Rensburg AIM VCT Plc Half Yearly Report -2-
28 Octobre 2013 - 2:55PM
UK Regulatory
Other significant risks include a serious or prolonged fall in
the stock market which would adversely affect the Company's
performance, value, distributable reserves and the liquidity of
underlying investments; consistent underperformance by the Manager;
and the Company's shares failing to achieve a rating which reflects
performance. The Board seeks to mitigate these risks by monitoring
the Manager's performance at each board meeting and discussing
appropriate action where considered necessary.
Shareholder Communications
Our website at www.rensburgaimvct.co.uk provides shareholders
with information on the Company, including the latest announced
NAV, share price, statutory accounts and dividend history.
Shareholders should note that we report (with an announcement on
the Regulatory News Service 'RNS') the month end NAV figure shortly
after the commencement of the following month. Those shareholders
who wish to keep up to date with our performance should visit the
AIC website at www.theaic.co.uk and refer to the statistics section
on AIM VCTs.
Outlook
The start of the second half of the year has seen a continuation
of the positive trend for AIM company shares. Since 5 August 2013
AIM shares are eligible for inclusion in Individual Savings
Accounts and this has increased interest in AIM companies. In
August the average daily value of trades on AIM was GBP98.8m, a
24.1% increase on August 2012. This has benefitted many AIM company
shares, not least our own. The Total Return FTSE AIM All-Share
Index increased by 5.5% in the month to 30 September 2013 whilst
the Total Return FTSE 100 and Total Return FTSE All-Share Indices
increased by 0.9% and 1.1% respectively in the same period. The NAV
of the Company was 45.55 pence per share as at 30 September 2013, a
0.7% increase on the half-year figure.
Your Board believes that with a well balanced portfolio of AIM,
Main market, OEIC, fixed interest and unquoted investments the
Company should perform satisfactorily in the second half.
Richard Battersby - Non-Executive Chairman 28 October 2013
Responsibility Statement of the Directors in respect of the
Half-Yearly Financial Report
We confirm that 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 and the Half-Yearly
Financial Report 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.
Richard Battersby (Non-Executive Director)
Peter C. Smart (Non-Executive Director)
Barry A. Anysz (Non-Executive Director)
28 October 2013
Income Statement
for the six months ended 31 August 2013
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2013 2012 2013
GBP000 GBP000 GBP000
Income 241 527 726
Unrealised gain on fair value investments 1,163 33 1,635
Realised gain on fair value investments 73 38 484
Realised gain on available-for-sale investments 121 535 755
Investment management fee (176) (166) (349)
Other expenses (77) (86) (161)
-------- -------- --------
Profit on ordinary activities before tax 1,345 881 3,090
Taxation - - -
-------- -------- --------
Profit on ordinary activities after tax 1,345 881 3,090
-------- -------- --------
Return per ordinary share 3.43p 2.21p 7.77p
-------- -------- --------
Statement of Total Recognised Gains and Losses
for the six months ended 31 August 2013
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2013 2012 2013
GBP000 GBP000 GBP000
Profit on ordinary activities after tax 1,345 881 3,090
Available-for-sale reserve movement (92) (303) (266)
-------- -------- --------
Total recognised gain during the period 1,253 578 2,824
-------- -------- --------
Total recognised gain per ordinary share 3.19p 1.45p 7.10p
-------- -------- --------
Reconciliation of Movements in Shareholders' Funds
for the six months ended 31 August 2013
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2013 2012 2013
GBP000 GBP000 GBP000
Opening shareholders' funds 17,531 17,290 17,290
Profit on ordinary activities after tax 1,345 881 3,090
Dividends paid (977) (995) (2,384)
Buy-back of ordinary shares (178) (56) (199)
Available-for-sale reserve movement (92) (303) (266)
-------- -------- --------
Closing shareholders' funds 17,629 16,817 17,531
-------- -------- --------
Balance Sheet
as at 31 August 2013
31 August 31 August 28 February
2013 2012 2013
GBP000 GBP000 GBP000
Investments
Fair value through profit and loss account 16,162 14,622 15,019
Available-for-sale assets 751 917 882
-------- -------- --------
16,913 15,539 15,901
Current assets
Debtors 100 126 119
Cash at bank and in hand 740 1,477 1,667
-------- -------- --------
840 1,603 1,786
Creditors
Amounts falling due within one year (124) (325) (156)
-------- -------- --------
Net current assets 716 1,278 1,630
-------- -------- --------
-------- -------- --------
Net assets 17,629 16,817 17,531
------- ------- --------
Capital and reserves
Called up share capital 1,948 1,988 1,971
Capital redemption reserve 385 345 363
Available-for-sale reserve 435 489 526
Other reserves 1,251 1,570 1,300
Profit and loss account 7,552 5,390 6,336
Special reserve 6,058 7,035 7,035
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