RNS Number:0785W
Sitka Health Fund VCT PLC
03 May 2007
Release Date - 3rd May 2007
Preliminary Announcement of Results for the year ended 31 January 2007
Chairman's Statement
Overview of Performance and Key Events
In my Interim Statement to you in October last year, I reported that the second
half of the year looked likely to be an active period for the Fund. This proved
to be the case. The Fund made significant and profitable realisations which
permitted the Directors to declare a second interim dividend of 5p per Ordinary
share to be paid on 14 May 2007. This brings the total dividends in respect of
the year to 31 January 2007 to 7p for Ordinary shareholders and 6.5p for those
who held 'C1' shares.
The NAV at 31 January 2007 was 89.5p compared with 89.7p on 31 January 2006.
This is, however, after taking into consideration the payment of a dividend of
2p per share in November 2006. We remain confident that most of the companies in
the portfolio are doing well and many of them are still held at cost despite
making considerable progress.
During the year the capital structure of the Fund has been much simplified
following the early conversion of the 'C1' shares to Ordinary shares.
At the year end the portfolio consisted of a total of 15 companies diversified
across the health sector and at different stages of development. Of these
companies 7 are quoted and 8 are unquoted.
Portfolio Developments
Evidence of the careful building of the portfolio by the Fund Manager over the
years since the launch of the fund in 2001, is starting to show. The successful
sales of Altrix and Avidex, companies that had been in the portfolio for 5 and 4
years respectively, are typical of the time it takes for investments to mature
to the point where they can be successfully realised. Although not all
investments do so well, our investment in Deltex being an example of a company
that did not meet our expectations and that we have now disposed of our shares.
We continue to build the portfolio, investing new money raised and replacing
investments that have been sold. Two new investments were made during the course
of the year with a further deal closing just after the year end bringing the
total funds committed in these deals to #1.45m. All of these deals are unquoted.
One of the deals, Optasia Medical Ltd, was the first investment where Noble VCT
and Sitka have invested side by side , demonstrating the potential value of
having two VCTs managed within the same investment group. It is important for
the Fund Manager to support the growth and development of the portfolio
companies where these show suitable signs of promise and during the year a
further four follow-on investments were made totalling #841,000.
Fund Structure
The capital structure of the Fund was simplified in November 2006 when the 'C1'
share class was converted into Ordinary shares following shareholder approval.
Although the 'C1' shares had not yet reached the requisite 70% investment level
to trigger this conversion, it was decided to convert these shares early to
simplify the Fund structure ahead of the recent Offer for Subscription. Thus the
fund now has only one class of Ordinary share.
Growing the Fund
As long standing shareholders will be aware in each of my Chairman's statements
I have reiterated the Director's belief that it would be in the best interest of
the Company's shareholders to seek to increase funds under management. Over the
last five years we have undertaken two small top-up offers, and two 'C' share
offers. As a result we have almost tripled the original size of the Fund to
#16.9m.
Now that the Fund is larger, it will allow us to make more substantial
investments. Also, a bigger fund will enable the Fund, to make larger
investments into more mature companies whilst still adhering to the new limits
on size of investee company.
In the 2007 Budget several new provisions relating to VCTs were introduced. We
are pleased that one of these now allows VCTs six months in which profitable
realisations can be reinvested. In addition, there are two new rules relating to
new money raised after 5 April 2007. One of these limits the sum of money that
an individual company can receive for a VCT/EIS to #2m, and the other specifies
that the number of employees in an investee company must be less than 50. These
changes are unlikely to have any material impact on the investment strategy of
the Fund. The Board believes that the Fund Manager will have sufficient deal
flow to invest the funds raised during the recent offer for subscription within
the period required to satisfy the VCT rules and in due course we will give
consideration to further fund raising.
Dividend policy
The board's long-term objective is to maximise the flow of dividends to
shareholders. However the Company also needs to bear in mind the need to retain
adequate funds for follow on investments and to fund the running of the company,
as well as the buy back policy as a service to shareholders. Generally the
Company will pay out such realised gains as may be prudent bearing in mind the
above constraints.
Buy back policy
The Company operates a buy back policy generally purchasing shares at around 10%
discount of NAV. This policy helps ensure that the shares trade in a narrower
range than would otherwise be the case and provides liquidity for those
shareholders who wish to exit, whilst enhancing the NAV for remaining
shareholders. In the year ended 31 January 2007, 351,826 shares were bought
back.
VCT qualifying status
The Company continues to receive full Inland Revenue approval and comfortably
met the requirements to have 70% of funds invested in qualifying investments. In
addition, the Company continued to meet the other tests necessary for
maintaining VCT qualifying status.
It is essential that the Company maintains its full qualifying status so that
shareholders retain their tax reliefs. The Board is satisfied that the Fund
Manager has continued to seek professional advice to ensure the necessary
conditions are met for an investment to be VCT qualifying. The board reviews the
Company's overall qualifying status at each board meeting and is advised by
PricewaterhouseCoopers.
Corporate governance
The board consists of five directors, three independent and two who are members
of the Fund Manager.
Change of name
Following the successful integration of Sitka Ltd within Noble Fund Managers,
the Board believes that it would be appropriate to reflect this by a change of
name from Sitka Health Fund VCT to Noble Health VCT. Noble Fund Managers
currently manages three VCTs including Sitka and has recently announced it will
become the manager of a fourth VCT operating mainly on the AIM market which will
bring the total VCT funds under management to more than #80m.
Outlook
The success of our recent fund raising demonstrates that the value of a
specialist VCT focusing in the healthcare sector is now better recognised by the
market. The healthcare sector continues to grow and is one of the largest and
most successful sectors in the UK. Entrepreneurial activity continues to
generate an excellent deal flow which allows your Fund Manager to be highly
selective in its choice of investments. The funds available for new investment
will enable the Fund Manager to drive the growth and diversification of the
portfolio to over twenty companies. The priority remains to invest in companies
that are at the revenue generating stage and which possess a potential
competitive edge in the market.
The Fund Manager will also continue to focus on helping the portfolio company
management teams to grow revenues and profitability, and to implement
realisation strategies. This 'hands-on' approach and board representation have
served the Fund well so far and enable the Fund Manager to play a key role in
helping steer companies to successful exits and thus realise value from the
portfolio. Our success will be dependent to a large degree upon the economic
environment, but if this remains relatively benign as at present, we are
optimistic that we will be able to move several companies towards successful
exits.
Annual general meeting
I look forward to welcoming shareholders to the annual general meeting on
Thursday 7 June 2007 at 2.30 pm at the Noble Group's offices, 120 Old Broad
Street, London EC2N 1AR, where I will present my report for the year and Fund
Managers, Mr. Gerard Tardy and Dr. Louis Nisbet, will present an overview of the
prospects of the health sector in the UK.
The meeting will be followed by afternoon tea with the intention of concluding
by 4pm.
Gill Nott
Chairman
2 May 2007
Investment Portfolio
as at 31 January 2007
Valuation
% of
Shareholders'
Cost Valuation funds
# # %
Quoted investments
1st Dental Laboratories plc* 289,000 153,889 1.3%
Chromogenex plc 253,000 184,000 1.5%
Genosis plc* 779,886 144,855 1.2%
Immunodiagnostics Systems plc* 325,880 762,649 6.3%
MediGene AG 639,173 271,492 2.2%
Vectura Group plc 153,538 275,582 2.2%
York Pharma plc 675,063 922,808 7.6%
Total quoted investments 3,115,540 2,715,275 22.3%
Unquoted investments
Amura Holdings Limited 800,000 950,000 7.8%
BioVex Inc 650,000 650,000 5.4%
deltaDot Limited 167,604 167,604 1.4%
Digital Healthcare Limited 600,000 600,000 4.9%
Eyebright plc 576,665 - -
Inforsense Limited 1,020,000 1,418,213 11.7%
Omni Dental Sciences Limited 500,000 500,000 4.1%
Optasia Medical Limited* 650,000 650,000 5.4%
Total unquoted investments 4,964,269 4,935,817 40.7%
Total investments 8,079,809 7,651,092 63.0%
Net current assets 4,485,987 37.0%
Shareholders' funds 12,137,079 100.0%
*These investments are also co-investments with Noble VCT
Fund Manager's Review
Ordinary Share Portfolio
Realising returns from a balanced portfolio
In the year to 31 January 2007, the Fund has, for the second consecutive year
generated sufficient gains to pay out dividends. This year we have realised
gains from the sale of our portfolio holdings to be able to pay 7p of dividends
for the year, comprising an interim dividend of 2p and the second interim
dividend of 5p. The portfolio continues to mature encouragingly and we expect to
continue to pay dividends as further realisations from the portfolio are made.
The key success in the year to 31 January 2007 relates to one of our very first
investments in November 2001. Altrix, the largest oral fluid testing laboratory
in Europe was sold in January 2007 to listed acquirer Concateno plc. The Fund
received #1.75m for its stake in the business, a 4.4 multiple on the investment
of #400k, equivalent to a gain of 10.7p per share. The sale was due to the
ongoing excellent financial performance of Altrix which reported sales growth of
over 110% from 2002 to 2005 and profits of #0.7m in its last audited accounts.
A further full realisation was made in Deltex Medical and partial realisations,
to take some profit, were made from our investment in Vectura.
Another corporate transaction which should lead to a full realisation in due
course was the acquisition of Avidex for shares by MediGene AG, a listed German
biotechnology company in October 2006. Avidex remains a leader in innovative T
cell receptor technology and the acquisition will ensure successful development.
New Investments
In November 2006, #650,000 was invested in Optasia Medical Ltd, a company which
provides medical imaging-based Computer Assisted Detection (CAD) solutions.
Earlier in the year #500,000 was committed for investment in deltaDOT Ltd, a
company which is developing new analytical tools to enhance productivity in the
pharmaceutical industry; this investment was structured in four tranches, two of
which have been drawn down to date totalling #168,000. An additional #841,000
was invested in follow on investments in three portfolio companies; Amura
(#200,000), Immunodiagnostic Systems (#241,000) and Inforsense (#400,000).
Just following the year end an investment of #300,000 was made in Altacor Ltd a
specialty pharmaceutical company based in Cambridge focusing on the licensing of
a range of ophthalmic products. Sitka was the only VCT participating in this
unquoted investment.
Progress of Portfolio
In the year to 31 January 2007:
*Immunodiagnostic Systems has continued its strong progress and the share price
rose to 252p, a 4.9 multiple on our original cost price of 51p. We increased our
holding in IDS over the course of the year as a result of the company's
performance.
*Vectura Group acquired Innovata plc, a pulmonary device and respiratory
product company in January 2007 for #130m, which has nearly doubled the size of
the business.
*Inforsense has continued its revenue growth with audited revenues for its
latest financial year at #3.4m, more than twice the previous year.
*York Pharma made its first regulatory filing in the UK for its lead product
ABASOL and hopes to receive authorisation to market this during the latter half
of 2007.
*Digital Healthcare successfully won a tender to supply an enterprise solution
for ophthalmology to the Wilmer Institute (US), considered the world's leading
eye hospital.
*Genosis has performed disappointingly following its flotation on AIM in
December 2005 and has suffered a significant drop in share price due to delays
in appointing a US distributor. Genosis has recently announced a distribution
agreement with a major US drug store chain and should start US sales at the end
of the second quarter of 2007.
The portfolio at 31 January 2007 comprised 15 companies spread across a range of
business models in the healthcare sector and at various stages of development.
Fixed interest portfolio
In addition to the venture capital investments, the Company had invested in a
range of fixed interest securities with the intention of maximising the return
to shareholders on the funds not yet invested in qualifying venture capital
investments. During the year these fixed interest securities were realised and
the proceeds invested into a Standard Life Global Liquidity Fund so as to
provide a more certain return on the sums invested and greater flexibility.
'C1' Share Portfolio
Before the early conversion of the 'C1' shares in November 2006, a dividend of
1.5p per 'C1' share was paid. Following the conversion a second interim dividend
of 5p per Ordinary share will be paid on 14 May 2007.
Fundraising
The recent fundraising closed on 5 April 2007 having raised #5.8m.
Monitoring of venture capital investments
We continue to be an active investor in all the Company's investments with
particular emphasis on the unquoted portfolio. Of the eight private investee
companies, a member of the Sitka management team is a board director of five and
a board observer for two companies.
In each case a member of the Sitka management team attends board meetings and
contributes fully to strategic decisions within the company often focussing, in
the case of our more mature investments such as Altrix, on the optimum path to
maximising value on exit.
Representation on the board of the quoted companies is not sought to avoid
potential conflicts of interest. Meetings are held with the management of those
companies on a regular basis to obtain updates and to assist in whatever way
possible. The member of the Sitka management team acting as board observer to
Avidex stepped down when the company was sold to MediGene AG, a German quoted
company.
Deal flow
During the year, deal flow for the Fund remained strong, augmented by the
integration of Sitka Ltd into Noble Fund Managers. In particular the number of
AIM opportunities we have identified in our sector has increased as a result. In
November 2006 we completed our first co-investment with Noble VCT with each of
the funds investing #650k in Optasia Medical Ltd. By selectively co-investing
with other in-house VCTs, the Fund Manager is able to access and complete larger
investment opportunities without the need to syndicate third parties.
The number of companies seeking funding in our sector remains high and there is
still a relative scarcity of funding available for these companies. Increased
levels of business angel investment have to some degree helped replace the lack
of early stage venture funding available from institutional sources. More
specifically, in the healthcare sector, we are seeing a higher number of merger
and acquisition deals involving large corporations acquiring small technology
businesses than we have seen for a number of years and this augurs well for the
Fund's realisation possibilities. During the year, 200 health deals were
received and approximately 90 of those were reviewed by the team.
The Fund Manager continues actively to review AIM investment proposals and will
look opportunistically to invest in companies offering the right value
proposition; the main focus will remain, however, on the unquoted sector.
Outlook
The dual priorities for us over the last financial year have been to focus on
investing the remaining funds into new investments and to work with our
portfolio companies to achieve realisations from our earlier, more mature
investments as demonstrated by our successful realisations.
Looking forward, the deal flows of opportunities for healthcare investments
remain strong in the UK. The Fund plans to continue its strategy of building a
diversified healthcare portfolio with investments in drug development, medical
devices, specialty pharmaceuticals and healthcare services sectors. We will
continue to invest the new funds raised from the recent offer in
accordance with this strategy giving priority to companies with revenues and
corporate partnerships. We will look to grow the portfolio size of the Fund to
20-25 companies. We may make slightly larger initial investments whilst still
retaining plenty of liquidity to fund companies through subsequent financing
rounds. In addition, we are seeking to realise further gains from the quoted and
unquoted portfolio with the aim of producing dividends for our shareholders.
Gerard Tardy and Louis Nisbet
Sitka Limited
2 May 2007
Independent Auditors' Report to the Members of Sitka Health Fund VCT plc
The auditors have reported to the company's members, as a body, in accordance
with section 235 of the Companies Act 1985. The financial statements give a true
and fair view, in accordance with United Kingdom Generally Accepted Accounting
Practice, of the state of the company's affairs as at 31 January 2007 and of its
profit for the year then ended. The auditors report is not qualified.
Income Statement
for the year ended 31 January 2007
Ordinary shares
2007 2007 2007
Revenue Capital Total
# # #
Gain/(loss) on disposal of investments - 455,785 455,785
Increase/(decrease) in fair
value of investments held - 220,918 220,918
Income 98,354 - 98,354
Investment management fee (47,398) (142,194) (189,592)
Other expenses (197,432) (666) (198,098)
(Loss)/return on ordinary
activities before taxation (146,476) 533,843 387,367
Tax on ordinary activities - - -
(Loss)/return on ordinary
activities after taxation (146,476) 533,843 387,367
(loss)/Return per share (1.29)p 4.69p 3.40p
Income Statement
for the year ended 31 January 2007
'C1' shares*
2007 2007 2007
Revenue Capital Total
# # #
Gain/(loss) on disposal of investments - (2,550) (2,550)
Increase/(decrease) in fair
value of investments held - (3,068) (3,068)
Income 62,975 - 62,975
Investment management fee (9,759) (29,274) (39,033)
Other expenses (28,411) (374) (28,785)
(Loss)/return on ordinary
activities before taxation 24,805 (35,266) (10,461)
Tax on ordinary activities - - -
(Loss)/return on ordinary
activities after taxation 24,805 (35,266) (10,461)
Return per share 1.17p (1.66)p (0.49)p
Income Statement
for the year ended 31 January 2007
Total
2007 2007 2007
Revenue Capital Total
# # #
Gain/(loss) on disposal of investments - 453,235 453,235
Increase/(decrease) in fair
value of investments held - 217,850 217,850
Income 161,329 - 161,329
Investment management fee (57,157) (171,468) (228,625)
Other expenses (225,843) (1,040) (226,883)
(Loss)/return on ordinary
activities before taxation (121,671) 498,577 376,906
Tax on ordinary activities - - -
(Loss)/return on ordinary
activities after taxation (121,671) 498,577 376,906
Income Statement
for the year ended 31 January 2006
Ordinary shares
2006 2006 2006
Revenue Capital Total
# # #
Gain/(loss) on disposal of investments - 236,434 236,434
Increase/(decrease) in fair
value of investments held - (144,730) (144,730)
Income 48,724 - 48,724
Investment management fee (20,382) (61,146) (81,528)
Other expenses (200,527) - (200,527)
(Loss)/return on ordinary
activities before taxation (172,185) 30,558 (141,627)
Tax on ordinary activities 27,191 - 27,191
(Loss)/return on ordinary
activities after taxation (144,994) 30,558 (114,436)
(loss)/Return per share (1.61)p 0.34p (1.27)p
Income Statement
for the year ended 31 January 2006
'C' shares
2006 2006 2006
Revenue Capital Total
# # #
Gain/(loss) on disposal of investments - 7,821 7,821
Increase/(decrease) in fair
value of investments held - (28,179) (28,179)
Income 28,939 - 28,939
Investment management fee (12,623) (37,870) (50,493)
Other expenses (16,657) - (16,657)
(Loss)/return on ordinary
activities before taxation (341) (58,228) (58,569)
Tax on ordinary activities - - -
(Loss)/return on ordinary
activities after taxation (341) (58,228) (58,569)
Return per share (0.02)p (2.73)p (2.75)p
Income Statement
for the year ended 31 January 2006
'C1' shares*
2006 2006 2006
Revenue Capital Total
# # #
Gain/(loss) on disposal of investments - 1,321 1,321
Increase/(decrease) in fair
value of investments held - 4,046 4,046
Income 67,394 - 67,394
Investment management fee (9,219) (27,656) (36,875)
Other expenses (44,808) - (44,808)
(Loss)/return on ordinary
activities before taxation 13,367 (22,289) (8,922)
Tax on ordinary activities - - -
(Loss)/return on ordinary
activities after taxation 13,367 (22,289) (8,922)
Return per share 0.74p (1.24)p (0.50)p
Income Statement
for the year ended 31 January 2006
Total
2006 2006 2006
Revenue Capital Total
# # #
Gain/(loss) on disposal of investments - 245,576 245,576
Increase/(decrease) in fair
value of investments held - (168,863) (168,863)
Income 145,057 - 145,057
Investment management fee (42,224) (126,672) (168,896)
Other expenses (261,992) - (261,992)
(Loss)/return on ordinary
activities before taxation (159,159) (49,959) (209,118)
Tax on ordinary activities 27,191 - 27,191
(Loss)/return on ordinary
activities after taxation (131,968) (49,959) (181,927)
Balance Sheet
as at 31 January 2007
Ordinary 'C1'
shares shares Total
2007 2007 2007
# # #
Fixed assets
Investments held at fair value 7,651,092 - 7,651,092
Current assets
Prepayments and accrued income 44,562 - 44,562
Other debtors 1,455,740 - 1,455,740
Cash at bank and on deposit 1,560,130 - 1,560,130
Investments - liquidity fund 1,587,702 - 1,587,702
4,648,134 - 4,648,134
Current liabilities
Creditors: amounts falling
due within one year (162,147) - (162,147)
Net current assets 4,485,987 - 4,485,987
Total assets less current liabilities 12,137,079 - 12,137,079
Capital and reserves
Called up share capital 135,666 - 135,666
Share premium account 1,483,143 - 1,483,143
Special distributable reserve 10,055,474 - 10,055,474
Capital redemption reserve 386,476 - 386,476
Capital reserve 424,306 - 424,306
Revenue reserve (347,986) - (347,986)
Equity shareholders' funds 12,137,079 - 12,137,079
Net asset value per share 89.5p -
Balance Sheet
as at 31 January 2006
Ordinary 'C1'
shares shares Total
2006 2006 2006
# # #
Fixed assets
Investments held at fair value 8,365,664 1,933,184 10,298,848
Current assets
Prepayments and accrued income 25,173 33,335 58,508
Other debtors 312,278 - 312,278
Cash at bank and on deposit 153,876 75,606 229,482
Investments - liquidity fund - - -
491,327 108,941 600,268
Current liabilities
Creditors: amounts falling
due within one year (80,040) (44,790) (124,830)
Net current assets 411,287 64,151 475,438
Total assets less current liabilities 8,776,951 1,997,335 10,774,286
Capital and reserves
Called up share capital 97,835 212,036 309,871
Share premium account - - -
Special distributable reserve 8,744,246 1,794,221 10,538,467
Capital redemption reserve 194,729 - 194,729
Capital reserve (51,982) (22,289) (74,271)
Revenue reserve (207,877) 13,367 (194,510)
Equity shareholders' funds 8,776,951 1,997,335 10,774,286
Net asset value per share 89.7p 94.2p
Cash Flow Statement
for the year ended 31 January 2007
Ordinary 'C1'
shares shares Total
2007 2007 2007
# # #
Operating activities
Investment income received 72,492 94,123 166,615
Deposit interest received 10,737 2,188 12,925
Investment management fees (143,023) (39,033) (182,056)
Other operating costs (189,081) (39,627) (228,708)
Net cash (outflow)/inflow
from operating activities (248,875) 17,651 (231,224)
Taxation
UK corporation tax received - - -
Financial investment
Purchase of investments (1,791,050) (567,604) (2,358,654)
Purchase of liquidity funds (1,587,702) - (1,587,702)
Disposals of investments 4,765,798 517,018 5,282,816
Net cash inflow/(outflow)
from financial investment 1,387,046 (50,586) 1,336,460
Dividends
Payment of dividends (204,419) (31,805) (236,224)
Net cash inflow/(outflow)
before financing 933,752 (64,740) 869,012
Financing
Issue of shares 839,675 - 839,675
Expenses of the issue of shares (120,279) - (120,279)
Interfund transfers 10,866 (10,866) -
Buy-back of shares (257,760) - (257,760)
Net cash inflow/(outflow)
from financing 472,502 (10,866) 461,636
Increase/(decrease) in cash 1,406,254 (75,606) 1,330,648
Reconciliation of net
cash flow to movement in net cash
Net cash at 1 February 2006 153,876 75,606 229,482
Net cash at 31 January 2007 1,560,130 - 1,560,130
Increase/(decrease) in
cash during the year 1,406,254 (75,606) 1,330,648
Cash Flow Statement
for the year ended 31 January 2006
Ordinary 'C' 'C1'
shares shares shares Total
2006 2006 2006 2006
# # # #
Operating activities
Investment income received 38,236 49,609 26,967 114,812
Deposit interest received 9,180 1,266 7,092 17,538
Investment management fees (208,770) - - (208,770)
Other operating costs (146,476) (54,234) (36,893) (237,603)
Net cash (outflow)/inflow
from operating activities (307,830) (3,359) (2,834) (314,023)
Taxation
UK corporation tax received 57,842 - - 57,842
Financial investment
Purchase of investments (1,380,155) (853,000)(2,077,969) (4,311,124)
Purchase of liquidity funds - - - -
Disposals of investments 2,160,220 629,345 150,152 2,939,717
Net cash inflow/(outflow)
from financial investment 780,065 (223,655)(1,927,817) (1,371,407)
Dividends
Payment of dividends (171,943) (9,142) - (181,085)
Net cash inflow/(outflow)
before financing 358,134 (236,156) (1,930,651)(1,808,673)
Financing
Issue of shares - - 2,111,850 2,111,850
Expenses of the issue of shares - - (8,561) (8,561)
Interfund transfers (81,244) 178,276 (97,032) -
Buy-back of shares (142,367) - - (142,367)
Net cash inflow/(outflow)
from financing (223,611) 178,276 2,006,257 1,960,922
Increase/(decrease) in cash 134,523 (57,880) 75,606 152,249
Reconciliation of net
cash flow to movement in net cash
Net cash at 1 February 2006 19,353 57,880 - 77,233
Net cash at 31 January 2007 153,876 - 75,606 229,482
Increase/(decrease) in
cash during the year 134,523 (57,880) 75,606 152,249
Reconciliation of Movements in Shareholders' Funds
for the year ended 31 January 2007
2007 2007 2007
Ordinary 'C1' Total
shares shares shares
# # #
Opening shareholders' funds 8,776,951 1,997,335 10,774,286
Return/(loss) for the year 387,367 (10,461) 376,906
Increase/ (decrease) in share
capital in issue 1,222,111 - 1,222,111
Transfer from 'C1' share fund
to ordinary share fund on
conversion of 'C1' shares 1,955,069 (1,955,069) -
Transfer from 'C' share fund
to ordinary share fund on
conversation of 'C' shares - - -
Dividends paid (204,419) (31,805) (236,224)
Closing shareholders' funds 12,137,079 - 12,137,079
Reconciliation of Movements in Shareholders' Funds
for the year ended 31 January 2006
2006 2006 2006 2006
Ordinary 'C' 'C1' Total
shares shares shares shares
# # # #
Opening shareholders' funds 7,184,458 2,088,937 - 9,273,395
Return/(loss) for the year (114,436) (58,569) (8,922) (181,927)
Increase/ (decrease) in share
capital in issue (119,161) 1,512 2,006,257 1,888,608
Transfer from 'C1' share fund
to ordinary share fund on
conversion of 'C1' shares - - - -
Transfer from 'C' share fund
to ordinary share fund on
conversation of 'C' shares 2,021,240 (2,021,240) - -
Dividends paid (195,150) (10,640) - (205,790)
Closing shareholders' funds 8,776,951 - 1,997,335 10,774,286
Dividends paid
2007 2007 2007
Ordinary 'C1'
shares shares Total
# # #
Interim dividend for the year ended
31 January 2007 of 2p per
Ordinary share - paid
on 10 November 2006 204,419 - 204,419
Interim dividend for the year ended
31 January 2007 of 1.5p per
'C1' share - paid
on 10 November 2006 - 31,805 31,805
204,419 31,805 236,224
The Board has declared a dividend of 5p per Ordinary Share, which will be paid
on 14 May 2007.
Dividends paid
2006 2006 2006 2006
Ordinary 'C' 'C1'
shares shares shares Total
# # # #
Interim dividend for the year ended
31 January 2007 of 2p per
Ordinary share - paid
on 10 November 2006 195,150 10,640 - 205,790
195,150 10,640 - 205,790
Return per share
Ordinary shares
The revenue return per share is based on the loss on ordinary activities after
taxation of #146,476 (2006: loss of #144,994)and on 11,398,566 (2006: 8,961,102)
shares, being the weighted average number of shares in issue during the year.
The capital return per share is based on the return on ordinary activities after
taxation of #533,843 (2006: #30,558) and on 11,398,566 (2006: 8,961,102) shares,
being the weighted average number of shares in issue during the year.
'C1' shares
The revenue return per share is based on the return on ordinary activities after
taxation of #24,805 (2006: #13,367) and on 2,120,361 (2006: 1,794,315) shares,
being the weighted average number of shares in issue until the date of conversion
on 9 November 2006. The capital return per share is based on the loss on ordinary
activities after taxation of #35,266 (2006:#22,289) and on 2,120,361
(2006: 1,794,315) shares, being the weighted average number of shares in issue
until the date of conversion on 9 November 2006.
Post balance sheet events
The following transactions have taken place between 31 January 2007 and the date
of this report:
* An investment of #300,000 was made in Altacor Ld on 12 February 2007
* Additional Sitka VCT Ordinary shares totalling 5,311,604 were allotted to
investors after year end. These raised #4,740,920 after expenses.
This is not the Company's statutory statement and the statutory accounts
have not yet been delivered to the Registrar for the year to which the
announcement relates.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR OKNKKABKDFPK
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