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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gateway Vct | LSE:GTW | London | Ordinary Share | GB0009202275 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 0686J Gateway VCT PLC 27 November 2008 Gateway VCT plc Interim Announcement for the six months ended 30 September 2008 (unaudited) The Directors announce the unaudited Interim Results for the six months ended 30 September 2008. This Interim Management Report covers a period of extreme volatility in economies and markets throughout the world, with equity values generally having seen a downward trend in the face of tighter credit conditions. Most commentators are predicting that negative growth in the UK economy will continue into 2009 and share prices are likely to remain unstable given the ongoing uncertainty over economic forecasts. Your Company still has a significant exposure to AIM, representing 32.7% of net assets at 30 September 2008, where there has been continued volatility that has had a material and adverse influence on the results for the period under review. However, following the appointment of Aberdeen Asset Managers as Manager on 31 March 2008, and the Company's related change to a more generalist investment policy as stated in the 2008 Annual Report, the portfolio is in the process of being reconstructed with a bias towards more robust private equity investments. These should offer a degree of protection from the sentiment of quoted markets and, as the portfolio matures, provide the basis for a recovery in the Company's Net Asset Value (NAV). Key information * NAV of 32.3p per share (pps) at 30 September 2008; compared to 35.5pps at 31 March 2008 and 41.9pps at 30 September 2007. * Decrease of 9.0% in NAV per share since 31 March 2008 and of 22.9% since 30 September 2007. * Eight unlisted and AIM/PLUS investments made during the period under review. * Disposals of unlisted and AIM quoted investments generated net realised losses of £298,000 during the period under review. Performance The NAV per share at 30 September 2008 was 32.3pps, representing decreases of 9.0% and 22.9% over the equivalent figures at 31 March 2008 and 30 September 2007 respectively. There is no venture capital trust index with which to compare the overall performance of the Company. However, the FTSE AIM All-share index decreased by 35.2% over the reporting period and by 44.4% since September 2007. Unlisted investments held by Gateway VCT are valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines. Investments which are traded on the Alternative Investment Market (AIM) or a recognised stock exchange are valued at their bid price. Dividends The Board is not proposing that the Company should pay an interim dividend for the year ending 31 March 2009. The new Manager is in the process of restructuring the portfolio and the Company's cost base with a view to allowing distributions of revenue surpluses or from the realisation of investments above their cost, but it is uncertain when the Company will be in a position to pay a dividend. VCT qualifying status The VCT qualifying status of your Company is monitored on a continuous basis to ensure that all of the criteria required to maintain VCT status are being achieved. Investment activity During the six-month period ended 30 September 2008, eight new unlisted and AIM quoted investments were completed and a total of £1,078,000 was invested. At the period end, the portfolio stood at 20 unlisted and AIM quoted investments at a total cost of £5,959,000. The following investments were completed during the period: Investment Date Activity Cost £'000 Website Unlisted MoneyPlus Group July 2008 Provider of debt 200 www.moneyplusgroup. management services co.uk to individuals Nessco Group Holdings June 2008 Telecommunication 199 www.nessco.co.uk services provider TC Communications Holdings May 2008 Marketing and 199 www. communications tccommunications.co. services agency uk Training for Travel Group April 2008 Provider of 200 www. assessment, tuition trainingfortravel. and training in com travel services Total unlisted investment 798 AIM Essentially Group May 2008 Provider of sports 133 www. marketing, media essentiallygroup.com management and professional services OPG Power Ventures May 2008 Develops, owns and 49 www.opgpower.org manages power generation plants in India Optare July 2008 Bus manufacturer and 49 www.elcb.co.uk low emission technology group Praesepe (formerly Aldgate July 2008 Pursues acquisition 49 www.aldgatecapital. Capital) and consolidation com opportunities in the low-stake, high-volume gaming sector in the United Kingdom and Europe Total AIM investment 280 Total investment 1,078 Co-investment Gateway VCT has co-invested with Aberdeen Growth Opportunities VCT, Aberdeen Growth Opportunities VCT 2, Aberdeen Growth VCT I, Aberdeen Income and Growth VCT, Guinness Flight Venture Capital Trust and Talisman First Venture Capital Trust in some or all of the above transactions and is expected to continue to do so with these as well as other clients of the Manager. The advantage is that, together, the funds are able to underwrite a wider range and size of transaction than would be the case on a stand alone basis. Portfolio developments During the period under review, the unlisted investment in Jacobs Rimmell was sold generating a realised loss of £294,000 against cost, although it is anticipated that a small element of deferred consideration will be received in due course. The valuation at 31 March 2008 had anticipated this outcome and the Company's NAV was, therefore, unaffected by this sale. Conditions on AIM continued to be volatile during the reporting period, which has, therefore, restricted opportunities to actively trade this element of the portfolio. Realisations The table below gives details of all realisations from the unlisted and AIM portfolios during the reporting period: Year acquired Complete/ partial Cost of shares Sales proceeds Realised gain/(loss) exit disposed of £'000 £'000 £'000 Unlisted Jacobs Rimmell 2000 Complete 944 650 (294) AIM Medigene 2006 Partial 5 2 (3) Optare 2008 Partial 2 1 (1) 7 3 (4) Total portfolio disposals 951 653 (298) Principal risks and uncertainties The Board has reviewed the principal risks and uncertainties facing the Company in the second half of its financial year; these are unchanged from those it faced at the start of the year, being the risks involved in investment in small and unquoted companies. In order to reduce the exposure to investment risk, the Company is now invested in a more broadly-based portfolio of investments in unlisted and AIM quoted companies in the United Kingdom. The Company remains compliant with the regulations governing venture capital trusts and the Manager closely monitors the position of the Company to ensure that it complies with the various tests at all times. Constitution of the Board On 15 July 2008, the Company announced the appointment of Neil Kennedy and Charles Scott as Directors with effect from 1 August 2008 and that, subject to their re-election at the Annual General Meeting, it was intended that Michael Teacher and Neil Metcalfe would stand down as Directors after a suitable handover period. Following the re-election of Neil Kennedy and Charles Scott at the Annual General Meeting on 12 September 2008, the Company confirmed the resignations of Michael Teacher and Neil Metcalfe as Directors of the Company, both being effective from 30 September 2008. Mr Teacher had served as Chairman of the Company and, in the Annual Report for the year ended 31 March 2008, he had stated that his successor would be nominated from the remaining Board members. On 10 October 2008, the Board announced that Charles Scott had accepted the nomination of his fellow Directors and had been appointed Chairman of the Company with immediate effect. The Board wishes to record its thanks to Michael Teacher and Neil Metcalfe for their assistance in ensuring an orderly handover of their responsibilities. Outlook The performance of the quoted markets generally during the period has been volatile and events affecting the banking sector have caused further uncertainty since the period end. Although there has been some stimulus from the support provided to banks by central government, it would appear that the uncertain conditions may prevail for some time given the continuing speculation over the future of the economy. Opportunities to invest in companies seeking to achieve an IPO on AIM have, therefore, been limited and little change in this situation is anticipated in the short term. Whilst the Company's AIM quoted investments have obviously suffered as a result of the extended period of volatility which continues to affect the equity markets, most of the underlying businesses in which that portfolio is invested are performing in line with the Manager's expectations and the Directors anticipate that this should be demonstrated by increasing share prices when market conditions improve, although the timing and extent of any recovery is uncertain. Shareholders will note the change in the composition of the portfolio. The new Manager intends to continue its strategy of investing across a more diverse range of industrial sectors and in an increasing number of mature and profitable private companies, the values of which are not directly affected by the short term fluctuations of the quoted markets. It is anticipated that these investments will pay a regular yield, which will help the Company to meet its recurring expenses, demonstrate reasonable growth potential and develop to an extent where successful realisations may be possible in due course. This will result in an ongoing requirement to re-invest the proceeds in accordance with the VCT regulations and the Manager will continue to invest selectively from its flow of introductions sourced by its regional network of offices. Gateway VCT plc Summary of Portfolio Performance Six months ended 30 September 2008 Opening valuation 31 Purchases Sales Realised gain/(loss) Unrealised Closing valuation Total gain/ March 2008 over opening gain/(loss) over 30 Sept 2008 (loss) valuation opening valuation £'000 £'000 £'000 £'000 £'000 £'000 £'000 Legacy portfolio Unlisted 1,424 - (650) (294) 294 774 - Listed 1,542 - (369) (15) 26 1,184 11 AIM 1,572 - (2) (3) (344) 1,223 (347) Total legacy portfolio 4,538 - (1,021) (312) (24) 3,181 (336) Investments made after the appointment of Aberdeen Asset Managers Unlisted - 798 - - - 798 - AIM - 280 (1) (1) (65) 213 (66) Total new portfolio - 1,078 (1) (1) (65) 1,011 (66) Total portfolio* 4,538 1,078 (1,022) (313) (89) 4,192 (402) Gateway VCT plc Investment Portfolio Summary As at 30 September 2008 % of % of equity held Valuation Cost % of net equity by other Investment £ £ assets held clients* Unlisted Networks by Wireless 700 700 15.9 14.6 - Training For Travel Group 200 200 4.6 2.3 27.7 MoneyPlus Group 200 200 4.6 23.3 51.7 TC Communications Holdings 199 199 4.5 4.1 31.2 Nessco Group Holdings 199 199 4.5 2.6 35.2 Other unlisted investments 74 1,350 1.7 Total unlisted 1,572 2,848 35.8 AIM Vectura Group 533 553 12.1 0.4 - Medigene 231 576 5.3 0.2 - Pilat Media Global 180 240 4.1 2.0 - Deltex Medical Group 112 200 2.6 0.8 - Essentially Group 103 133 2.3 0.7 2.3 OMG 89 175 2.0 0.4 - Praesepe (formerly Aldgate 45 49 1.0 1.2 10.6 Capital) OPG Power Ventures 42 49 1.0 0.1 0.4 Galapagos 33 127 0.8 - - Sarantel Group 24 810 0.5 3.2 - Optare 24 47 0.5 0.1 1.6 Other AIM/PLUS investments 20 152 0.5 Total AIM 1,436 3,111 32.7 Listed fixed income Treasury 5.75% 31/12/09 1,184 1,213 26.9 Total assets 4,192 7,172 95.4 *Other clients of the Aberdeen Asset Management Group. Unlisted investments include assets with a total impairment value of £1,350,000 and AIM investments include assets with a total impairment value of £25,000. Gateway VCT plc Income Statement Six months ended 30 September 2008 (unaudited) Revenue Capital Total £'000 £'000 £'000 Loss on realisation of investments - (313) (313) Income 49 - 49 Investment management fee (17) (11) (28) GAM investment adviser termination fees - - - Other expenses (51) - (51) Loss on ordinary activities before taxation (19) (324) (343) Tax on ordinary activities - - - Loss on ordinary activities after taxation (19) (324) (343) Earnings per share (pence) (0.1) (2.4) (2.5) Gateway VCT plc Income Statement Six months ended 30 September 2007 (unaudited) Revenue Capital Total £'000 £'000 £'000 Loss on realisation of investments - - - Income 59 - 59 Investment management fee (32) (21) (53) GAM investment adviser termination fees - - - Other expenses (48) - (48) Loss on ordinary activities before taxation (21) (21) (42) Tax on ordinary activities - - - Loss on ordinary activities after taxation (21) (21) (42) Earnings per share (pence) (0.2) (0.1) (0.3) Gateway VCT plc Income Statement Year ended 31 March 2008 (audited) Revenue Capital Total £'000 £'000 £'000 Loss on realisation of - (91) (91) investments Income 110 - 110 Investment management fee (40) (27) (67) GAM investment adviser (45) (30) (75) termination fees Other expenses (140) - (140) Loss on ordinary activities (115) (148) (263) before taxation Tax on ordinary activities - - - Loss on ordinary activities (115) (148) (263) after taxation Earnings per share (pence) (0.8) (1.1) (1.9) All items in the above statement are derived from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. The total column of this statement is the Profit and Loss Account of the Company. The accompanying Notes are an integral part of the Financial Statements. Gateway VCT plc Statement of Total Recognised Gains and Losses Six months ended 30 September 2008 (unaudited) Revenue Capital Total £'000 £'000 £'000 Loss on ordinary activities after taxation (19) (324) (343) Loss on revaluation of investments - (89) (89) Total losses recognised during the period (19) (413) (432) Gateway VCT plc Statement of Total Recognised Gains and Losses Six months ended 30 September 2007 (unaudited) Revenue Capital Total £'000 £'000 £'000 Loss on ordinary activities after taxation (21) (21) (42) Loss on revaluation of investments - (713) (713) Total losses recognised during the period (21) (734) (755) Gateway VCT plc Statement of Total Recognised Gains and Losses Year ended 31 March 2008 (audited) Revenue Capital Total £'000 £'000 £'000 Loss on ordinary activities after taxation (115) (148) (263) Loss on revaluation of investments - (1,357) (1,357) Total losses recognised during the period (115) (1,505) (1,620) The accompanying Notes are an integral part of the Financial Statements. Gateway VCT plc Reconciliation of movements in Shareholders' funds Six months ended Six months ended 30 September 2008 30 September 2007 Year ended 31 March 2008 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Opening Shareholders' funds 4,824 6,444 6,444 Loss attributable to Equity (432) (755) (1,620) Shareholders Closing Shareholders' funds 4,392 5,689 4,824 The accompanying Notes are an integral part of the Financial Statements. Gateway VCT plc Balance Sheet 30 September 30 September 31 March 2008 2007 2008 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Fixed assets Investments available for sale 4,192 5,656 4,538 Current assets Debtors 54 37 45 Cash and overnight deposits 202 107 316 256 144 361 Creditors Amounts falling due within one 56 111 75 year Net current assets 200 33 286 Net assets 4,392 5,689 4,824 Capital and reserves Called up share capital 679 679 679 Special distributable reserve 12,110 12,110 12,110 Capital redemption reserve 1 1 1 Capital reserve - realised (6,158) (5,832) (5,834) Capital reserve - unrealised (1,606) (748) (1,517) Revenue reserve (634) (521) (615) Net assets attributable to 4,392 5,689 4,824 Ordinary Shareholders Net Asset Value per Ordinary 32.3 41.9 35.5 Share (pence) The accompanying Notes are an integral part of the Financial Statements. Gateway VCT plc Cash Flow Statement Six months Six months ended Year ended ended 30 September 31 September 2007 31 March 2008 2008 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating activities Investment income received 57 55 102 Deposit interest received 4 3 5 Investment management fee paid (10) (30) (121) GAM investment adviser - - (75) termination fee Other cash payments (85) (41) (96) Net outflow from operating (34) (13) (185) activities Taxation Corporation tax - - - Financial investment Purchase of investments (1,078) - - Sale of investments 998 - 382 Net cash (outflow)/inflow from (80) - 382 financial investment Equity dividends paid - - - (Decrease)/increase in cash (114) (13) 197 The accompanying Notes are an integral part of the Financial Statements. Gateway VCT plc Notes to the Financial Statements 1. Accounting policies The financial information for the six months ended 30 September 2008 and the six months ended 30 September 2007 comprises non-statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 March 2008. The results for the year ended 31 March 2008 are extracted from the full accounts for that year, which received an unqualified report from the Auditors and have been filed with the Registrar of Companies. 2. Movement in reserves Special Capital redemption Capital reserve - Capital reserve - Revenue reserve distributable reserve realised unrealised reserve £'000 £'000 £'000 £'000 £000 At 31 March 2008 12,110 1 (5,834) (1,517) (615) Losses on realisation of - - (313) - - investments Net decrease in value of - - - (89) - investments Investment management fee - - (11) - - Loss on ordinary activities - - - - (19) after taxation At 30 September 2008 12,110 1 (6,158) (1,606) (634) 3. Returns per Ordinary Share Six months ended 30 September 2008 £'000 The returns per Ordinary Share are based on the following figures: Weighted average number of Ordinary Shares 13,591,734 Revenue return (£19,000) Capital return (£324,000) The NAV per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 30 September 2008 of 13,591,734. Gateway VCT plc Directors' responsibility statement The implementation of the EU Transparency Obligations Directive and the associated amendments to the rules laid down by the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Interim Management Report and Financial Statements. The Directors confirm that, to the best of their knowledge: * the Financial Statements for the six months ended 30 September 2008 have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" (the SORP) issued in December 2005; * the Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months, of the year ending 31 March 2009; and * the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein. Copies of this announcement will be available to the public at the registered office of the Company, One Bow Churchyard, Cheapside, London; at the office of Aberdeen Asset Management PLC, 149 St Vincent Street, Glasgow; and, in due course, on the Company's website at www.aberdeen-asset.com/gatewayvct. A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders. On behalf of the Board Aberdeen Asset Management PLC Secretary 27 November 2008 This information is provided by RNS The company news service from the London Stock Exchange END IR BRBMTMMJTBBP
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