TIDMAQT1
RNS Number : 0289T
Acuity VCT PLC
29 May 2009
ACUITY VCT PLC ("the Company" or "the Fund")
Unaudited Half Year Results for the Period Ended 31 March 2009
In accordance with DTR 6.3.5 the Half Year Results of Acuity VCT Plc for the
Period ended 31 March 2009 are made available below.
The figures and financial information in respect of the year ended 30 September
2008 have been delivered to the Registrar of Companies and included the
Auditors' Report which was unqualified.
Copies of the Half Yearly Accounts to 31 March 2009 will be sent to shareholders
shortly and will thereafter be available from the Company's Registered Office.
The full Half Year Report can be accessed via the website
www.acuitycapital.co.uk
References in this announcement to Acuity VCT Plc have been abbreviated to "the
Company" or "the Fund". References to the Investment Manager, Acuity Capital
Management Limited, have been abbreviated to "Acuity Capital".
For further information:
Nick Ross, Acuity VCT Plc: 0207 306 3901
FINANCIAL HIGHLIGHTS
(unaudited)
+----------------------------------------------------+----------+----------+
| Ordinary Shares | | |
+----------------------------------------------------+----------+----------+
| Six months ended 31 March | 2009 | 2008 |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Net Assets | GBP10.1m | GBP12.6m |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Net Asset Value per ordinary share | 52.6p | 64.4p |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Dividend paid per ordinary share | - | - |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Cumulative value of ordinary shares since launch | | |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Dividends paid per ordinary share | 12.1p | 12.1p |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Net Asset Value plus dividends paid per ordinary | 64.7p | 76.5p |
| share | | |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
+----------------------------------------------------+----------+----------+
| C Shares | | |
+----------------------------------------------------+----------+----------+
| Six months ended 31 March | 2009 | 2008 |
+----------------------------------------------------+----------+----------+
| Net Assets | GBP7.4m | GBP8.2m |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| | | |
+----------------------------------------------------+----------+----------+
| Net Asset Value per C share | 81.0p | 90.6p |
+----------------------------------------------------+----------+----------+
| Net Asset Value plus dividends paid per C share | 81.0p | 90.6p |
+----------------------------------------------------+----------+----------+
CHAIRMAN'S STATEMENT
Economic uncertainty continues and has been mirrored by continuing stock market
declines. The FTSE All Share index was down by 21.3% over the period under
review, and the FTSE AIM All Share index by 32.3%. By these yardsticks, your
Company's performance has been comparatively strong, with Net Asset Value
falling by 15.4% for the ordinary shares, and the C shares by 21.2%.
Ordinary Shares
As at 31 March 2009, the Net Asset Value per ordinary share was 52.6p. Including
dividends already paid, this represents a total NAV of 64.7p per share. Over the
half year period, this total fell by 12.9%. Almost half the decline came from
the sale of holdings in Electra Private Equity, which crystallised a fall in
value of GBP0.7 million. The sale was necessitated by pressure on the Company's
liquidity, due to its large exposure to AIM stocks.
C Shares
As for the C shares, at 31 March 2009, their NAV was 81.0p per share. Most of
the reduction in value was caused by the fall in comparable values, which form
the basis for valuing unquoted investments.
Dividends and Buy-Backs
The Board continues to review its dividend and buy-back policies. At present,
due to the exceptional economic circumstances, the Board has decided to suspend
its buy-back policy and also not to pay a dividend at this time in order to
preserve the liquidity of the Company. The Board recognises that both the
buy-back policy and dividends are important to shareholders, and will re-instate
them as soon as it is reasonable to do so. To date, total dividends have been
paid of 12.1p to ordinary shareholders and it remains part of the Fund's long
term objective to distribute tax free dividends to both ordinary and C
shareholders.
VCT Qualifying Status
The Company continues to meet its qualifying tests.
VAT on Management Fees
As set out in the Report & Accounts for the year ended 30 September 2008, the
change in HMRC's treatment of management fees gave rise to the opportunity to
reclaim the VAT that had been paid on management fees over a period of three
years. It was estimated that the reclaim would result in a refund of
approximately GBP0.1 million. The reclaims have now been processed by HMRC and
the Company has received approximately GBP0.1 million. As also agreed, due to
the additional fees that became payable to the Investment Manager as a result of
the change in VAT regulations, in full and final payment of any liability in
this respect by the Company to the Investment Manager, the Company agreed to the
Investment Manager charging an equal amount to the refund received.
The Board
After Michael Broke's retirement from the Board at the AGM in February, we
welcomed Catrina Holme to the Board. She has considerable experience of private
equity and was a partner at DFJEsprit from 2000 to late 2008.
Outlook
The economy continues to be challenging, particularly for smaller companies.
However, the portfolio has been comparatively resilient and seems to be well
placed to benefit as and when the economy recovers.
Rupert Pennant-Rea
Chairman
21 May 2009
INVESTMENT STRATEGY
Investment Objective
In accordance with the Company's Prospectus dated 2 October 2001, the Company's
objective is to achieve capital gains and maximise UK tax-free income to its
shareholders from dividends and capital distributions. It is intended that this
objective will be achieved by investing the majority of the Company's funds in a
portfolio of Qualifying Investments as described under "Investment Strategy"
below.
Investment Strategy
The Company offers investors the opportunity to gain access to the venture
capital market.
The investment focus of the Investment Manager has been to seek out established
companies, most of whom are cash positive, in preference to early stage
opportunities.
In addition, where possible, unquoted investments are normally structured as a
mixture of equity and loan stock. The loan stock represents the majority of the
finance provided. Typically, funds managed by Acuity Capital own a significant
percentage of the equity of the investee company.
This investment focus, combined with a diversified sector strategy and the
typical investment structure, will, in the opinion of the Directors, contribute
materially to reducing the overall risk of investing in smaller companies.
As at 31 March 2009, the ordinary share pool of capital of the Company was
invested in 18 qualifying companies, while, at the same date, the C share pool
of capital of the Company was invested in 10 qualifying companies.
As at 31 March 2009, the Company had no bank indebtedness.
The Directors do not wish the Company to be restricted by having a fixed limit
on what exposure to gearing it may have, apart from the restriction in the
Company's Articles, which limits borrowing to an amount equal to its adjusted
capital and reserves.
Co-investment
The Company also invests alongside the other Acuity VCTs which will enable
shareholders to participate in larger unquoted transactions, which tend to have
a lower risk profile than smaller venture capital investments.
Qualifying Investments
The Company intends to invest in companies that it believes have a high growth
potential. In the Directors' opinion, each of these companies should generally
reflect the following criteria:
* A well defined business plan and ability to demonstrate strong demand for its
products or services;
* Products or services that can be supplied at sustainable high margins and be
cash generative;
* Objectives of management and shareholders to be similarly aligned;
* Adequate capital resources or access to further resources to achieve the targets
set out in the business plan; and high calibre management teams.
The Company seeks to invest in a diversified portfolio of unquoted, PLUS traded
and AIM quoted companies and will not specialise unduly in any particular
industry sector. Unquoted investments will typically be in companies where the
Company believes that there are reasonable prospects of an exit through a trade
sale or flotation in the medium term.
As at 31 March 2009, the ordinary share pool of capital of the Company had
invested 86% of its total net funds by valuation in qualifying companies. At the
same date, the C share pool of capital of the Company had invested 97% of its
total net funds by valuation in qualifying companies. The average investment
size at cost is GBP0.7 million and GBP0.7 million respectively.
Non-Qualifying Investments
Associated Funds
As at 31 March 2009, 6% of the ordinary share total net funds by valuation of
the Company was invested in Electra Private Equity Plc. With respect to the C
shares, the equivalent percentage was 1%.
Cash Management
In addition to investments held in associated funds, as at 31 March 2009, 3% of
the ordinary share total net funds by valuation of the Company was held in cash
to provide immediate liquidity and cash represented 1% of the C share pool
capital.
Risk Management
Since the Company is flexible with regard to those areas in which it invests, it
aims to achieve a significant degree of diversification and to spread risk by
investing in unquoted, PLUS traded and AIM quoted companies. In addition, there
is no emphasis on any particular industry sector and even the non-qualifying
investments have quite a high level of in-built diversification. The Company is
restricted to investing no more than 15% of the value of its total assets at the
time of investment in any one individual qualifying investment or non-qualifying
investment.
INVESTMENT MANAGER'S REVIEW
Performance
In the half year period, the Net Asset Value per ordinary share plus dividends
paid to date declined by 12.9% to 64.7p, which compares with a fall of 20.1% in
the FTSE All-share Index, a measure that covers the largest UK companies, and a
more punishing decline of 33.6% in the FTSE AIM All-share Index, a barometer for
smaller companies. Given that fair market value of our unquoted portfolio is
assessed at a discount to the listed comparable multiples, this is a
satisfactory outcome.
Over the same half year period the Net Asset Value per C share declined by 21.2%
to 81.0p.
Ordinary Shares
Over the period under review, in order to invest in Loseley Dairy Ice Cream and
cover necessary expenses, the Company reduced its holdings of Electra Private
Equity. At the same time, the share price of Electra Private Equity fell from
GBP12.4 at year end to GBP5.7, a reduction in value of 53.7%. As a result, there
was a negative movement of GBP0.8 million over the period.
In addition, there were significant declines of GBP0.3 million for AIM-listed
Media Square, GBP0.2 million for AIM-listed Music Copyright and GBP0.2 million
for unquoted investment Sanastro which is exposed to declining financial sector
advertising and sponsorship. On the positive side, unquoted pub operator Amber
Taverns increased in value by GBP0.3 million due to outperforming its budgets
and its niche focus, and AIM-listed Advanced Medical Solutions rose in value by
GBP0.1 million.
C Shares
The decline in value of the C share pool was mostly a result of the market
decline's impact on the valuations of the comparable companies against which the
valuations of the unquoted investments are calculated. The largest decline was
GBP0.6 million by Target Entertainment Group, a TV production and distribution
company, GBP0.3 million by Future Noise (Acrobat Music Group), which exploits a
music catalogue, and GBP0.3 million by Fin Machine Company, the manufacturer of
capital equipment for the automobile industry.
Portfolio Activity
The Company made one principal investment over the period for the ordinary
shares of GBP0.7 million in Loseley Dairy Ice Cream. The Company's fellow VCTs
are also investors in Loseley which is the continuation of the previously AIM
listed Hill Station. Backing a new management team introduced to the business by
us, Acuity VCT 2 plc and the Company, originally long-term investors in Hill
Station, bought Hill Station out of administration in early November 2008. Since
then, the business has benefited from the strength of the Euro and the trading
down from premium ice cream.
We invested a further GBP0.1 million from the C shares in Emote Games, taking
the total invested to GBP0.5 million. Emote Games is developing and publishing
an online game for the US hunting market called "The Hunter". Shareholders can
view the game at www.thehunter.com. Early reviews of the game have been positive
and Emote are hopeful of signing up a major US distributor in time for
Christmas.
Deal Flow
We continue to see a number of interesting investment opportunities but remain
extremely cautious about making further new investments. We are taking more time
to monitor potential investee companies to ensure that they are operating in
line with previously established budgets and our proposed pricing incorporates a
more conservative view of future performance.
PORTFOLIO SUMMARY
(unaudited)
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Qualifying | Cost | Cost | Valuation | Valuation | Total | Valuation | % of |
| Investments | Ordinary | C | Ordinary | C Shares | GBP'000 | | Portfolio |
| at 31 March 2009 | | Shares | Shares | GBP'000 | | movement | |
| | Shares | GBP'000 | GBP'000 | | | in the | by |
| | GBP'000 | | | | | period | Value |
| | | | | | | GBP'000 | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Advanced Medical | 406 | - | 1,679 | - | 1,679 | 117 | 10.2 |
| Solutions | | | | | | | |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Amber Taverns | 750 | - | 1,745 | - | 1,745 | 316 | 10.6 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Brady | 750 | - | 338 | - | 338 | (32) | 2.1 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Brand Acquisitions | 200 | 1,000 | 200 | 1,000 | 1,200 | - | 7.3 |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Connect2Media | 234 | 790 | 234 | 790 | 1,024 | - | 6.2 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Defaqto | 1,230 | - | 1,694 | - | 1,694 | - | 10.3 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Emote Games | - | 457 | - | 322 | 322 | (72) | 2.0 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| First Dental | 750 | - | 100 | - | 100 | (88) | 0.6 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| The Fin Machine | 200 | 1,001 | 388 | 1,933 | 2,321 | (303) | 14.0 |
| Company | | | | | | | |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Future Noise | - | 1,202 | - | 543 | 543 | (343) | 3.3 |
| (Acrobat Music | | | | | | | |
| Group) | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Hallmarq | 1,300 | 300 | 644 | 300 | 944 | (20) | 5.7 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Immedia | 275 | - | 14 | - | 14 | (8) | 0.1 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Keycom | 1,705 | - | 134 | - | 134 | (44) | 0.8 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Loseley Dairy Ice | 750 | - | 750 | - | 750 | - | 4.6 |
| Cream | | | | | | | |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Ma Hubbards | 800 | - | 305 | - | 305 | (122) | 1.9 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Media Square | 1,122 | - | 34 | - | 34 | (281) | 0.2 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Mount Engineering | - | 250 | - | 207 | 207 | (14) | 1.3 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Music Copyright | 483 | - | 28 | - | 28 | (227) | 0.2 |
| Solutions | | | | | | | |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Quadnetics | 400 | - | 145 | - | 145 | (44) | 0.9 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Red Reef Media Ltd | 235 | 588 | 93 | 233 | 326 | (498) | 2.0 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Sanastro | 1,000 | - | 143 | - | 143 | (241) | 0.9 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Sport Media Group | - | 250 | - | 10 | 10 | (44) | 0.1 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Target | - | 2,000 | - | 1,778 | 1,778 | (612) | 10.7 |
| Entertainment Group | | | | | | | |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Sub Total | 12,590 | 7,838 | 8,668 | 7,116 | 15,784 | (2,560) | 96.0 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Investments | Cost | Cost | Valuation | Valuation | Total | Valuation | % of |
| at 31 March 2009 | Ordinary | C | Ordinary | C Shares | GBP'000 | | Portfolio |
| | | Shares | Shares | GBP'000 | | movement | |
| | Shares | GBP'000 | GBP'000 | | | in the | by |
| | GBP'000 | | | | | period | Value |
| | | | | | | GBP'000 | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Non Qualifying | | | | | | | |
| Investments | | | | | | | |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Electra Private | 717 | 131 | 609 | 46 | 655 | (759) | 3.9 |
| Equity | | | | | | | |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Media Square | 456 | - | 10 | - | 10 | (79) | 0.1 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Sub Total | 1,173 | 131 | 619 | 46 | 665 | (838) | 4.0 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Total Investments | 13,763 | 7,969 | 9,287 | 7,162 | 16,449 | (3,398) | 100.00 |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Other Assets | | | | | | | |
| | | | | | | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Cash | | | 151 | 104 | 255 | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
| Total | | | 9,438 | 7,266 | 16,704 | | |
+---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+
CO-INVESTMENT ARRANGEMENTS
Co-investment Arrangements with other Acuity VCTs
The Directors welcome the fact that the Investment Manager has five VCT funds,
Acuity VCT Plc Ordinary Share pool, Acuity VCT Plc C Share pool, Acuity VCT 2
Plc Ordinary Share pool, Acuity VCT 2 Plc C Share pool and Acuity VCT 3 Plc
(together "the Acuity VCTs") that it can use for co-investment. This allows each
fund to spread its investment risk and gain access to larger investments than it
could do on its own. Where a co-investment opportunity arises between one or
more of the Company's two share pools and either or both of the other two funds,
the Company will invest in an agreed and consistent proportion, on the same
terms and in the same securities as the funds with which it co-invests. Costs
associated with any such investment will be borne by each fund pro-rata to its
investment.
In more detail, the Board has adopted a set of guidelines on its co-investment
arrangements with the Acuity VCTs and the Investment Manager as follows:-
Other than as set out below, investments will be allocated between the two share
pools within the Company and also the other Acuity VCTs by reference to the size
of each fund and to each fund's available cash resources.
Where an opportunity arises for a second or subsequent round of investment in a
company in which one of the Acuity VCTs has invested at an earlier stage, the
fund holding the existing investment will have a preferential right to take up
any pro-rata entitlement it may have in the new financing round. The amount it
invests on this basis will not be taken into account in determining its
co-investment share thereafter.
The Company, either through the Ordinary Share pool or the C Share pool, will
make an investment in which one or more of the Acuity VCTs have existing
investments only when the Board considers that to be in the best interests of
the relevant Share pool of the Company.
Any potential conflict of interest in a proposed investment by one or more of
the Acuity VCTs will be referred by the Investment Manager to the Board of the
Company and the other relevant Boards; having been reviewed by the Conflict of
Interest Committee; chaired by an independent member of the Investment
Committee.
In the event of a possible conflict of interest between the Investment Manager
and the Company, the matter will be decided by those Directors who are
independent of the Investment Manager.
The Board of the Company acknowledges that the Investment Manager may
occasionally recommend an allocation of investments on a different basis from
the one described above. For example, an exception may be made to ensure that
one or more of the Company's Share pools, Acuity VCT 2 Plc or Acuity VCT 3 Plc
maintain their status as a HMRC approved VCT, or in the interests of balancing
their portfolios. A different basis may also be necessary to meet the
requirements of potential investee companies. In these cases the Directors use
their judgement.
BUSINESS REVIEW AND RESPONSIBILITY STATEMENT
Current and Future Development
A review of the main features of the six months to 31 March 2009 is contained in
the Chairman's Statement and the Investment Manager's Review.
The Board regularly reviews the development and strategic direction of the
Company. The Board's main focus continues to be on the Company's long-term
investment return. Attention is paid to the integrity and success of the
investment approach and on factors which may have an impact on this approach.
Due regard is given to the marketing and promotion of the Company, including
effective communication with shareholders and other external parties.
A detailed review of performance during the six months to 31 March 2009 is
contained in the Investment Manager's Review.
Risk Management
Since the Company is flexible with regard to those areas in which it invests, it
aims to achieve a significant degree of diversification and to spread risk by
investing in unquoted, PLUS traded and AIM quoted companies. In addition, there
is no emphasis on any particular industry sector and even the non-qualifying
investments have quite a high level of in-built diversification. The Company is
restricted to investing no more than 15% of the value of its total assets at the
time of investment in any one individual qualifying investment or non-qualifying
investment.
The key risks facing the Company include Market Risk, Interest Rate Risk, Credit
Risk and Liquidity Risk as further detailed in Note 20 of the Notes to the
Accounts in the Company's Annual Report and Accounts to 30 September 2008. In
addition the Company is also focused on Macroeconomic Risks, Long-Term Strategic
Risk, Government Policy and Regulation Risk, Investment Risks and Operational
Risks as further detailed in the Report of the Directors in the Company's Annual
Report and Accounts to 30 September 2008. This Business Review also refers,
where appropriate, to specific risks and uncertainties and these should be
viewed in conjunction with the risks disclosed above.
Responsibility Statement of the Directors in respect of the Half Yearly
Financial Report
We confirm to the best of our knowledge:
* The condensed set of financial statements has been prepared in accordance with
the Statement Half Yearly Financial Reports issued by the UK Accounting
Standards Board;
* The Half Yearly Business Review includes a fair review of the information
required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication
of important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining six
months of the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period; and any changes in the related
party transactions described in the last annual report that could do so.
By order of the Board of Directors
Rupert Pennant-Rea
Chairman
Paternoster House
65 St Paul's Churchyard
London EC4M 8AB
21 May 2009
INCOME STATEMENT
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| For the six | Ordinary Shares | C Shares | Total |
| months | | | |
| ended 31 | | | |
| March 2009 | | | |
+---------------+-------------------------------------+--------------------------------+--------------------------------+
| | | (unaudited) | | (unaudited) | | (unaudited) |
+---------------+-------+-----------------------------+--+-----------------------------+--+-----------------------------+
| | Notes | Revenue | Capital | Total | | Revenue | Capital | Total | | Revenue | Capital | Total |
| | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Investment | | - | (1,686) | (1,686) | | - | (1,958) | (1,958) | | - | (3,644) | (3,644) |
| holding | | | | | | | | | | | | |
| gains | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Income | 2 | 81 | - | 81 | | 164 | - | 164 | | 245 | - | 245 |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| | | 81 | (1,686) | (1,605) | | 164 | (1,958) | (1,794) | | 245 | (3,644) | (3,399) |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Investment | | (41) | (124) | (165) | | (29) | (88) | (117) | | (70) | (212) | (282) |
| management | | | | | | | | | | | | |
| fees | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Other | | (80) | - | (80) | | (61) | - | (61) | | (141) | - | (141) |
| expenses | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| | | (121) | (124) | (245) | | (90) | (88) | (178) | | (211) | (212) | (423) |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Return/(Loss) | | (40) | (1,810) | (1,850) | | 74 | (2,046) | (1,972) | | 34 | (3,856) | (3,822) |
| on Ordinary | | | | | | | | | | | | |
| Activities | | | | | | | | | | | | |
| before | | | | | | | | | | | | |
| interest and | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Finance | | (2) | - | (2) | | (2) | - | (2) | | (4) | - | (4) |
| cost | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Return/(Loss) | | (42) | (1,810) | (1,852) | | 72 | (2,046) | (1,974) | | 30 | (3,856) | (3,826) |
| on Ordinary | | | | | | | | | | | | |
| Activities | | | | | | | | | | | | |
| before | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Tax on | | - | - | - | | (15) | 15 | - | | (15) | 15 | - |
| ordinary | | | | | | | | | | | | |
| activities | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Net | | (42) | (1,810) | (1,852) | | 57 | (2,031) | (1,974) | | 15 | (3,841) | (3,826) |
| Return/(Loss) | | | | | | | | | | | | |
| on Ordinary | | | | | | | | | | | | |
| Activities | | | | | | | | | | | | |
| after | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Basic and | 3 | (0.2)p | (9.4)p | (9.6)p | | 0.6p | (22.3)p | (21.7)p | | | | |
| diluted | | | | | | | | | | | | |
| return/(loss) | | | | | | | | | | | | |
| to | | | | | | | | | | | | |
| shareholders | | | | | | | | | | | | |
| per share | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
The total column of this statement represents the Company's Income Statement,
prepared in accordance with UK GAAP. The revenue return and capital return
columns are supplementary to this and are prepared under guidance published by
the Association of Investment Companies. All revenue and capital items in the
above statement derive from continuing operations. No operations were acquired
or discontinued in the year. A Statement of Total Recognised Gains and Losses is
not required as all gains and losses of the Company have been reflected in the
above statement.
INCOME STATEMENT
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| For the six | Ordinary Shares | C Shares | Total |
| months | | | |
| ended 31 | | | |
| March 2008 | | | |
+---------------+-------------------------------------+--------------------------------+--------------------------------+
| | | (unaudited) | | (unaudited) | | (unaudited) |
+---------------+-------+-----------------------------+--+-----------------------------+--+-----------------------------+
| | Notes | Revenue | Capital | Total | | Revenue | Capital | Total | | Revenue | Capital | Total |
| | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Investment | | - | (2,434) | (2,434) | | - | (122) | (122) | | - | (2,556) | (2,556) |
| holding | | | | | | | | | | | | |
| gains | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Income | 2 | 88 | - | 88 | | 128 | - | 128 | | 216 | - | 216 |
| | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| | | 88 | (2,434) | (2,346) | | 128 | (122) | 6 | | 216 | (2,556) | (2,340) |
| | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Investment | | (53) | (158) | (211) | | (31) | (93) | (124) | | (84) | (251) | (335) |
| management | | | | | | | | | | | | |
| fees | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Other | | (196) | - | (196) | | (35) | - | (35) | | (231) | - | (231) |
| expenses | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| | | (249) | (158) | (407) | | (66) | (93) | (159) | | (315) | (251) | (566) |
| | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Return/(Loss) | | (161) | (2,592) | (2,753) | | 62 | (215) | (153) | | (99) | (2,807) | (2,906) |
| on Ordinary | | | | | | | | | | | | |
| Activities | | | | | | | | | | | | |
| before | | | | | | | | | | | | |
| interest and | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Finance | | - | - | - | | - | - | - | | - | - | - |
| cost | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Tax on | | - | - | - | | - | - | - | | - | - | - |
| ordinary | | | | | | | | | | | | |
| activities | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Dividend | | 4 | - | 4 | | - | - | - | | 4 | - | 4 |
| received | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Net | | (157) | (2,592) | (2,749) | | 62 | (215) | (153) | | (95) | (2,807) | (2,902) |
| Return/(Loss) | | | | | | | | | | | | |
| on Ordinary | | | | | | | | | | | | |
| Activities | | | | | | | | | | | | |
| after | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Basic and | 3 | (0.8)p | (13.1)p | (13.9)p | | 0.7p | (2.4)p | (1.7)p | | | | |
| diluted | | | | | | | | | | | | |
| return/(loss) | | | | | | | | | | | | |
| to | | | | | | | | | | | | |
| shareholders | | | | | | | | | | | | |
| per share | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
The total column of this statement represents the Company's Income Statement,
prepared in accordance with UK GAAP. The revenue return and capital return
columns are supplementary to this and are prepared under guidance published by
the Association of Investment Companies. All revenue and capital items in the
above statement derive from continuing operations. No operations were acquired
or discontinued in the year. A Statement of Total Recognised Gains and Losses is
not required as all gains and losses of the Company have been reflected in the
above statement.
INCOME STATEMENT
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| For the | Ordinary Shares | C Shares | Total |
| year ended | | | |
| 30 | | | |
| September | | | |
| 2008 | | | |
+---------------+-------------------------------------+--------------------------------+--------------------------------+
| | | (audited) | | (audited) | | (audited) |
+---------------+-------+-----------------------------+--+-----------------------------+--+-----------------------------+
| | Notes | Revenue | Capital | Total | | Revenue | Capital | Total | | Revenue | Capital | Total |
| | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Investment | | - | (2,858) | (2,858) | | - | 795 | 795 | | - | (2,063) | (2,063) |
| holding | | | | | | | | | | | | |
| gains | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Income | 2 | 181 | - | 181 | | 457 | - | 457 | | 638 | - | 638 |
| | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| | | 181 | (2,858) | (2,677) | | 457 | 795 | 1,252 | | 638 | (2,063) | (1,425) |
| | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Investment | | (83) | (248) | (331) | | (45) | (134) | (179) | | (128) | (382) | (510) |
| management | | | | | | | | | | | | |
| fees | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Other | | (289) | 44 | (245) | | (102) | (9) | (111) | | (391) | 35 | (356) |
| expenses | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| | | (372) | (204) | (576) | | (147) | (143) | (290) | | (519) | (347) | (866) |
| | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Return/(Loss) | | (191) | (3,062) | (3,253) | | 310 | 652 | 962 | | 119 | (2,410) | (2,291) |
| on Ordinary | | | | | | | | | | | | |
| Activities | | | | | | | | | | | | |
| before | | | | | | | | | | | | |
| interest and | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Finance | | (12) | - | (12) | | (13) | - | (13) | | (25) | - | (25) |
| cost | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Return/(Loss) | | (203) | (3,062) | (3,265) | | 297 | 652 | 949 | | 94 | (2,410) | (2,316) |
| on Ordinary | | | | | | | | | | | | |
| Activities | | | | | | | | | | | | |
| before | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Tax on | | - | - | - | | - | - | - | | - | - | - |
| ordinary | | | | | | | | | | | | |
| activities | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Net | | (203) | (3,062) | (3,265) | | 297 | 652 | 949 | | 94 | (2,410) | (2,316) |
| Return/(Loss) | | | | | | | | | | | | |
| on Ordinary | | | | | | | | | | | | |
| Activities | | | | | | | | | | | | |
| after | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
| Basic and | 3 | (1.0)p | (16.0)p | (17.0)p | | 3.3p | 7.1p | 10.4p | | | | |
| diluted | | | | | | | | | | | | |
| return/(loss) | | | | | | | | | | | | |
| to | | | | | | | | | | | | |
| shareholders | | | | | | | | | | | | |
| per share | | | | | | | | | | | | |
+---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+
The total column of this statement represents the Company's Income Statement,
prepared in accordance with UK GAAP. The revenue return and capital return
columns are supplementary to this and are prepared under guidance published by
the Association of Investment Companies. All revenue and capital items in the
above statement derive from continuing operations. No operations were acquired
or discontinued in the year. A Statement of Total Recognised Gains and Losses is
not required as all gains and losses of the Company have been reflected in the
above statement.
RECONCILIATION OF MOVEMENTS IN TOTAL SHAREHOLDERS' FUNDS
+---------------------------+------------------+------------------+------------------+
| Ordinary Shares | For the six | For the six | For the year |
| | months ended | months ended | ended |
| | 31 March 2009 | 31 March 2008 | 30 September |
| | (unaudited) | (unaudited) | 2008 |
| | | | (audited) |
+---------------------------+------------------+------------------+------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------+------------------+------------------+------------------+
| Total return on Ordinary | (1,852) | (2,749) | (3,265) |
| Activities after taxation | - | (340) | (446) |
| Repurchase of ordinary | | | |
| shares | | | |
+---------------------------+------------------+------------------+------------------+
| Movements in Total | (1,852) | (3,089) | (3,711) |
| Ordinary Shareholders' | 11,944 | 15,655 | 15,655 |
| Funds | | | |
| Total Ordinary | | | |
| Shareholders' Funds as at | | | |
| 1 October | | | |
+---------------------------+------------------+------------------+------------------+
| Total Ordinary | 10,092 | 12,566 | 11,944 |
| Shareholders' Funds at | | | |
| end of the period | | | |
+---------------------------+------------------+------------------+------------------+
+---------------------------+------------------+------------------+------------------+
| C Shares | For the six | For the six | For the year |
| | months ended | months ended | ended |
| | 31 March 2009 | 31 March 2008 | 30 September |
| | (unaudited) | (unaudited) | 2008 |
| | | | (audited) |
+---------------------------+------------------+------------------+------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+---------------------------+------------------+------------------+------------------+
| Total return on C Share | (1,974) | (153) | 949 |
| Activities after taxation | | | |
+---------------------------+------------------+------------------+------------------+
| Movements in Total C | (1,974) | (153) | 949 |
| Shareholders' Funds | 9,341 | 8,392 | 8,392 |
| Total C Shareholders' | | | |
| Funds as at 1 October | | | |
+---------------------------+------------------+------------------+------------------+
| Total C Shareholders' | 7,367 | 8,239 | 9,341 |
| Funds at end of the | | | |
| period | | | |
+---------------------------+------------------+------------------+------------------+
BALANCE SHEET
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| | For the six months | For the six months | For the year ended |
| | ended | ended | 30 September 2008 |
| | 31 March 2009 | 31 March 2008 | |
+---------------+-----------------------------------+---------------------------------+---------------------------------+
| | | (unaudited) | | (unaudited) | | (audited) |
+---------------+----+------------------------------+--+------------------------------+--+------------------------------+
| | | Ordinary | C | Total | | Ordinary | C | Total | | Ordinary | C | Total |
| | | GBP'000 | shares | GBP'000 | | GBP'000 | shares | GBP'000 | | GBP'000 | shares | GBP'000 |
| | | | GBP'000 | | | | GBP'000 | | | | GBP'000 | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Fixed | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | |
| | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Investments | | 9,287 | 7,162 | 16,449 | | 11,693 | 6,015 | 17,708 | | 10,797 | 8,919 | 19,716 |
| held at | | | | | | | | | | | | |
| fair value | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Current | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Debtors | | 779 | 499 | 1,278 | | 510 | 224 | 734 | | 598 | 615 | 1,213 |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Other | | - | - | - | | 471 | 800 | 1,271 | | 96 | - | 96 |
| investments | | | | | | | | | | | | |
| Cash at | | 151 | 104 | 255 | | 162 | 1,544 | 1,706 | | 591 | 83 | 674 |
| bank | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| | | 930 | 603 | 1,533 | | 1,143 | 2,568 | 3,711 | | 1,285 | 698 | 1,983 |
| | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Current | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Creditors: | | (42) | (228) | (270) | | (125) | (178) | (303) | | (54) | (108) | (162) |
| amounts | | | | | | | | | | | | |
| falling | | | | | | | | | | | | |
| due within | | | | | | | | | | | | |
| one year | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Net | | 888 | 375 | 1,263 | | 1,018 | 2,390 | 3,408 | | 1,231 | 590 | 1,821 |
| Current | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Total | | 10,175 | 7,537 | 17,712 | | 12,711 | 8,405 | 21,116 | | 12,028 | 9,509 | 21,537 |
| Assets | | (83) | (170) | (253) | | (145) | (166) | (311) | | (84) | (168) | (252) |
| less | | | | | | | | | | | | |
| Current | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | |
| Creditors: | | | | | | | | | | | | |
| amounts | | | | | | | | | | | | |
| falling due | | | | | | | | | | | | |
| after more | | | | | | | | | | | | |
| than one | | | | | | | | | | | | |
| year | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Net Assets | | 10,092 | 7,367 | 17,459 | | 12,566 | 8,239 | 20,805 | | 11,944 | 9,341 | 21,285 |
| | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Capital | | | | | | | | | | | | |
| and | | | | | | | | | | | | |
| Reserves | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Called-up | | 193 | 91 | 284 | | 195 | 91 | 286 | | 193 | 91 | 284 |
| share | | | | | | | | | | | | |
| capital | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Share | | 13,580 | 8,313 | 21,893 | | 13,580 | 8,313 | 21,893 | | 13,580 | 8,313 | 21,893 |
| premium | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Special | | 4,624 | - | 4,624 | | 5,070 | - | 5,070 | | 4,624 | - | 4,624 |
| reserve | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Capital | | 28 | - | 28 | | 22 | - | 22 | | 28 | - | 28 |
| redemptions | | | | | | | | | | | | |
| reserve | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Revaluation | | (7,185) | 973 | (6,212) | | - | - | - | | (7,182) | 973 | (6,209) |
| reserve | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Revenue | | (1,148) | (2,010) | (3,158) | | (6,301) | (165) | (6,466) | | 701 | (36) | 665 |
| reserve | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Total | | 10,092 | 7,367 | 17,459 | | 12,566 | 8,239 | 20,805 | | 11,944 | 9,341 | 21,285 |
| Equity | | | | | | | | | | | | |
| Shareholders' | | | | | | | | | | | | |
| Funds | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
| Net Asset | | 52.6p | 81.0p | | | 64.4p | 90.6p | | | 62.2p | 102.7 | |
| Value per | | | | | | | | | | | | |
| share | | | | | | | | | | | | |
+---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+
+---------------------------+------------------+------------------+-------------------+
| | As at 31 March | As at 31 March | As at September |
| | 2009 | 2008 | 2008 |
+---------------------------+------------------+------------------+-------------------+
| Number of shares in issue | | | |
| at end of period: | | | |
+---------------------------+------------------+------------------+-------------------+
| Ordinary Shares | 19,201,481 | 19,402,384 | 19,201,481 |
+---------------------------+------------------+------------------+-------------------+
| C Shares | 9,093,156 | 9,093,156 | 9,093,156 |
+---------------------------+------------------+------------------+-------------------+
| Total | 28,294,637 | 28,495,540 | 28,294,637 |
+---------------------------+------------------+------------------+-------------------+
CASH FLOW STATEMENT
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| | For the six months | For the six months | For the year ended |
| | ended | ended | 30 September 2008 |
| | 31 March 2009 | 31 March 2008 | (audited) |
| | (unaudited) | (unaudited) | |
+---------------------+------------------------------+------------------------------+------------------------------+
| | Ordinary | C | Total | Ordinary | C | Total | Ordinary | C | Total |
| | GBP'000 | shares | GBP'000 | GBP'000 | shares | GBP'000 | GBP'000 | shares | GBP'000 |
| | | GBP'000 | | | GBP'000 | | | GBP'000 | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Operating | | | | | | | | | |
| Activities | | | | | | | | | |
| | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Investment | 4 | - | 4 | 65 | 98 | 163 | 199 | 110 | 309 |
| income received | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Bank deposit | 1 | - | 1 | 3 | - | 3 | 7 | 32 | 39 |
| interest | | | | | | | | | |
| received | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Investment | (235) | - | (235) | (105) | (50) | (155) | (349) | (186) | (535) |
| management fees | | | | | | | | | |
| paid | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Other cash | (127) | (59) | (186) | (131) | (60) | (191) | (238) | (15) | (253) |
| payments | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Net cash outflow | (357) | (59) | (416) | (168) | (12) | (180) | (381) | (59) | (440) |
| from Operating | | | | | | | | | |
| Activities | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Capital | | | | | | | | | |
| Expenditure and | | | | | | | | | |
| Financial | | | | | | | | | |
| Investment | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Investing | | | | | | | | | |
| Activities | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Purchase of | (1,053) | (143) | (1,196) | (877) | (2,710) | (3,587) | (1,332) | (4,801) | (6,133) |
| investments | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Sale of | 874 | 222 | 1,096 | 1,821 | - | 1,821 | 2,747 | 104 | 2,851 |
| investments | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Co-investment | - | - | - | - | - | - | - | (278) | (278) |
| payment to | | | | | | | | | |
| related party | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Net cash | (179) | 79 | (100) | 944 | (2,710) | (1,766) | 1,415 | (4,975) | (3,560) |
| inflow/(outflow) | | | | | | | | | |
| from Investing | | | | | | | | | |
| Activities | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Equity dividends | - | - | - | 4 | - | 4 | - | - | - |
| received/(paid) | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Cash | (536) | 20 | (516) | 780 | (2,722) | (1,942) | 1,034 | (5,034) | (4,000) |
| inflow/(outflow) | | | | | | | | | |
| before Financing | | | | | | | | | |
| and Management | | | | | | | | | |
| of Liquid | | | | | | | | | |
| Resources | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Management of | | | | | | | | | |
| Liquid Resources | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| (Purchases)/Sales | - | - | - | 2,780 | - | 2,780 | (95) | 4,050 | 3,955 |
| of current asset | | | | | | | | | |
| investments | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Net cash inflow | - | - | - | 2,780 | - | 2,780 | (95) | 4,050 | 3,955 |
| from Management | | | | | | | | | |
| of Liquid | | | | | | | | | |
| Resources | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Financing | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Repurchase of | - | - | - | (325) | - | (325) | (475) | - | (475) |
| Ordinary shares | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| Net cash | - | - | - | (325) | - | (325) | (475) | - | (475) |
| (outflow)/inflow | | | | | | | | | |
| from Financing | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
| (Decrease)/Increase | (536) | 20 | (516) | 3,235 | (2,722) | 513 | 464 | (984) | (520) |
| in cash for the | | | | | | | | | |
| period | | | | | | | | | |
+---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+
NOTES TO THE ACCOUNTS
1. Accounting Policies
The principal accounting policies remain unchanged from the year ended 30
September 2008, apart from a presentational change to the reserves, as a result
of the early adoption of the guidance contained in the Statement of Recommended
Practice (SORP), "Financial Statements of Investment Trust Companies and Venture
Capital Trusts", issued in January 2009, whereby changes in capital reserves
have been combined. Where presentational guidance set out in the SORP, revised
in January 2009, is consistent with the requirements of UKGAAP, the Directors
have sought to prepare the financial statements on a consistent basis compliant
with the recommendations of the SORP.
2. Income
+----------------------+----------------+----------------+----------------+
| | For the six | For the six | For the year |
| | months ended | months ended | ended |
| | 31 March 2009 | 31 March 2008 | 30 September |
| | (unaudited) | (unaudited) | 2008 |
| | | | (audited) |
+----------------------+----------------+----------------+----------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------+----------------+----------------+----------------+
| Franked investment | 226 | 108 | 159 |
| income | 1 | 76 | 101 |
| Income from | - | 26 | 339 |
| liquidity funds | 1 | 6 | 39 |
| Unfranked investment | 17 | - | - |
| income | | | |
| Interest from bank | | | |
| deposits | | | |
| Other income | | | |
| | | | |
+----------------------+----------------+----------------+----------------+
| | 245 | 216 | 638 |
+----------------------+----------------+----------------+----------------+
3. Return per Share
Ordinary Shares
The revenue return/(loss) per ordinary share is based on the net revenue/(loss)
from ordinary activities after taxation, of GBP(42,000) (31.03.08: GBP(157,000);
30.09.08: GBP(203,000)) and on 19,201,481 (31.03.08: 19,755,821; 30.09.08:
19,530,826) ordinary shares, being the weighted average number of ordinary
shares in issue during the period.
The capital return/(loss) per ordinary share is based on net capital losses of
GBP(1,810,000) (31.03.2008: GBP(2,592,000); 30.09.2008: GBP(3,062,000)) and on
19,201,481 (31.03.2008: 19,755,821; 30.09.2008: 19,530,826) ordinary shares,
being the weighted average number of ordinary shares in issue during the period.
C Shares
The revenue return/(loss) per C share is based on the net revenue/(loss) from C
share activities after taxation, attributable to the C shareholders, of
GBP57,000 (31.03.08: GBP62,000; 30.09.08: GBP297,000) and on 9,093,156
(31.03.08: 9,093,156; 30.09.08: 9,093,156) C Shares, being the weighted average
number of C Shares in issue during the period.
The capital return/(loss) per C share is based on net capital gains/(losses) of
GBP(2,031,000) (31.03.2008: GBP(215,000); 30.09.2008: GBP652,000) and on
9,093,156 (31.03.08: 9,093,156; 30.09.08: 9,093,156), being the weighted average
number of C shares in issue during the period.
There is no difference between the basic and diluted return per ordinary share
and per C share because the Company has no potentially dilutive shares in issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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