We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Acuity Grwth | LSE:AQT2 | London | Ordinary Share | GB00B031G676 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 28.75 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMAQT2 TIDMAQ2C
RNS Number : 3644M
Acuity Growth VCT PLC
21 May 2010
ACUITY GROWTH VCT PLC (formerly Acuity VCT 2 PLC) ("the Company" or "the Fund")
Unaudited Half Year Results for the Period Ended 31 March 2010
In accordance with DTR 6.3.5 the Half Year Results of Acuity Growth VCT Plc for
the Period ended 31 March 2010 are made available below.
The figures and financial information in respect of the year ended 30 September
2009 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 2010 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 Growth 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 Growth VCT Plc: 0207 306 3901
FINANCIAL HIGHLIGHTS
(Unaudited)
+-----------------------------------------------+-+----------+-+----------+
| Ordinary Shares | | 2010 | | 2009 |
+-----------------------------------------------+-+----------+-+----------+
| | | | | |
+-----------------------------------------------+-+----------+-+----------+
| Six months ended 31 March | | | | |
+-----------------------------------------------+-+----------+-+----------+
| Net Assets | | GBP47.9m | | GBP25.2m |
+-----------------------------------------------+-+----------+-+----------+
| Net asset value per ordinary share | | 88.6p | | 79.8p |
+-----------------------------------------------+-+----------+-+----------+
| Dividend paid per ordinary share | | 0.0p | | 0.0p |
+-----------------------------------------------+-+----------+-+----------+
| Cumulative return to shareholders since | | | | |
| launch | | | | |
+-----------------------------------------------+-+----------+-+----------+
| Dividends paid per ordinary share | | 4.5p | | 4.5p |
+-----------------------------------------------+-+----------+-+----------+
| Net asset value plus dividends paid per | | 93.1p | | 84.3p |
| ordinary share | | | | |
+-----------------------------------------------+-+----------+-+----------+
| | | | | |
+-----------------------------------------------+-+----------+-+----------+
| C Shares | | 2010 | | 2009 |
+-----------------------------------------------+-+----------+-+----------+
| Six months ended 31 March | | | | |
+-----------------------------------------------+-+----------+-+----------+
| Net Assets | | GBP0.7m | | GBP0.7m |
+-----------------------------------------------+-+----------+-+----------+
| Net asset value per c share | | 90.7p | | 88.0p |
+-----------------------------------------------+-+----------+-+----------+
| Dividend paid per c share | | 0.0p | | 0.0p |
+-----------------------------------------------+-+----------+-+----------+
| Cumulative return to shareholders since | | | | |
| launch | | | | |
+-----------------------------------------------+-+----------+-+----------+
| Dividends paid per c share | | 0.0p | | 0.0p |
+-----------------------------------------------+-+----------+-+----------+
| Net asset value plus dividends paid per c | | 90.7p | | 88.0p |
| share | | | | |
+-----------------------------------------------+-+----------+-+----------+
| | | | | |
+-----------------------------------------------+-+----------+-+----------+
CHAIRMAN'S STATEMENT
Results
As at 31 March 2010 the unaudited Net Asset Value was 88.6p per ordinary share.
This represents a total Net Asset Value plus dividends paid to date of 93.1p per
ordinary share.
As at 31 March 2010, the unaudited Net Asset Value per C share was 90.7p.
In the six months under review, the Net Asset Value per ordinary share remained
flat and the Net Asset Value per C share increased by 5%. During the same
period, the FTSE All-share and the FTSE AIM All-share Indices rose by 9% and 10%
respectively.
Portfolio
The qualifying investment portfolio consists of 21 companies, most of which are
unquoted. The underlying trading of the portfolio remains generally positive.
In the period under review a net total of GBP1.0 million was invested in three
unquoted qualifying companies. Over the same period, the Company received
proceeds of approximately GBP2.8 million from the realisation of a range of
investments. Details can be found in the Investment Manager's Review.
Merger of Acuity VCT plc and Acuity VCT 2 plc
The merger of your Company with Acuity VCT plc took place on 29 January 2010 and
the Company was renamed Acuity Growth VCT plc.
Dividends and Buy Back Programme
The Board is working closely with the Investment Manager to ensure the return to
both regular dividends and a Buy Back Programme as soon as possible. I look
forward to updating you on the Company's progress on both fronts.
VCT Qualifying Status
The Company continues to meet its qualifying tests.
Top Up Offer
On 2 March 2010, we launched a Top Up Offer of up to 2,450,000 new shares in the
Company and total subscriptions have so far amounted to GBP313,500. The Offer
Price of 93.5p will be amended to reflect the Net Asset Value published in this
report. The Offer remains open until 30 June 2010 and any shareholder interested
in taking up the opportunity to acquire shares in the Company should contact Zoe
Payman at Acuity Capital on 020 7306 3924. The Offer Document and Application
Forms are available via www.acuitycapital.co.uk.
Outlook
The Board remains cautious about the prospects of sustained economic recovery.
However, most of the Company's investments are regaining momentum and we are
expecting further progress.
Rupert Pennant-Rea
Chairman
20 May 2010
INVESTMENT STRATEGY
Investment Objective
In accordance with the Prospectus dated 6 October 2004, 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, 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 portion 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 2010, the Company had invested in 21 qualifying companies. As at
31 March 2010, 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 Acuity VCT 3 Plc 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.
There are no criteria set by the Directors regarding the size of the target
companies, except that an investee company's gross assets must comply with
current UK VCT legislation. Investments in start-up companies where, in the
opinion of the Company, levels of risk are unacceptably high, in particular the
technology sector, will generally be avoided.
As at 31 March 2010, the Company had invested approximately 92% of its total net
funds by valuation in qualifying companies. The average investment size at cost
is GBP1.6 million.
Non-Qualifying Investments
Associated Funds
As at 31 March 2010, there were no investments in associated funds.
Cash Management
As at 31 March 2010, 3% of the total net funds by valuation of the Company was
held in cash to provide immediate liquidity.
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. It is also
intended that the investment emphasis will be on capital protection and
maximising income yield.
In addition, there is no emphasis on any particular industry sector and the
non-qualifying investments have 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 period, the Net Asset Value per ordinary share plus dividends paid to
date remained more or less flat at 93.1p, which compares with an increase of 9%
in the FTSE All-share Index, a measure that covers the largest UK companies, and
10% in the FTSE AIM All-share Index, a barometer for smaller companies.
Typically we would expect unquoted valuations to lag behind the public markets,
particularly when some of our largest companies have year end dates which are
six months or more from the valuation date as at 31 March.
The principal portfolio declines included GBP1.1 million for Target
Entertainment Group and GBP0.9 million for Loseley Dairy Ice Cream. The decrease
in the holding value for Target is less a reflection of its trading to date
than, among other things, a concern over the timing of future new drama
commissions. The decrease in Loseley Dairy Ice Cream arises not from a reduction
in the overall value of the Company but its need to increase working capital to
finance stock in advance of sales. The Company's order runrate has grown
substantially over the year with a parallel increase in its financing needs. In
addition, the value family-menu restaurant, Ma Hubbards, continued to struggle
faced with fierce competition from local carvery providers and led to the
investment being written off during the period.
On the positive side, Fin Machine continues to trade well with expanding Asian
sales resulting in an increase in value of GBP1.3 million. Defaqto performed
better than anticipated with record star rating sales and also resulting in an
uplift in its value of GBP1.3 million
Furthermore, Factory Media's digital footprint has now reached over 3 million
unique visitors per month for its action sports website www.mpora.com and seen a
noticeable upturn of advertising sales. As a result we have increased the value
by GBP0.6 million.
Finally, Amber Taverns' acquisition of 23 pubs, formerly owned by Cains,
continues to be a success and driven sales growth within the company by nearly
100% over the last year.
Investment Activity
Over the period, we made a further investment of GBP0.7 million in Loseley Dairy
Ice Cream for working capital purposes. However, in March 2010, with a growing
order book, Loseley received an additional GBP1.0 million funding from Capital
for Enterprise Limited (CfEL) which should be sufficient to take the company
through to sustainable and robust profitability.
Additional follow on investments were made in Brand Acquisitions, the retailer
of Peter Werth mens clothing brand, of GBP0.1 million as part of its acquisition
of the Pink Soda women's brand, GBP0.1 million in Red Reef Media, the publisher
of TNT, to pay deferred consideration agreed when the company was acquired from
its previous owners, and GBP0.1 million in Future Noise. Future Noise is
experiencing strong top line growth year on year. We would not however expect
any further investment to be needed.
Deal Flow
We continue to see a number of interesting investment proposals, but our primary
focus has been on the current investments. While the economic conditions are
improving gradually, credit continues to remain scarce with the result that our
portfolio companies are presented with unique opportunities to solidify their
respective competitive positions.
PORTFOLIO SUMMARY
(unaudited)
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| | Cost | Cost | Valuation |Valuation |Combined | Combined | % of |
| | | | | | |Valuation | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Qualifying |Ordinary | C | Ordinary | C | Total | Movement |Portfolio |
| Investments | | | | | | in the | |
| | | | | | | period | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| at 31 March 2010 | GBP'000 |GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | by |
| | | | | | | | Value |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| 1st Dental | 750 | - | 56 | | 56 | (25) | 0.1% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Amber Taverns | 1,500 | - | 5,352 | | 5,352 | 330 | 11.9% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Brand Acquisitions | 2,811 | - | 2,752 | | 2,752 | (14) | 6.1% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Conexion Media | 483 | - | 40 | | 40 | 15 | 0.1% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Connect2Media | 2,300 | 200 | 2,530 | 220 | 2,750 | 0 | 6.1% |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Defaqto | 3,635 | - | 5,484 | | 5,484 | 1,251 | 12.2% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Electra Private | - | 399 | - | 445 | 445 | 0 | 1.0% |
| Equity | | | | | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Factory Media | 1,925 | - | 3,481 | | 3,481 | 631 | 7.7% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| The Fin Machine | 3,350 | - | 10,407 | | 10,407 | 1,347 | 23.1% |
| Company | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Financial News | 310 | - | 2,389 | | 2,389 | 376 | 5.3% |
| Publishing | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Future Noise | 1,176 | - | 735 | | 735 | (402) | 1.6% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Hallmarq | 1,600 | - | 1,230 | | 1,230 | 53 | 2.7% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Jelf Group | 250 | - | 94 | | 94 | (47) | 0.2% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Keycom | 2,201 | - | 333 | | 333 | 50 | 0.7% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Loseley Dairy Ice | 2,463 | - | 3,594 | | 3,594 | (960) | 8.0% |
| Cream | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Managed Support | 888 | - | 129 | | 129 | (40) | 0.3% |
| Services | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Munro Global | 1,615 | - | 2,070 | | 2,070 | (15) | 4.6% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Red Reef Media | 1,812 | - | 1,374 | | 1,374 | 201 | 3.1% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Sports Media Group | 750 | - | 29 | | 29 | (15) | 0.1% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Target | 4,000 | - | 1,815 | | 1,815 | (1,118) | 4.0% |
| Entertainment Group | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Zamano | 750 | - | 454 | | 454 | (125) | 1.1% |
| | | | | - | | | |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
| Total Investments | 34,569 | 599 | 44,348 | 665 | 45,013 | 1,493 | 100 |
+---------------------+----------+---------+-----------+-----------+----------+-----------+-----------+
CO-INVESTMENT ARRANGEMENTS
Co-investment Arrangements with other Acuity VCTs
The Directors welcome the fact that the Investment Manager has three VCT pools
of funds, Acuity Growth VCT Plc Ordinary Share pool, Acuity Growth VCT 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 the Company and one or more of the other 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 Company
and the 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 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 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
the Company 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 may 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 2010 is contained in
the Chairman's Statement and the Investment Manager's Review on pages 5 and 6
respectively.
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 process and on factors that 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 2010 is
contained in the Investment Manager's Review on page 6.
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 2009. 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 2009. 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
20 May 2010
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Half Yearly Accounts | | | | | | | | | | |
| Income Statement | | | | | | | | | | |
+-----------------------------------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| For the six months ended 31 | | | | | | | | | |
| March 2010 | | | | | | | | | |
+---------------------------------------------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | |
+-----------------+-------+---------------------------------+----------+---------------------------------+----------+---------------------------------+
| | | | | Ordinary | | | | C | | | | Total |
| | | | | Shares | | | | Shares | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | (unaudited) | | | | (unaudited) | | | | (unaudited) |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | Revenue | Capital | Total | | Revenue | Capital | Total | | Revenue | Capital | Total |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | Notes |GBP'000 |GBP'000 | GBP'000 | |GBP'000 |GBP'000 | GBP'000 | |GBP'000 |GBP'000 | GBP'000 |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Realised gains | | - | 1,493 | 1,493 | | - | 46 | 46 | | - | 1,539 | 1,539 |
| on investments | | | | | | | | | | | | |
| sold | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Investment | | - | (230) | (230) | | - | - | - | | - | (230) | (230) |
| holding losses | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Income | | 27 | - | 27 | | - | - | - | | 27 | - | 27 |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | 27 | 1,263 | 1,290 | | - | 46 | 46 | | 27 | 1,309 | 1,336 |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Investment | | (119) | (355) | (474) | | (2) | (6) | (8) | | (121) | (361) | (482) |
| management fees | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| HMRC VAT rebate | | - | - | - | | - | - | - | | - | - | - |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Other expenses | | (158) | - | (158) | | (6) | - | (6) | | (164) | - | (164) |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | (277) | (355) | (632) | | (8) | (6) | (14) | | (285) | (361) | (646) |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Return/(Loss) on | | | | | | | | | | | |
| Ordinary | | | | | | | | | | | |
| Activities before | | | | | | | | | | | |
+-------------------------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| interest and | | (250) | 908 | 658 | | (8) | 40 | 32 | | (258) | 948 | 690 |
| taxation | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Finance cost | | - | - | - | | - | - | - | | - | - | - |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Return/(Loss) on | | | | | | | | | | | |
| Ordinary | | | | | | | | | | | |
| Activities before | | | | | | | | | | | |
+-------------------------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| taxation | | (250) | 908 | 658 | | (8) | 40 | 32 | | (258) | 948 | 690 |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Tax on ordinary | | - | - | - | | - | - | - | | - | - | - |
| activities | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Net Return/(Loss) | | | | | | | | | | | |
| on Ordinary | | | | | | | | | | | |
| Activities after | | | | | | | | | | | |
+-------------------------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| taxation | | (250) | 908 | 658 | | (8) | 40 | 32 | | (258) | 948 | 690 |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| Basic and Diluted | | | | | | | | | | | |
| Return to | | | | | | | | | | | |
| Shareholders | | | | | | | | | | | |
+-------------------------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| per Share | 3 | (0.1)p | 0.2p | 0.1p | | (0.1)p | 0.5p | 0.4p | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| | | | | | | | | | | | | |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
| 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. |
+-----------------+-------+---------+---------+-------------+----------+---------+---------+-------------+----------+---------+---------+-------------+
+------------+-------+---------+----+------+-------------+--+---------+-----+------+-------------+--+---------+---------+-------------+
| Half Yearly Accounts | | | | | | | | | | |
| Income Statement | | | | | | | | | | |
+------------------------------+----+--------------------+--+---------+-----+--------------------+--+---------+---------+-------------+
| For the six months ended | | | | | | | | | |
| 31 March 2009 | | | | | | | | | |
+-----------------------------------+--------------------+--+---------+-----+--------------------+--+---------+---------+-------------+
| | | | | | | |
+------------+-------+-----------------------------------+--+------------------------------------+--+---------------------------------+
| | | | | Ordinary | | | | C | | | | Total |
| | | | | Shares | | | | Shares | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | (unaudited) | | | | (unaudited) | | | | (unaudited) |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | Revenue | Capital | Total | | Revenue | Capital | Total | | Revenue | Capital | Total |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | Notes | GBP000 | GBP000 | GBP000 | | GBP000 | GBP000 | GBP000 | | GBP000 | GBP000 | GBP000 |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| Investment | | - | (4,305) | (4,305) | | - | - | - | | - | (4,305) | (4,305) |
| holding | | | | | | | | | | | | |
| losses | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| Income | | 384 | - | 384 | | - | - | - | | 384 | - | 384 |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | 384 | (4,305) | (3,921) | | - | - | - | | 384 | (4,305) | (3,921) |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| Investment | | (100) | (301) | (401) | | (3) | (5) | (8) | | (103) | (306) | (409) |
| management | | | | | | | | | | | | |
| fees | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| Other | | (133) | 110 | (23) | | (4) | - | (4) | | (137) | 110 | (27) |
| expenses | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | (233) | (191) | (424) | | (7) | (5) | (12) | | (240) | (196) | (436) |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| Return/(Loss) | | | | | | | | | | | |
| on Ordinary | | | | | | | | | | | |
| Activities | | | | | | | | | | | |
| before | | | | | | | | | | | |
+--------------------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| interest | | 151 | (4,496) | (4,345) | | (7) | (5) | (12) | | 144 | (4,501) | (4,357) |
| and | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| Finance | | (29) | - | (29) | | - | - | - | | (29) | - | (29) |
| cost | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| Return/(Loss) | | | | | | | | | | | |
| on Ordinary | | | | | | | | | | | |
| Activities | | | | | | | | | | | |
| before | | | | | | | | | | | |
+--------------------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| taxation | | 122 | (4,496) | (4,374) | | (7) | (5) | (12) | | 115 | (4,501) | (4,386) |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| Tax on | | (63) | 63 | - | | - | - | - | | (63) | 63 | - |
| ordinary | | | | | | | | | | | | |
| activities | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| Net | | | | | | | | | | | |
| Return/(Loss) | | | | | | | | | | | |
| on Ordinary | | | | | | | | | | | |
| Activities | | | | | | | | | | | |
| after | | | | | | | | | | | |
+--------------------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| taxation | | 59 | (4,433) | (4,374) | | (7) | (5) | (12) | | 52 | (4,438) | (4,386) |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| Basic and | | | | | | | | | | | |
| Diluted Return | | | | | | | | | | | |
| to | | | | | | | | | | | |
| Shareholders | | | | | | | | | | | |
+--------------------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| per | 3 | 0.2p | (13.4)p | (13.2)p | | (0.8)p | (0.8)p | (1.6)p | | | | |
| Ordinary | | | | | | | | | | | | |
| Share | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| | | | | | | | | | | | | |
+------------+-------+---------+-----------+-------------+--+---------+------------+-------------+--+---------+---------+-------------+
| The total column of this statement represents the Companys 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. |
+------------+-------+---------+----+------+-------------+--+---------+-----+------+-------------+--+---------+---------+-------------+
+-------------+-------+---------+----+------+-----------+--+---------+-----+------+-----------+--+---------+---------+-----------+
| Half Yearly Accounts | | | | | | | | | | |
| Income Statement | | | | | | | | | | |
+-------------------------------+----+------------------+--+---------+-----+------------------+--+---------+---------+-----------+
| For the year ended 30 | | | | | | | | | |
| September 2009 | | | | | | | | | |
+------------------------------------+------------------+--+---------+-----+------------------+--+---------+---------+-----------+
| | | | | | | |
+-------------+-------+---------------------------------+--+----------------------------------+--+-------------------------------+
| | | | | Ordinary | | | | C | | | | Total |
| | | | | Shares | | | | Shares | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | | | (Audited) | | | | (Audited) | | | | (Audited) |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | Revenue | Capital | Total | | Revenue | Capital | Total | | Revenue | Capital | Total |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | Notes | GBP000 | GBP000 | GBP000 | | GBP000 | GBP000 | GBP000 | | GBP000 | GBP000 | GBP000 |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Realised | - | (94) | (94) | | - | - | - | | - | (94) | (94) |
| (losses) on | | | | | | | | | | | |
| investments sold | | | | | | | | | | | |
+---------------------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Investment | | - | (1,233) | (1,233) | | - | (3) | (3) | | - | (1,236) | (1,236) |
| holding | | | | | | | | | | | | |
| gains | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Income | | 563 | - | 563 | | - | - | - | | 563 | - | 563 |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Recoverable | | 32 | 98 | 130 | | - | - | - | | 32 | 98 | 130 |
| VAT | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | 595 | (1,135) | (540) | | - | (3) | (3) | | 595 | (1,138) | (543) |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Investment | | (217) | (620) | (837) | | (4) | (13) | (17) | | (221) | (633) | (854) |
| management | | | | | | | | | | | | |
| fees | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Other | | (265) | 45 | (220) | | (5) | 4 | (1) | | (270) | 49 | (221) |
| expenses | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | (482) | (575) | (1,057) | | (9) | (9) | (18) | | (491) | (584) | (1,075) |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Return/(Loss) on | | | | | | | | | | | |
| Ordinary | | | | | | | | | | | |
| Activities | | | | | | | | | | | |
| before | | | | | | | | | | | |
+---------------------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| interest | | 113 | (1,710) | (1,597) | | (9) | (12) | (21) | | 104 | (1,722) | (1,618) |
| and | | | | | | | | | | | | |
| taxation | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Finance | | (32) | - | (32) | | (1) | - | (1) | | (33) | - | (33) |
| cost | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Return/(Loss) on | | | | | | | | | | | |
| Ordinary | | | | | | | | | | | |
| Activities | | | | | | | | | | | |
| before | | | | | | | | | | | |
+---------------------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| taxation | | 81 | (1,710) | (1,629) | | (10) | (12) | (22) | | 71 | (1,722) | (1,651) |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Tax on | | (25) | 25 | - | | - | - | - | | (25) | 25 | - |
| ordinary | | | | | | | | | | | | |
| activities | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Net | | | | | | | | | | | |
| Return/(Loss) on | | | | | | | | | | | |
| Ordinary | | | | | | | | | | | |
| Activities after | | | | | | | | | | | |
+---------------------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| taxation | | 56 | (1,685) | (1,629) | | (10) | (12) | (22) | | 46 | (1,697) | (1,651) |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| | | | | | | | | | | | | |
+-------------+-------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| Basic and | | | | | | | | | | | |
| Diluted Return | | | | | | | | | | | |
| to Shareholders | | | | | | | | | | | |
+---------------------+---------+-----------+-----------+--+---------+------------+-----------+--+---------+---------+-----------+
| per | 3 | 0.2p | (5.4)p | (5.2)p | | (1.3)p | (1.5)p | (2.8)p | | | | |
| Ordinary | | | | | | | | | | | | |
| Share | | | | | | | | | | | | |
+-------------+-------+---------+----+------+-----------+--+---------+-----+------+-----------+--+---------+---------+-----------+
RECONCILIATION OF MOVEMENTS IN TOTAL SHAREHOLDERS' FUNDS
+-----------------------------+---------------------------+---------+---------+---------+
| Ordinary Shares | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | For | For | For |
| | | the 6 | the 6 | the |
| | | months | months | year |
| | | ended | ended | ended |
| | | 31/3/10 | 31/3/09 | 30/9/09 |
+-----------------------------+---------------------------+---------+---------+---------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| Total Return on ordinary | | 658 | (4,374) | (1,629) |
| activities after taxation | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| Shares Issued on Merger | | 19,400 | - | - |
+-----------------------------+---------------------------+---------+---------+---------+
| Merger Costs | | (142) | - | - |
+-----------------------------+---------------------------+---------+---------+---------+
| Movements in Total | | 19,916 | (4,374) | (1,629) |
| Shareholders' Funds | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| Total Shareholders Funds as | | 27,982 | 29,611 | 29,611 |
| at 1 October | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| Total Shareholders' Funds | | 47,898 | 25,237 | 27,982 |
| at the end of the period | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| C Shares | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | For | For | For |
| | | the 6 | the 6 | the |
| | | months | months | year |
| | | ended | ended | ended |
| | | 31/3/10 | 31/3/09 | 30/9/09 |
+-----------------------------+---------------------------+---------+---------+---------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| Total Return on ordinary | | 32 | (12) | (22) |
| activities after taxation | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| Movements in Total | | 32 | (12) | (22) |
| Shareholders' Funds | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| Total Shareholders Funds as | | 674 | 696 | 696 |
| at 1 October | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| Total Shareholders' Funds | | 706 | 684 | 674 |
| at the end of the period | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
| | | | | |
+-----------------------------+---------------------------+---------+---------+---------+
BALANCE SHEET
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | For | | | | For | | | | For the |
| | | | | the | | | | the | | | | year |
| | | | | six | | | | six | | | | ended |
| | | | | months | | | | months | | | | |
| | | | | ended | | | | ended | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | 31 | | | | 31 | | | | 30 |
| | | | | March | | | | March | | | | September |
| | | | | 2010 | | | | 2009 | | | | 2009 |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | (unaudited) | | | | (unaudited) | | | | (audited) |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | Ordinary | C | Total | | Ordinary | C | Total | | Ordinary | C | Total |
| | | | Shares | | | | Shares | | | | Shares | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Fixed | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Investments | | 44,348 | 665 | 45,013 | | 23,254 | 200 | 23,454 | | 26,764 | 220 | 26,984 |
| held at | | | | | | | | | | | | |
| fair value | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Current | | | | | | | | | | | | |
| Assets | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Debtors | | 2,590 | 2 | 2,592 | | 1,424 | - | 1,424 | | 1,610 | 2 | 1,612 |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Cash at | | 1,631 | 54 | 1,685 | | 1,001 | 502 | 1,503 | | 391 | 469 | 860 |
| bank | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | 4,221 | 56 | 4,277 | | 2,425 | 502 | 2,927 | | 2,001 | 471 | 2,472 |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Current | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Creditors: | | | | | | | | | | | | |
| amounts | | | | | | | | | | | | |
| falling due | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| within one | | (168) | (2) | (170) | | (85) | (5) | (90) | | (441) | (4) | (445) |
| year | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | (168) | (2) | (170) | | (85) | (5) | (90) | | (441) | (4) | (445) |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Net Current | | 4,053 | 54 | 4,107 | | 2,340 | 497 | 2,837 | | 1,560 | 467 | 2,027 |
| Assets | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Total Assets less | 48,401 | 719 | 49,120 | | 25,594 | 697 | 26,291 | | 28,324 | 687 | 29,011 |
| current liabilities | | | | | | | | | | | |
+--------------------------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Creditors: | | | | | | | | | | | | |
| amounts | | | | | | | | | | | | |
| falling due | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| after more | | (503) | (13) | (516) | | (357) | (13) | (370) | | (342) | (13) | (355) |
| than one | | | | | | | | | | | | |
| year | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Net Assets | | 47,898 | 706 | 48,604 | | 25,237 | 684 | 25,921 | | 27,982 | 674 | 28,656 |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Capital and | | | | | | | | | | | | |
| Reserves | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Called-up | | 541 | 8 | 549 | | 317 | 8 | 325 | | 317 | 8 | 325 |
| share | | | | | | | | | | | | |
| capital | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Share | | 18,749 | 702 | 19,451 | | - | 702 | 702 | | - | 702 | 702 |
| premium | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Special | | 29,089 | - | 29,089 | | 29,089 | - | 29,089 | | 29,089 | - | 29,089 |
| reserve | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Capital | | 25 | - | 25 | | 25 | - | 25 | | 25 | - | 25 |
| redemptions | | | | | | | | | | | | |
| reserve | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Revaluation | | - | - | - | | - | - | - | | - | - | - |
| reserve | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Capital | | (898) | (19) | (917) | | (4,728) | (12) | (4,740) | | (1,805) | (19) | (1,824) |
| Reserve | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Revenue | | 392 | 15 | 407 | | 534 | (14) | 520 | | 356 | (17) | 339 |
| reserve | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Total | | 47,898 | 706 | 48,604 | | 25,237 | 684 | 25,921 | | 27,982 | 674 | 28,656 |
| Equity | | | | | | | | | | | | |
| Shareholders' | | | | | | | | | | | | |
| Funds | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Net Asset | | 88.6 | 90.7 | | | 79.8 | 88.0 | | | 88.5 | 86.7 | |
| Value per | | | | | | | | | | | | |
| Ordinary | | | | | | | | | | | | |
| Share | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| | | | | As | | | | As | | | | As at 30 |
| | | | | at | | | | at | | | | September |
| | | | | 31 | | | | 31 | | | | 2009 |
| | | | | March | | | | March | | | | |
| | | | | 2010 | | | | 2009 | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
| Number of | | 54,051,052 | 777,589 | | | 31,626,320 | 777,589 | | | 31,626,320 | 777,589 | |
| Ordinary | | | | | | | | | | | | |
| Shares in | | | | | | | | | | | | |
| issue at | | | | | | | | | | | | |
| end of | | | | | | | | | | | | |
| period | | | | | | | | | | | | |
+---------------+----------+------------+---------+-------------+----------+------------+---------+-------------+----------+------------+---------+-----------+
CASH FLOW STATEMENT
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | For the six | For the six | | For |
| | | month ended | month ended | | the |
| | | | | | year |
| | | | | | ended |
+----------------------+--+----------------------------------+----------------------------------+----------+---------------------+
| | | | 31 | | 31 | 30 |
| | | | March | | March | September |
| | | | 2010 | | 2009 | 2009 |
+----------------------+--+----------+-----------------------+----------+-----------------------+--------------------------------+
| | | | | (unaudited) | | | (unaudited) | | | (audited) |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | Ordinary | C | Total | Ordinary | C | Total | Ordinary | C | Total |
| | | | Shares | | | Shares | | | Shares | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Operating Activities | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Investment income | | 47 | - | 47 | 6 | - | 6 | 11 | - | 11 |
| received | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Bank deposit | | - | - | - | - | - | - | 6 | - | 6 |
| interest received | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Other income | | - | - | - | (391) | (18) | (409) | 140 | - | 140 |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Investment | | (688) | (8) | (696) | (168) | - | (168) | (460) | (23) | (483) |
| management fees paid | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Other cash payments | | (183) | (5) | (188) | 72 | - | 72 | (351) | (5) | (356) |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Net Cash | (824) | (13) | (837) | (481) | (18) | (499) | (654) | (28) | (682) |
| Inflow/(Outflow) from | | | | | | | | | |
| Operating Activities | | | | | | | | | |
+-------------------------+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Investing Activities | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Purchase of | | (398) | (402) | (800) | (1,234) | - | (1,234) | (2,821) | (23) | (2,844) |
| investments | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Sales of investments | | 1,375 | - | 1,375 | 1,402 | - | 1,402 | 2,384 | - | 2,384 |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Receipt of funds from | - | - | - | - | - | - | 167 | - | 167 |
| related parties for | | | | | | | | | |
| Co-investment | | | | | | | | | |
+-------------------------+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Net Cash | 977 | (402) | 575 | 168 | - | 168 | (270) | (23) | (293) |
| Inflow/(Outflow) from | | | | | | | | | |
| Investing Activities | | | | | | | | | |
+-------------------------+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Equity Dividends | | - | - | - | - | - | - | - | - | - |
| Paid | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Cash | | 153 | (415) | (262) | (313) | (18) | (331) | (924) | (51) | (975) |
| Inflow/(Outflow) | | | | | | | | | | |
| before Financing | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| and Management of | | | | | | | | | | |
| Liquid Resources | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Management of Liquid | | | | | | | | | | |
| Resources | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Sale of current | | - | - | - | 213 | - | 213 | 214 | - | 214 |
| asset investments | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Net Cash Inflow from | | - | - | - | 213 | - | 213 | 214 | - | 214 |
| Management | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| of Liquid Resources | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Financing | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Cash received on | | 1,325 | - | 1,325 | - | - | - | - | - | - |
| Merger | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Merger Costs | | (238) | - | (238) | - | - | - | - | - | - |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| Net Cash Inflow from | | 1,087 | - | 1,087 | - | - | - | - | - | - |
| Financing | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
| (Decrease)/Increase | | 1,240 | (415) | 825 | (100) | (18) | (118) | (710) | (51) | (761) |
| in Cash for the | | | | | | | | | | |
| Period | | | | | | | | | | |
+----------------------+--+----------+---------+-------------+----------+---------+-------------+----------+---------+-----------+
1 Accounting Policies
The principal accounting policies remain unchanged from the year ended 30
September 2009.
2 Merger with Acuity VCT PLC
With effect from the 29 January 2010, The Company acquired the assets and
liabilities of Acuity VCT plc in exchange for new shares in the Company. On the
same day Acuity VCT plc was placed into members' voluntary liquidation pursuant
to a scheme of reconstruction under section 110 of the insolvency act 1986.
Shareholders in Acuity VCT plc ordinary shareholders received 0.73 Ordinary
shares of the Company for every 1 Acuity VCT plc share held and C shareholders
received 0.92 Ordinary shares of the Company for every 1 Acuity VCT C plc share
held. Resulting in 22,424,732 shares in the company being issued. This
calculation was based on the relative net asset value of the Company and Acuity
VCT plc as at the close of business on the 29 January 2010 and adjusted for
costs arising to implement the scheme. These costs were apportioned between the
companies based on their relative net asset values as at the date of merger.
3 Return per Ordinary Share
The revenue return per ordinary share is based on the net revenue from ordinary
activities after taxation of GBP(250,000) (31.03.09: GBP59,000; 30.09.09:
GBP56,000) and on 39,183,826 (31.03.09: 31,626,320; 30.09.09: 31,626,320)
shares, being the weighted average number of shares in issue during the period.
The capital return per ordinary share is based on net capital gains/(losses) of
GBP908,000 (31.03.09: GBP(4,433,000); 30.09.09: GBP(1,685,000)) and on
39,183,826 (31.03.09: 31,626,320; 30.09.09: 31,626,320) shares, being the
weighted average number of shares in issue during the period.
The total return per ordinary share is based on total net profit/(loss) from
ordinary activities after taxation of GBP658,000 (31.03.09: GBP(4,374,000);
30.09.09 GBP(1,629,000)) and on 39,183,826 (31.03.09: 31,626,320; 30.09.09
31,626,320) ordinary shares, being the weighted average number of ordinary
shares in issue during the period.
The revenue return per C share is based on the net revenue from ordinary
activities after taxation of GBP(8,000) (31.03.09: GBP(7,000); 30.09.09:
GBP(10,000) and on 777,589 (31.03.09: 777,589; 30.09.09: 777,589) shares, being
the weighted average number of shares in issue during the period.
The capital return per C share is based on net capital gains/(losses) of
GBP40,000 (31.03.09: GBP(5,000); 30.09.09: GBP(12,000)) and on 777,589
(31.03.09: 777,589; 30.09.09: 777,589) shares, being the weighted average number
of shares in issue during the period.
The total return per C share is based on total net profit/(loss) from ordinary
activities after taxation of GBP32,000 (31.03.09: GBP(12,000); 30.09.09
GBP(22,000)) and on 777,589 (31.03.09: 777,589; 30.09.09 777,589) ordinary
shares, being the weighted average number of ordinary shares in issue during the
period.
There is no difference between the basic and diluted return per share because
the Company has no potentially dilutive shares in issue.
4 Dividends
No dividends have been paid or proposed in the period to 31 March 2010
(31.03.09: GBPNil; 30.09.09: GBPNil).
5 Related Party Transactions
Acuity Capital Management Limited (`the Manager') manages the investments of the
Company. The Manager also provides or procures the provision of secretarial,
administrative and custodian services to the Company. Under the management
agreement, the Manager receives a fee of 2.5 per cent per annum of the net
assets of the Company. This is described in more detail under the heading
Management within the Report of the Directors in the Company's Annual Report and
Accounts for the year ended 30 September 2009. During the period the Company has
incurred management fees of GBP474,000 and administrative fees of GBP40,000
payable to the Manager.
6 Going Concern
After making enquires, and bearing in mind the nature of the Company's business
and assets, the Directors consider that the Company has adequate resources to
continue in operational existence for the foreseeable future. In arriving at
this conclusion the Directors have considered the liquidity of the Company and
its ability to meet obligations as they fall due for a period of at least twelve
months from the date that these financial statements were approved. As at 31
March 2010 the company held cash balances and Money Market Funds with a combined
value of GBP1,685,000. Cash flow projections have been reviewed and show that
the Company has sufficient funds to meet both its contracted expenditure and its
discretionary cash outflows in the form of the share buyback programme and
dividend policy. The Company has no external loan finance in place and therefore
is not exposed to any gearing covenants.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZFLFLBEFBBBD
1 Year Acuity Chart |
1 Month Acuity Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
