remaining
investments at fair value. Financial information will continue to be provided to
shareholders using information provided from accounting records maintained by
Bank of Bermuda who will continue to administer the company's affairs.
Compliance with Cayman Island law will be maintained. Further returns of capital
will be made as and when amounts have been realised from the remaining
investment portfolio.
Christopher S. Forbes D. Graham Lean Paul H. Smith
17th October 2002
Investment Portfolio at 31st July 2002
Type of Value % of
Unlisted Shares Investment Holding US$ Net Assets
Economic Management Ltd. Con. Loan 500,000 0 0.00
Hideaway Group International Ltd Con. Loan 976,000 0 0.00
Thai Universal Office Products Con. Loan 175,000 100,000 31.36
TOTAL INVESTMENTS 100,000 31.36
Securities at cost or market value 100,000 31.36
Cash and cash equivalents 337,000 103.85
Accrued expenses 118,000 (37.01)
319,000 100.00
Net Asset Value per share $0.18
STATEMENT OF TOTAL RETURN For the period ended 31st July 2002
16 months to 12 months to
31 July 2002 31 March 2001
Total Total
CHANGES ON INVESTMENTS ($'000)
Provisions on investments
plus exchange differences (187) (685)
INCOME ($'000)
Dividend, Interest and other income 64 205
LESS EXPENSES ($'000) (150) (237)
(LOSS) ON ORDINARY ACTIVITIES
AFTER TAXATION ($'000) (273) (719)
(LOSS) PER ORDINARY SHARE (US$) (0.18) (0.40)
BALANCE SHEET as at 31 July 2002
31 July 2002 31 March 2001
ASSETS ($'000)
Investments 100 1,297
Cash and cash equivalents 33 292
------- -------
437 1,589
LIABILITIES ($'000)
Accrued expenses and provisions (118) (124)
------- -------
319 1,465
CAPITAL & RESERVES ($'000)
Share Capital 175 175
Share Premium 7,369 8,246
Reserves (7,225) (6,956)
------- -------
SHAREHOLDERS FUNDS ($'000) 319 1,465
======== =======
NET ASSET VALUE PER ORDINARY SHARE $0.18 $0.84
NOTES
1. The results for the period ended 31 March 2001 are abridged and are taken
from the audited accounts for that year which were distributed to
shareholders in December 2001. The results for the period ended 31 July 2002
are abridged and are taken from the audited accounts that are currently being
distributed to shareholders.
2. The net asset value per ordinary share and the return/loss per share are
calculated based on 1,754,500 shares in issue at each period end and
throughout each period.
3. No dividends were declared out of earnings during the period. A further
distribution of US$0.50 of shareholders' original capital was made on 28th
June 2002.
4. Copies of the report and accounts are available for inspection at the
company's registered address and at the registration agent, Bermuda
International Securities (UK) Ltd., at Austin Friars House, 2-6 Austin
Friars, London E2N 2HE, United Kingdom.
COMPANY INFORMATION
Directors
Christopher S. Forbes
D. Graham Lean
Paul H. Smith
Secretary and Registered Office
Bermuda Trust (Cayman) Limited
3rd Floor, 36c Bermuda House,
Dr. Roy's Drive, George Town,
Grand Cayman
British West Indies
Administrator and Share Registrar
Bank of Bermuda (Cayman) Limited
3rd Floor, 36c Bermuda House,
Dr. Roy's Drive, George Town,
Grand Cayman
British West Indies
Share Registrar in the United Kingdom
Bermuda International Securities (UK) Limited
Austin Friars House
2-6 Austin Friars
London EC2N 2HE
United Kingdom
Auditors
KPMG, Chartered Accountants
8th Floor, Princes Building,
Central
Hong Kong
This information is provided by RNS
The company news service from the London Stock Exchange
END
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