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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bedford Row | LSE:BRWV | London | Ordinary Share | GB00B067NY94 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.55 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMBRWV
RNS Number : 8360P
Bedford Row VCT PLC
30 October 2012
For Immediate Release
30 October 2012
Bedford Row VCT plc
("The Company" or "Bedford Row")
Half Yearly Financial Report
The Company announces its unaudited interim report for the six months ended 31 August 2012. Extracts are set out below:
Chairman's Statement - Interim management report
Overview
There has been little change in the company's position since my last review. We continue to face a challenging future.
The company has seven remaining investments of which three represent the largest portion of the Company's NAV and the best upside potential:-
1. Snacktime plc, is quoted on AIM. In September 2010 the company acquired its largest competitor, Vendia, which doubled the size of the company. Regrettably, the combined effect of higher input prices together with a stalling economy where consumers faced high inflation and low or nil wage inflation, resulted in the company missing its profits forecasts and a resultant decline in the share price. Since then the CEO has resigned and a new executive Chairman has been appointed to turn the company around.
2. M2FX plc has continued to raise substantial funds from its large investor and is starting to see fast growth now that cash is not the constraining factor. The price of new money is less per share than our previous holding value but the plan is to build a big and valuable company. The company expects to achieve significant revenue growth in 2012 and to grow strongly in 2013.
3. Rainbow Rewards Holdings Ltd continues to raise further investment capital, and to sign Letters of Intent with major card issuers. The company is still progressing its intention to seek a stock market listing when investor sentiment improves.
I am pleased to remind you that none of these three companies has any connection with our former manager.
The outcome of all these changes has been a reduction in the Company's NAV to 2.8p per share, excluding the 7p per share dividend for the six months to 31 August 2012.
The Company continues to be more than 87.6 % invested in qualifying stocks and has met the other qualifying tests set by HMRC.
Risk and uncertainties
Under the Disclosure and Transparency Directive, the Board is now required in the Company's half year results, to report on principal risks and uncertainties facing the Company over the remainder of the financial year.
The Board has concluded that the key risks facing the Company over the remainder of the financial period are as follows:
i. investment risk associated with investing in small and immature businesses;
ii. investment risk arising from volatile stock market conditions and their potential effect on investment valuation; and
iii. failure to maintain approval as a VCT.
In the case of (i) the Board is satisfied with the Company's approach. It follows a rigorous process in vetting and careful structuring of new investments and, after an investment is made, close monitoring of the business. In respect of (ii), the Company seeks to hold a diversified portfolio. However, the Company's ability to manage the risk is quite limited, primarily due to the restrictions arising from the VCT regulations.
The Company's compliance with the VCT regulations is continually monitored by the Company Secretary, who reports regularly to the Board on the current position. The Company also retains James Cowper, Accountants, to provide regular reviews and advice in this area. The Board considers that this approach reduces the risk of a breach of the VCT regulations to a minimal level.
Outlook
The Company's future remains cause for serious concern. Its performance depends on three investments, none of which has immediate prospects of exit.
Whilst the Board continues to keep costs to the absolute minimum. There are fixed costs relating to our listing on the London Stock Exchange that cannot be reduced. The current plan is to cease to be listed once the minimum period for complying with VCT rules has elapsed for all issued shares. This will not happen until late in 2013.
To achieve this, we have managed to sell some shares in Rainbow Rewards. However, it is not certain the plan can be achieved.
Richard Hargreaves, Chairman
29 October 2012
Bedford Row VCT plc
Investment Portfolio at 31 August 2012
Hot Features
Premium
Security Cost Valuation % of
GBP GBP Net assets
Quoted investments 181,761 33,334 44.83
Unquoted investments 462,506 253,599 341.03
644,267 286,933 385.86
Net Current liabilities (212,570) (212,570) (285.86)
431,697 74,363 100.00
========== ========== ===========
AIM/PLUS Listed Investments
Snacktime plc 175,236 33,017 44.40
Vicorp Group plc 1,445 12 0.02
Weather Lottery plc 5,080 305 0.41
181,761 33,334 44.83
========== ========== ===========
Unquoted Investments
Match Me Now Holdings plc (formerly
Dateline Holdings plc) 150,900 - -
M2FX plc 258,295 194,728 261.86
Rainbow Rewards Holdings Limited 53,311 58,871 79.17
462,506 253,599 341.03
========== ========== ===========
Bedford Row VCT plc
Income Statement for the 6 months ended 31 August 2012
6 months ended Year ended 6 months ended
31-Aug-12 29-Feb-12 31-Aug-11
GBP'000 GBP'000 GBP'000
Realised losses on fair value
of investments (74) (2) -
Unrealised losses on fair
value of investments (16) (94) (34)
Other income - - -
Investment Manager fees (23) (45) (23)
Other expenses (30) (62) (31)
Loss on ordinary activities
before tax (143) (203) (88)
Tax charge on ordinary activities - - -
Loss on ordinary activities
after tax (143) (203) (88)
--------------- ----------- ---------------
Return per share (5.46p) (7.74p) (3.35p)
--------------- ----------- ---------------
Historic Profit / (Loss)
Note
Loss for the year (143) (203) (88)
Unrealised loss / (gain)
on fair value of investments 16 94 34
Realisation of prior year's
unrealised (losses) / gains 11 (96) -
Historical cost (loss) /
profit before tax (116) (205) (54)
Tax charge on ordinary activities - - -
Historical cost (loss) /
profit after tax (116) (205) (54)
--------------- ----------- ---------------
Reconciliation of movements in shareholders' funds for the 6 months ended 31 August 2012
6 months ended Year ended 6 months ended
31-Aug-12 29-Feb-12 31-Aug-11
GBP'000 GBP'000 GBP'000
Shareholders' funds at 1
March 2012 217 420 420
Total losses recognised in
the period (143) (203) (88)
Shareholders' funds at 31
August 2012 74 217 332
--------------- ----------- ---------------
Bedford Row VCT plc
Balance Sheet as at 31 August 2012
31-Aug-12 29-Feb-12 31-Aug-11
GBP'000 GBP'000 GBP'000
Fixed asset investments 286 426 489
---------- ---------- ----------
Current assets
Debtors 7 1 6
Cash and cash equivalents 30 - 2
37 1 8
Current Liabilities
Creditors (249) (210) (165)
---------- ---------- ----------
Net current assets (212) (209) (157)
---------- ---------- ----------
Net assets 74 217 332
========== ========== ==========
Called up equity share capital 262 262 262
Capital redemption reserve 48 48 48
Special distributable reserve 1,492 1,492 1,492
Revaluation reserve (359) (332) (343)
Revenue reserve (1,369) (1,253) (1,127)
Total equity shareholders'
funds 74 217 332
========== ========== ==========
Net Assets per share 2.84p 8.30p 12.69p
========== ========== ==========
Bedford Row VCT plc
Cash Flow Statement for the 6 months ended 31 August 2012
6 months ended Year ended 6 months ended
31-Aug-12 29-Feb-12 31-Aug-11
GBP'000 GBP'000 GBP'000
Net cash inflow from operating
activities
Return on ordinary activities
before tax (143) (203) (88)
Adjusted for:
Realised gains on investment
disposals 74 2 -
Unrealised losses on investments 16 94 34
Decrease (increase) in debtors (6) - (5)
(Decrease) / increase in
creditors 39 83 38
Net cash generated from operating
activities (20) (24) (21)
--------------- ----------- ---------------
Taxation
Corporation tax paid - - -
--------------- ----------- ---------------
Cash flows from investing
activities
Purchases of investments - (16) (16)
Sales proceeds of investments 50 33 32
Net cash generated from investing
activities 50 17 16
--------------- ----------- ---------------
Equity Dividend - - -
--------------- ----------- ---------------
Cash flows from financing
activities
Issue of own shares -
Share issue expenses -
Net cash generated from financing
activities - - -
--------------- ----------- ---------------
Net (decrease) / increase
in cash and cash equivalents 30 (7) (5)
=============== =========== ===============
Reconciliation of net cash flow to movements
in cash and cash equivalents
Net increase in cash and
cash equivalents 30 (7) (5)
Cash and cash equivalents
at 1 March 2012 - 7 7
Cash and cash equivalents
at 31 August 2012 30 - 2
=============== =========== ===============
Bedford Row VCT plc
Notes to the accounts for the six months ended 31 August 2012
1. The unaudited interim results cover the six months to 31 August 2012 and have been drawn up in accordance with the Accounting Standard Board's (ASB) Statement on Half-yearly Financial Reports (July 2007) and adopting the accounting policies set out in the statutory accounts for the year ended 29 February 2012 which were prepared under UK GAAP and in accordance with the Statement of Recommended Practice for investment companies issued by the Association of Investment Trust Companies in 2009.
2. The financial information set out in this report has not been audited and does not comprise full financial statements within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 29 February 2012, which were unqualified, have been lodged with the Registrar of Companies. No statutory accounts in respect of any period after 29 February 2012 have been reported on by the Company's auditors or delivered to the Registrar of Companies.
3. Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company's Registered Office: 7(th) Floor, 52-54 Gracechurch Street, London EC3V 0EH.
4. During the period under review, the Company did not issue any new Ordinary Shares of 10 pence each.
5 The revenue return per share is based on loss from ordinary activities after tax of GBP142,755 and on 2,615,781 ordinary shares of 10p each and being the weighted average number of shares in issue during the period. The net assets per share is based on total net assets of GBP74,363 and 2,615,781 ordinary shares of 10p each in issue at the period end.
6. Related party transactions
There are no related party transactions that have materially affected the financial position or performance of the company during the period and there have not been any changes to the related part transactions described in the statutory accounts to 29 February 2012 that could do so.
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 have been prepared in accordance with the Statement Half-yearly financial reports issued by the UK Accounting Standards Board;
-- the interim management report includes a fair review of the information required by:
o DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of the 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
o 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 may have materially effected 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
Graham Urquhart FCIS
Secretary
29 October 2012
Enquiries : Graham Urquhart, FCIS, Company Secretary Tel: 020 3216 2000 Roland Cornish, Beaumont Cornish Limited Tel: 020 7628 3396.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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