Cytrustees: Press release for AGM
1/6/2007 11:41
The Annual General Meeting of Cytrustees Investment Public Company Limited took place on Wednesday, May 30, 2007. In his speech, Chairman Fanos Epifaniou noted that the Net Asset Value of the portfolio on December 31, 2006 stood at 154.63 cents per share compared to 89.73 cents on December 31, 2005 and 66,23 cents per share in late 2004. Based on the net asset value ratio, the return of the portfolio for 2006 is calculated at 72.33% compared to 35.48% in 2005 and 2.2% in 2004. The net assets as at December 31, 2006 stood at £37.2 million compared to £20.9 million in 2005 and £15.5 million in 2004. The Chairman also said that on May 29, the return of the portfolio for 2007 based on NAV stood at 20% with net assets of €76.8 million or £44.8 million.
The Board of Directors proposed the payment of a final dividend of 12 cents or 20.6 cents (euro) per share. According to the current price of the share, the proposed dividend corresponds to price-earnings ratio of 8.1%, which compares favourably with the price-earnings ratios of other listed companies. The Company aims to maintain or increase the price-earnings ratio in the next few years and its strategy, which is revised in cooperation with the Investment Manager, moves towards this direction.
The shareholders have the option to reinvest the dividend that will receive with a discount of 15% from the market value of the share via the Dividend Reinvestment Plan, which aims to a further value for the shareholders, since they will have the opportunity to invest in a portfolio of wide dispersion and titles of high-capitalization and reliability with a significant discount.
The prospects are satisfactory with regard to the Company’s profitability and it seems that a number of corporate valuations in the main market of activity are supported by their financial data. The downturn of the international capital markers in early March was temporary and recovery returned easily. The shares continue to be a first choice of most international analysts and fund managers with the European and the emerging markets expressing a significant interest. The mergers and acquisitions worldwide in the past few months have strengthened the shares.
There is a demand for extra carefulness in the placements due to the significant increase in the price fluctuations compared to 2006. The risks for the shares worldwide concern the smooth absorbance of problems in the property and construction sector in the US without any significant implications on a macroeconomic level, the overheating of the Chinese economy and the performance of the Chinese capital market.
The Board of Directors and the Investment Manager analyze the options, taking into account the environment, the market conditions and the prospects of each company separately and proceed to placements in order to serve the shareholders’ interest in the best possible way.
The Board of Directors proposed the payment of a final dividend of 12 cents or 20.6 cents (euro) per share. According to the current price of the share, the proposed dividend corresponds to price-earnings ratio of 8.1%, which compares favourably with the price-earnings ratios of other listed companies. The Company aims to maintain or increase the price-earnings ratio in the next few years and its strategy, which is revised in cooperation with the Investment Manager, moves towards this direction.
The shareholders have the option to reinvest the dividend that will receive with a discount of 15% from the market value of the share via the Dividend Reinvestment Plan, which aims to a further value for the shareholders, since they will have the opportunity to invest in a portfolio of wide dispersion and titles of high-capitalization and reliability with a significant discount.
The prospects are satisfactory with regard to the Company’s profitability and it seems that a number of corporate valuations in the main market of activity are supported by their financial data. The downturn of the international capital markers in early March was temporary and recovery returned easily. The shares continue to be a first choice of most international analysts and fund managers with the European and the emerging markets expressing a significant interest. The mergers and acquisitions worldwide in the past few months have strengthened the shares.
There is a demand for extra carefulness in the placements due to the significant increase in the price fluctuations compared to 2006. The risks for the shares worldwide concern the smooth absorbance of problems in the property and construction sector in the US without any significant implications on a macroeconomic level, the overheating of the Chinese economy and the performance of the Chinese capital market.
The Board of Directors and the Investment Manager analyze the options, taking into account the environment, the market conditions and the prospects of each company separately and proceed to placements in order to serve the shareholders’ interest in the best possible way.
