Albion Prime VCT Albion Prime VCT PLC : Annual -8-
28 Juin 2012 - 7:24PM
UK Regulatory
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Level 1 Unadjusted quoted (bid) prices applied
Level 2 Inputs to valuation are from observable sources and are
directly or indirectly derived from prices
Level 3 Inputs to valuations not based on observable market data.
All of the Company's fixed asset investments as at 31 March 2012 valued at fair
value through profit or loss are valued according to Level 3 methods (2011:
Level 3).
The Company's unquoted equity, preference share, convertible and discounted
bonds valued at fair value through profit or loss (level 3) had the following
movements in the year to 31 March 2012:
31 March 2012 31 March 2011
Convertible Convertible
and discounted and discounted
bonds
Equity Total Equity bonds Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
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Opening balance 3,486 71 3,557 3,262 - 3,262
Additions 405 488 893 373 47 420
Disposals (418) - (418) (186) - (186)
Realised - - (38)
gains/(losses) 156 156 (38)
Unrealised 244 24 99
(losses)/gains (140) 104 75
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Closing balance 3,489 803 4,292 3,486 71 3,557
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FRS 29 requires Directors to consider the impacts of changing one or more of the
inputs used as part of the valuation process to reasonable possible alternative
assumptions. After due consideration and noting that the valuation methodology
applied to 100 per cent. of the level 3 investments (by valuation) is based on
cost or third party market information, the Directors do not believe that
changes to reasonable possible alternative assumptions for the valuation of the
portfolio as a whole would lead to a significant change in the fair value of the
portfolio.
Unquoted equity, preference shares and convertible and discounted bonds are
valued in accordance with the IPEVCV guidelines as follows:
31 March 2012 31 March 2011
Valuation methodology GBP'000 GBP'000
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Cost (reviewed for impairment) 998 422
Net asset value supported by independent desktop
reviews - 49
Net asset value supported by third party valuation 3,294 3,086
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4,292 3,557
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Fair value investments had the following movements between valuation
methodologies between 31 March 2011 and 31 March 2012:
Value as at
31 March 2012
Change in valuation methodology
(2011 to 2012) GBP'000 Explanatory note
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Cost reviewed for impairment to
net asset value supported by More recent information
third party valuation 416 available
The valuation method used will be the most appropriate valuation methodology for
an investment within its market, with regard to the financial health of the
investment and the IPEVCV Guidelines. The Directors believe that, within these
parameters, there are no other methods of valuation which would be reasonable as
at 31 March 2012.
12. Significant interests
The principal activity of the Company is to select and hold a portfolio of
investments in unquoted securities. Although the Company, through the Manager,
will, in some cases, be represented on the board of the investee company, it
will not take a controlling interest or become involved in the management. The
size and structure of the companies with unquoted securities may result in
certain holdings in the portfolio representing a participating interest without
there being any partnership, joint venture or management consortium agreement.
The Company has interests of greater than 20 per cent. of the nominal value of
any class of the allotted shares in the investee companies as at 31 March 2012
as described below:
% total
Country of Principal % class and voting
Company incorporation activity share type rights
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City Screen
(Liverpool) 22.7%
Limited England & Wales Art house cinema Ordinary 22.7%
Wickenhall Mill 27.3% A
VCT Limited England & Wales Residential Ordinary 27.3%
property
developer
The investments listed above are held as part of an investment portfolio, and
therefore, as permitted by FRS 9, they are measured at fair value and not
accounted for using the equity method.
13. Trade and other debtors
31 March 2012 31 March 2011
GBP'000 GBP'000
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Prepayments and accrued income 11 5
Corporation tax debtor - 36
Other debtors - 15
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11 56
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The Directors consider that the carrying amount of debtors is not materially
different to their fair value.
14. Creditors: amounts falling due within one year
31 March 2012 31 March 2011
GBP'000 GBP'000
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Trade creditors 22 25
Accruals and deferred income 120 142
Corporation tax creditor 83 -
Other creditors 17 27
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242 194
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The Directors consider that the carrying amount of creditors is not materially
different to their fair value.
15. Called up share capital
31 March 2012 31 March 2011
GBP'000 GBP'000
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Allotted, called up and fully paid
23,903,442 Ordinary shares of 1p each (2011:
23,398,778 Ordinary shares at 1p each) 239 234
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Shares in issue
21,561,942 Ordinary shares of 1p each in issue (net of treasury shares)
(2011: 21,155,823)
The Company purchased 232,000 Ordinary shares (2011: 621,371) for cancellation
at a cost of GBP143,000 (2011: GBP371,000) representing 1.1 per cent. of the shares
in issue (excluding treasury shares) as at 31 March 2011.
The Company also purchased 563,611 Ordinary shares (2011: nil) to be held in
treasury at a cost of GBP342,000 (2011: GBPnil). The shares purchased for treasury
were funded from the treasury shares reserve. The Company cancelled 465,066
Ordinary shares (2011: 10,000) from the treasury shares reserve, leaving a
balance of 2,341,500 Ordinary shares in treasury which represents 9.8 per cent.
of the Ordinary shares in issue as at 31 March 2012.
Under the terms of the Dividend Reinvestment Scheme circular, Ordinary shares
were allotted during the year as follows:
Aggregate Opening
nominal Net Issue market price
value of consideration price per share on
Number of shares received (pence allotment
Date of shares per date (pence
allotment allotted GBP'000 GBP'000 share) per share)
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31 August 69.3
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