GSCOT Securities PLC
21 September 2001
STOCK EXCHANGE ANNOUNCEMENT
GSCOT SECURITIES PLC
PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS
------------------------------------------
THE DIRECTORS ANNOUNCE THE COMPANY'S UNAUDITED RESULTS FOR THE YEAR TO 31ST
JULY 2001 AS FOLLOWS:-
TOTAL RETURN
------------
YEAR TO 31ST JULY 2001
REVENUE CAPITAL TOTAL RETURN
£'000 £'000 £'000
INCOME AND CAPITAL PROFITS
DIVIDENDS AND OTHER INTEREST 18 - 18
NET LOSS ON INVESTMENTS - (2) (2)
----- ----- ------
RETURN BEFORE EXPENSES 18 (2) 16
AND TAXATION
EXPENSES (5) - (5)
----- ----- -----
RETURN BEFORE AND AFTER EXPENSES 13 (2) 11
AND TAXATION
APPROPRIATED TO NON-EQUITY
SHAREHOLDERS
REDEMPTION PREMIUM RESERVE -
ZERO DIVIDEND PREFERENCE SHARES - (3,063) (3,063)
----- ----- ------
RETURN TO EQUITY SHAREHOLDERS
TRANSFERRED TO/FROM) RESERVES 13 (3,065) (3,052)
----- ----- ------
TOTAL RETURN PER ORDINARY SHARE £8.67 (£2,043.33) (£2,034.66)
NOTE:
THE REVENUE COLUMN SHOWN ABOVE REPRESENTS THE REVENUE ACCOUNT OF THE COMPANY.
ALL REVENUE AND CAPITAL ITEMS DERIVE FROM CONTINUING ACTIVITIES. NO OPERATIONS
WERE ACQUIRED OR DISCONTINUED IN THE PERIOD.
TOTAL RETURN (COMPARATIVE)
--------------------------
PERIOD TO 31ST JULY 2000
REVENUE CAPITAL TOTAL RETURN
£'000 £'000 £'000
INCOME AND CAPITAL PROFITS
DIVIDENDS AND OTHER INTEREST 25 - 25
NET PROFIT ON INVESTMENTS - 11 11
----- ----- ------
RETURN BEFORE EXPENSES 25 11 36
AND TAXATION
EXPENSES (2) - (2)
----- ----- -----
RETURN BEFORE AND 23 11 34
AFTER TAXATION
APPROPRIATED TO NON-EQUITY
SHAREHOLDERS
REDEMPTION PREMIUM RESERVE -
ZERO DIVIDEND PREFERENCE SHARES - (594) (594)
----- ----- ------
RETURN TO EQUITY SHAREHOLDERS
TRANSFERRED TO/(FROM) RESERVES 23 (583) (560)
----- ----- ------
TOTAL RETURN PER ORDINARY SHARE £15.33 (£388.66) (£373.33)
NOTE:
THE COMPARATIVE STATEMENT OF TOTAL RETURN SHOWN ABOVE IS FOR THE PERIOD FROM
INCORPORATION, 24TH AUGUST 1999, TO 31ST JULY 2000.
SUMMARISED BALANCE SHEET AT AT
------------------------- 31-7-01 31-7-00
£'000 £'000
FIXED ASSETS
Listed investments at valuation 154 156
Loan Note to parent company 31,650 31,650
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31,804 31,806
CURRENT ASSETS
Inter-company account 203 49
Cash at bank 13 154
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NET CURRENT ASSETS 216 203
------- -------
NET ASSETS 32,020 32,009
======= =======
CAPITAL AND RESERVES
Called-up share capital 5 5
Share premium 31,970 31,970
Redemption premium reserve 3,657 594
Capital reserve - realised (3,631) (568)
Capital reserve - unrealised (17) (15)
Revenue reserve 36 23
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SHAREHOLDERS' FUNDS 32,020 32,009
======= =======
ATTRIBUTABLE TO:
Equity shareholders
Non equity shareholders: (3,610) (558)
Zero Dividend Preference shares 35,628 32,565
Special Preference shares 2 2
------- -------
32,020 32,009
======= =======
NET ASSET VALUES PER SHARE:
Ordinary shares (£2,406.67) (£372.00)
Zero Dividend Preference shares £1.11 £1.02
THE RESULTS FOR THE YEAR TO 31 ST JULY 2001 ARE UNAUDITED AND DO NOT
CONSTITUTE STATUTORY ACCOUNTS UNDER THE COMPANIES ACT 1985. STATUTORY ACCOUNTS
FOR THE YEAR TO 31ST JULY 2001, ON WHICH THE AUDITORS WILL REPORT, WILL BE
DELIVERED TO THE REGISTRAR OF COMPANIES IN DUE COURSE.
REVIEW OF THE YEAR
------------------
THE COMPANY OPERATED AS AN INVESTMENT COMPANY THROUGHOUT THE YEAR. NO CHANGES
WERE MADE IN ITS INVESTMENTS DURING THE YEAR.
REVENUE RETURN AFTER TAXATION FOR THE YEAR TO 31 JULY 2001 AMOUNTED TO £13,000
(2000:£23,000).
ANNUAL REPORT AND ACCOUNTS
--------------------------
THE REPORT AND ACCOUNTS FOR THE YEAR TO 31ST JULY 2001 IS TO BE PUBLISHED AS
AN APPENDIX TO THE REPORT & ACCOUNTS OF GARTMORE SPLIT CAPITAL OPPORTUNITIES
TRUST PLC AND WILL BE POSTED TO SHAREHOLDERS SHORTLY. COPIES WILL ALSO BE
AVAILABLE FROM THE REGISTERED OFFICE OF THE COMPANY: GARTMORE HOUSE, 8
FENCHURCH PLACE, LONDON EC3M 4PH.
THE ANNUAL GENERAL MEETING FOR 2001 WILL BE HELD AT THE COMPANY'S REGISTERED
OFFICE ON MONDAY, 3RD DECEMBER 2001, AT 12.10 P.M.
GARTMORE INVESTMENT LIMITED
SECRETARIES
21ST SEPTEMBER 2001