£30m drop in funds for Polar Capital
Net funds in Polar Capital Technology Trust were overstated by around £30m due a 'miscalculation' the group said after reporting a fall of 30% in net assets.
For the year ended 30 April 2001, the movement in short term loans was not reflected in the reconciliation of net cash flow in net funds. A correction reduced net funds from £39,417m to £10,476m.
Earlier in the year Richard Wakelin, chairman, had hoped the global economic downturn might bottom in the last quarter of 2001 and that the ‘technology sector would make its lows towards the end of the third quarter’.
Wakelin said: ‘The horrific events of 11 September may perversely have guaranteed this outcome and if so, they have undoubtedly established the bottom at a markedly lower level than we had foreseen.’
The company said in its interim statement last week that the miscalculation had been corrected in the prior year comparative figures shown for 30 April 2001.
The change will have no impact on the total return, net assets or decrease in cash, the company said.