THEMIS FTSE FLEDGLING INDEX TRUST PLC
21 October 1999
Chairman's Statement
The Board of Themis FTSE Fledgling Index Trust PLC (the 'Company') presents its
interim results for the six months to 30 September 1999.
In line with the generally good performance of the small company sector during
the period under review, the capital net asset value per share increased from
112.4 pence on 1 April 1999 to 135.8 pence on 30 September 1999, an increase
of 20.8%. This compares with a rise of 21.3% in the FTSE Fledgling Index
(excluding investment trusts) on a capital gains basis, for the same period.
The Board has declared an interim dividend of 1.0 pence (net) per share on the
ordinary 25p shares of the Company (1998 - 1.0 pence net) which is payable on
3 December 1999 to those shareholders who are registered at the close of
business on 5 November 1999.
Year 2000
Many computer and digital storage systems express dates using only the last
two digits of the year and will thus require modification or replacement to
accommodate the Year 2000 and beyond in order to avoid malfunctions and
resulting widespread commercial disruption.
The Manager has instigated a programme to establish the precise scope of the
risks posed to Themis FTSE Fledgling Index Trust by the consequence of the
Year 2000 date change and to address those risks. The Manager's strategy is to
ensure that its computer systems achieve Year 2000 conformity and to require
its suppliers, the Custodian and other suppliers to the Trust to ensure that
their computer systems achieve the same or any equivalent standard. The
Manager is not aware of any costs associated with implementing Year 2000
Compliance which will be incurred directly by the Trust.
Share Buy-Backs
Changes to UK tax legislation from 6 April 1999 have allowed investment trust
companies to buy in their own shares for cancellation without incurring any
Advance Corporation Tax liability. Alterations to the Companies Act 1985,
effective from 8 November 1999, will allow investment trust companies to use
realised capital profits for this purpose. Accordingly, it is the intention of
the Board to propose the necessary resolutions at the next Annual General
Meeting to seek shareholders' authority to buy back shares in the Company.
Meanwhile, the Board will continue to monitor the effect of share buy-backs as
they are implemented.
P.F.Dicks
Chairman
10 Park Place
London SW1A 1LP
21 October 1999
Interim Results
UNAUDITED UNAUDITED AUDITED
1999 1998 1999
6 months to 6 months to 12 months to
30 Sept 30 Sept 31 March
Note £ £ £
Revenue Return
Investment income 1,138,892 1,335,121 2,228,369
Interest receivable 30,342 32,778 116,565
Stock lending income 27,520 25,672 48,685
1,196,754 1,393,571 2,393,619
Management fees (362,820) (349,714) (645,295)
Other administration expenses (103,898) (89,053) (203,586)
Net return before
finance costs and taxation 730,036 954,804 1,544,738
Tax on ordinary activities 1 (113,890) (266,880) (410,790)
Return on ordinary activities after
tax for the financial period 616,146 687,924 1,133,948
Dividends on equity shares 2 (502,704) (502,704) (1,131,084)
Transfer to reserves 113,442 185,220 2,864
Revenue Return per Ordinary Share 3 1.23p 1.37p 2.26p
Balance Sheet UNAUDITED UNAUDITED AUDITED
As At As At As At
30 Sept. 1999 30 Sept. 1998 31 March 1999
£ £ £
Fixed Assets
Investments 67,419,728 48,638,651 55,764,483
Current Assets
Debtors and prepayments 1,095,995 487,094 962,505
Short term deposits
and bank balances 1,048,527 2,298,566 1,063,674
2,144,522 2,785,660 2,026,179
Creditors : Amounts falling
due within one year (1,006,011) (576,391) (1,121,101)
Net Current Assets 1,138,511 2,209,269 905,078
Total Assets
Less Current Liabilities 68,558,239 50,847,920 56,669,561
Capital And Reserves
Called Up Share Capital 12,567,600 12,567,600 12,567,600
Share Premium 40,299,118 40,299,118 40,299,118
Capital Reserve 15,417,475 (2,361,763) 3,642,239
Revenue Reserve 274,046 342,965 160,604
Total Equity Shareholders' Funds 68,558,239 50,847,920 56,669,561
Net Asset Value per Ordinary Share 4 136.38p 101.15p 112.73p
Share Price Middle Market Quotation 112.50p 75.50p 83.75p
Notes to the accounts
(1) The charge for taxation is calculated by applying the Directors' best
estimate of the annual tax rate to the revenue for the period. Taxation
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.
(2) The Board has declared the payment on 3 December 1999 of an interim
dividend of 1.0 pence (net) to ordinary shareholders (1998 - 1.0 pence) on the
register at the close of business on 5 November 1999.
(3) Revenue return per Ordinary Share has been calculated on the basis of
50,270,400 ordinary shares in issue throughout the period (1998 - 50,270,400
ordinary shares), and net revenue attributable to these shares of £616,146
(1998- £687,924).
(4) Net asset value per Ordinary Share has been calculated on the basis of
50,270,400 ordinary shares in issue throughout the period (1998 - 50,270,400
ordinary shares), and net assets at the period end of £68,558,239 (1998 -
£50,847,920).
(5) Copies of the interim report will be sent to shareholders and will also be
available from the Company's registered office at 10 Park Place, London SW1A
1LP in early November.
The figures for the year ended 31 March 1999 are abridged from the published
accounts which received an unqualified auditor's report and have been filed
with the Registrar of Companies. The interim results have been prepared on the
basis of the accounting policies set out in the Company's statutory accounts
for the year ended 31 March 1999. The accounts are not the Company's statutory
accounts for the purposes of Section 240 of the Companies Act 1985.
