Final Results - Year Ended 30 November 1999

Brunner Investment Trust PLC 20 January 2000 ANNOUNCEMENT OF PRELIMINARY RESULTS For the year ended 30th November 1999 RESULTS The Board is pleased to announce the results for the year ended 30th November 1999. The net asset value per Ordinary Share at 30th November 1999 was 560.7p compared with 393.5p at 30th November 1998, an increase of 42.5%. This compares with an increase over the same period of 24.32% in the benchmark index (60% FTSE All-Share Index: 40% FT/S&P Actuaries World Index, ex UK in sterling). DIVIDEND The Board recommends a final distribution of 3.80p payable on 31st March 2000 to shareholders on the register at the close of business on 25th February 2000, making a total distribution of 6.90p per share for the year ended 30th November 1999. This amounts to an increase of over 2.9% above the distribution of 6.70p paid for the previous year. ANNUAL GENERAL MEETING The seventy-second Annual General Meeting of the Company will be held at 20 Fenchurch Street, London, EC3P 3DB on Thursday 16th March 2000 at 12.45pm. SHARE BUY BACK The Board has decided to recommend to shareholders that the Company take renewed powers to buy back its Ordinary Shares. Full details will be sent to shareholders with the forthcoming Annual Report and Accounts. By Order of the Board 10 Fenchurch Street P L Longcroft London EC3M 3LB K J Salt Joint Secretaries Unaudited preliminary results for the year ended 30th November 1999 were approved for immediate release as undernoted: RESULTS STATEMENT OF TOTAL RETURN for the year ended 30th November 1999 1999 ------------------------------------ (£'000) (£'000) (£'000) Revenue Capital Total Net gains on investments - 106,157 106,157 Income from fixed asset investments 6,074 - 6,074 Other income 605 - 605 Investment management fee (433) (1,010) (1,443) Expenses of administration (126) - (126) ------- -------- -------- Net return before finance costs and taxation 6,120 105,147 111,267 Finance costs of borrowings (1,309) (3,026) (4,335) ------- -------- -------- Return on ordinary activities before taxation 4,811 102,121 106,932 Overseas Taxation (121) - (121) UK Taxation (272) 299 27 -------- -------- -------- (393) 299 (94) -------- -------- -------- Return on ordinary activitiesafter taxation for the financial year 4,418 102,420 106,838 Dividends on Preference Stock (23) - (23) -------- -------- -------- Return attributable to Ordinary Shareholders 4,395 102,420 106,815 Dividends on Ordinary Shares (see below) (4,292) - (4,292) -------- -------- -------- Transfer to reserves 103 102,420 102,523 -------- -------- -------- Return per Ordinary Share 6.91p 160.96p 167.87p -------- -------- -------- The revenue column of this statement is the profit and loss account of the Company. Dividends on Ordinary Share: 1999 (£'000) Interim Ordinary 3.10p 1,976 Final Ordinary 3.80p 2,316 ------- ----- 6.90p 4,292 ----- NET ASSET STATEMENT as at 30th November 1999 1999 (£'000) Fixed asset investments 378,068 Net current assets 16,157 -------- 394,225 Long term borrowings (52,077) Preference share capital (450) (52,527) -------- Net assets attributable to Ordinary Shareholders 341,698 -------- Net asset value per Ordinary Share 560.7p The net asset value is based on 60,944,500 Ordinary Shares in issue. RESULTS STATEMENT OF TOTAL RETURN for the year ended 30th November 1998 1998 ----------------------------------- (£'000) (£'000) (£'000) Revenue Capital Total Net gains on investments - 27,770 27,770 Income from fixed asset investments 5,926 - 5,926 Other income 907 - 907 Investment management fee (483) (726) (1,209) Expenses of administration (135) - (135) -------- ------- ------- Net return before finance costs and taxation 6,215 27,044 33,259 Finance costs of borrowings (1,553) (2,300) (3,853) -------- ------- ------- Return on ordinary activities before taxation 4,662 24,744 29,406 Overseas Taxation (158) - (158) UK Taxation (391) 354 (37) -------- ------- ------- (549) 354 (195) -------- ------- ------- Return on ordinary activities after taxation for the financial year 4,113 25,098 29,211 Dividends on Preference Stock (16) - (16) -------- ------- ------- Return attributable to Ordinary Shareholders 4,097 25,098 29,195 Dividends on Ordinary Shares (see below) (4,288) - (4,288) -------- ------- ------- Transfer (from) to reserves (191) 25,098 24,907 -------- ------- ------- Return per Ordinary Share 6.40p 39.22p 45.62p The revenue column of this statement is the profit and loss account of the Company. Dividends on Ordinary Share: 1998 (£'000) Interim Ordinary 3.00p 1,920 Final Ordinary 1.59p FID 2.11p 2,368 ------ ----- 6.70p 4,288 ----- NET ASSET STATEMENT as at 30th November 1998 1998 (£'000) Fixed asset investments 292,575 Net current assets 11,869 ------- 304,444 ------- Long term borrowings (52,137) Preference share capital (450) ------- (52,587) ------- Net assets attributable to Ordinary Shareholders 251,857 ------- Net asset value per Ordinary Share 393.5p The net asset value is based on 64,000,000 Ordinary Shares in issue. CASH FLOW STATEMENT 1st December 1998 to 30th November 1999 1999 1999 1998 Net cash inflow from operating activities 5,221 5,143 Servicing of Finance Interest paid (4,229) (3,945) Dividends paid on preference stock (19) (16) ------- ------- -------- Net cash outflow on servicing of finance (4,248) (3,961) Taxation ACT (paid) repaid (10) Taxation credits repaid 87 271 UK income tax repaid 28 101 -------- ------- -------- Net tax received 105 372 Financial Investment Purchase of fixed asset investments (390,035) (286,250) Sale of investments 398,670 277,912 Net cash inflow (outflow) from financial activities 8,635 (8,338) Equity dividends paid (4,345) (4,416) --------- ------- -------- Net cash inflow (outflow) before financing 5,368 (11,200) Financing Purchase of Ordinary Shares for cancellation (12,610) - Expenses associated with share buy backs (71) - (Decrease) Increase in short term loan (438) 469 Increase in Fintrust loan - 13,000 Premium received thereon - 5,727 --------- --------- Net cash (outflow) inflow from financing (13,119) 19,196 --------- --------- (Decrease) increase in cash (7,751) 7,996 --------- --------- For 1999 costs are apportioned between capital and revenue on the basis of 70:30, respectively, and for 1998 on the basis of 60:40, respectively. The Returns per Ordinary Share have been calculated using a weighted average number of shares in issue during the period of 63,631,492 shares (1998 - 64,000,000). The statutory accounts for the year ended 30th November 1998 received an unqualified audit report and have been delivered to the Registrar of Companies. For further information, please contact: Dresdner RCM Global Investors (UK) Limited Simon White Tel: 0171 475 2700 or Lansons Communications Henrietta Guthrie or Amy Fisher Tel: 0171 490 8828

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