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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Quester Vct 5 | LSE:QUV | London | Ordinary Share | GB0031102071 | 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% | 41.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
QUESTER VCT 5 PLC PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2006 Summary of results for the year ended 31 December 2006 Per ordinary share (pence) 2006 2005 2004 Capital values Net asset value 84.9 88.6 91.6 Share price 77.0 78.0 85.5 Return and dividends Dividend paid 1.0 - - Cumulative dividend 2.5 1.5 1.5 Total return* 87.4 90.1 93.1 *Net asset value plus cumulative dividend The directors have resolved to pay an interim dividend of 1p per share in respect of the year ending 31 December 2007, payable on 28 March 2007. This dividend, which is not included in the table above, will increase cumulative dividends to 3.5p per share. CHAIRMAN'S STATEMENT Overview This has been an active year for the Fund, with 20 new and follow-on investments. The venture capital portfolio has enjoyed a greater level of stability as the underlying companies have been able to develop their business plans in a favourable general economic environment. Progress of the portfolio The portfolio has increased to 35 portfolio companies in an active investment period. Nine companies were added to the portfolio at a cost of £2.0million. One of these, Ovum plc, was also sold within the year generating a 58% gain over cost. A further £1.9million was also provided to 11 investments. We are holding reserves for further investment in existing portfolio companies and we continue to have the capacity to make a limited number of further venture capital investments. Shareholders can expect to see two or three new investments being made over the year. Net assets The movement in net assets is set out in the table below: £'000 Pence per share Net asset value at 31 December 2005 21,760 88.6 Income 292 1.2 Operating expenses (837) (3.4) Net realised gain on investments 126 0.5 Net unrealised loss on investments (332) (1.4) Net assets before dividends and share buy-backs 21,009 85.5 Dividend paid, net of amounts reinvested (230) (1.0) Share buy-backs (626) 0.4 Net asset value at 31 December 2006 20,153 84.9 During the year, the Company's net assets fell by £1.6million, reflecting the impact of operating expenses, dividends and share buy-backs with net realised gains being lower than net unrealised losses. Net asset value per share decreased by 3.1p (3.5%) before taking account of share buy-backs and dividends. The interim dividend for 2007 is excluded from the above table. Dividends The Board has resolved to pay an interim dividend of 1p per share, costing approximately £237,000, in respect of the year ending 31 December 2007. This is in place of a final dividend for 2006 and is being paid early to ensure that the Company meets the requirements of the tougher rules for VCTs that take effect on 6 April 2007. This dividend reflects the realised profits arising from the sale of Ovum and on sales of other listed equities in the year. Change in composition of the Board Bill Passmore and Jack Lovell stepped down from the Board in December. I would like to express my thanks to them both for the invaluable service that they have provided during their respective five years service on the Board since the Company's incorporation in 2001. I have replaced Bill as Chairman. I am pleased to announce the appointment to the Board of Patrick Seely and Sir Colin Southgate. They bring with them a wealth of experience of early stage technology companies and I am certain that they will both provide a significant contribution to the Company. Outlook There will be an increasing focus over the next three years on planning for and achieving exits from the existing venture capital portfolio. A relatively low volume of exits is currently anticipated for 2007, with the rate expected to increase in 2008 and 2009. Going forward, the objective will be to generate significant cash proceeds and an uplift in total return. A balance will be struck between paying dividends and reinvesting these proceeds in order to maintain the VCT status of the Company. During 2007 and before exits are achieved, we expect total return to reduce as a result of running costs and possible provisioning against the weaker investments. We continue to believe that total return will increase over the medium term. Michael Inwards Chairman 22 February 2007 INVESTMENT MANAGER'S REPORT Introduction This has been another active year for the portfolio in which nine new investments have been made, one investment has been successfully sold and further funding has been provided to 11 companies in the portfolio. In addition, it has been a period in which a number of companies have completed, or largely completed, negotiations to secure further funding from both new and existing shareholders. We believe that their ability to do so is testament to the quality and potential of their product offerings and the underlying businesses themselves. Venture capital portfolio: valuation changes The company has invested a further £3.9million in venture capital investments during the year, with £2.0million being committed to new investments and £ 1.9million to follow-on funding of existing investments. New Investments: The Company has made nine new investments during the year, as set out in the table below: Company Industry sector £'000 Haemostatix Limited Biotechnology 61 Imagesound plc Industrial products & 500 services Keronite Limited Chemicals & materials 387 Landround plc Other services 73 Ovum plc Other services 125 Perpetuum Limited Electronics 185 Phoqus Group plc Biotechnology 145 Secerno Limited Software 108 Vivacta Limited Diagnostics & devices 390 1,974 The investments in Haemostatix Limited, Ovum plc, Perpetuum Limited and Vivacta Limited were reported on at the half year. Imagesound, an AIM traded company, is a leading supplier of in-store music, radio and TV services to the branded retail and leisure sectors. The company utilises the latest technology to source, manage and distribute profiled music, targeted messaging and high impact audio-visual content to create and control the retail environment, enhance the customer experience and support the brand offering. The investment will enable Imagesound to pursue its strategy to build profits by leveraging its operating infrastructure across a growing network of retail and leisure outlets, obtained through new client wins and the acquisition of rival operators. The investment in Keronite was made as part of a £10.2million pre-IPO funding round. Keronite has developed a metal-coating process that hardens the surface of aluminium and magnesium producing outstanding resistance to corrosion and wear. This offers a cost-effective alternative to conventional coating methods meeting a growing demand from manufacturers. The company has partners operating its process across Western Europe, the US and Asia and it has formed global alliances with companies throughout the light metal supply chain. The investment in Landround, the AIM traded market leader in travel, leisure and lifestyle promotions, was part of a £1.6million funding round in December. Landround runs innovative voucher based promotions for customer campaigns, trade incentives, staff motivation and reward programmes. In the UK, Landround operates Discover Promotions, the buy and fly loyalty reward programme and Travel Offers. The company has offices across Europe and works in partnership with 19 of the world's leading airlines and other major travel and leisure operators. Phoqus is an AIM traded company providing a range of innovative and patented drug delivery systems based on electrostatic dry powder deposition technology. This technology allows very precise deposition of coating powder onto the surface of tablets, with benefits including improved drugs' performance and the controlled release of a drug into the body. The technology can also be used to create novel images on tablets as a means of brand enhancement and protection against counterfeiting. The investment in Secerno was made as part of a £2million funding round. Secerno has developed a unique database and assurance platform, Secerno.SQL, which enables organisations to detect and prevent fraud, provide regulatory compliance and assure the integrity and privacy of online data. The platform addresses the increased threat to security faced by organisations by protecting database systems without complicated user intervention. Of the five investments made in the second half, three are AIM traded whilst Keronite and Secerno are unquoted. All, other than Secerno, are revenue generating and are considered later stage investments, which adds greater spread and risk diversification to Quester VCT 5's portfolio. Of the four investments made in the first half, only Ovum, a leading provider of ICT research and consulting services, was a revenue generating later stage investment. The investments in Haemostatix, Perpetuum and Vivacta potentially offer good upside returns, but, being pre-revenue and earlier stage companies, are riskier investments. During the year, Ovum was subject to a successful cash bid of 300p per share from Datamonitor plc. This transaction completed in December 2006 resulting in exit proceeds of £197,000 for Quester VCT 5 and a profit of £72,000. This represents a gain of some 58% in the year. Follow-on investments Follow-on funding totalling £1.9million was provided to 11 companies, as detailed below: Name Industry sector £'000 Advanced Valve Technologies Industrial products & 72 Limited services Allergy Therapeutics plc Biotechnology 200 Avidex Limited (prior to purchase Biotechnology 53 by MediGene AG) Azea Networks, Inc. Communications 205 Celona Technologies Limited Software 322 Identum Limited Software 143 Lectus Therapeutics Limited Biotechnology 258 Oxford Immunotec Limited Diagnostics & devices 20 Oxxon Therapeutics Holdings, Inc. Biotechnology 55 Workshare Limited Software 309 Xention Discovery Limited Biotechnology 245 1,882 Venture capital portfolio: valuation changes The venture capital portfolio was valued at £11.5million as at 31 December 2006. During the year there was a net downwards revaluation across the portfolio of £807,000. Of this, £461,000 was attributable to the Company's unquoted portfolio with the balance of £346,000 coming from its listed investments. Unquoted venture capital investments The largest valuation changes were seen in the investments in Global Silicon Limited and Workshare Limited. The £333,000 investment in Global Silicon was written off following its failure to get significant sales traction despite having a proven product. This loss has largely been offset by a valuation uplift of £232,000 applied to the investment in Workshare to reflect the pricing of its latest funding round that completed in December 2006 when it successfully raised $23million from a syndicate of new and existing investors. The investment in Antenova, a leading developer of high performance antenna solutions for mobile handsets, portable devices and laptop computers, is valued at the firm pricing of a funding round scheduled to complete imminently. The pricing is lower than previously and has resulted in a small downwards revaluation of £40,000. Despite this, we remain positive about the prospects for Antenova. A £229,000 reduction in the carrying value of Azea, which develops and markets undersea optical networking solutions, has been effected to reflect the pricing of an upcoming round in which a significant new third party investor is expected to participate. Azea has successfully completed its first three commercial deployments and has further sales opportunities in the pipeline. The provision against Mesophotonics Limited, developers of devices which utilise the properties of light to enhance dramatically the performance of silicon chips, has been increased from 25% to 50% of cost to reflect delays in the implementation of its plans. This has resulted in an £89,000 reduction in carrying value. Quoted venture capital investments The quoted venture capital portfolio has seen an overall fall in value of £ 346,000 during the year. This was predominately driven by the performance of two AIM traded investments, Genosis plc and Portrait Software plc, which fell by a combined £660,000. Both are examples of volatile price movements in AIM traded stocks affected by limited liquidity. Of the other investments, five increased in value whilst four decreased. The investment in Allergy Therapeutics plc, the specialist pharmaceutical company focused on the development of innovative therapies for the treatment and prevention of allergy-related conditions, continued to perform well and over the year it rose in value by £136,000. It has made progress internationally with the Pollinex Quattro vaccine platform and has growing commercial product sales and an advanced product pipeline, with two pivotal clinical studies commencing in the current financial year. A further £200,000 was invested as part of a £19million fundraising in May 2006. Avidex, a previously unquoted company was purchased by MediGene AG, a publicly quoted German-American biotechnology company, in September 2006. This was a paper transaction resulting in an investment in MediGene. The acquisition combined Avidex's world class research capabilities with MediGene's strong development and commercial expertise. MediGene's enhanced drug pipeline includes several drug candidates to treat cancer and autoimmune diseases, including Avidex's lead product RhuDex®. By 31 December 2006, MediGene's share price had risen by approximately 17% since the date of the acquisition resulting in an uplift of £179,000 in the carrying value of VCT 5's investment. It is currently anticipated that the MediGene investment will be held for the medium term. The investment in Genosis, developers of Fertell the combined male and female home fertility test, has performed poorly over the year. At the half year, the investment had fallen in value by £487,000. It subsequently fell by a further £ 32,000 over the second half following the announcement in September 2006 that sales were lower than expected. Recent news has been more positive, with Genosis announcing in December that sales volumes had increased and that a second product, a female ovarian reserve test, was to go on sale at Boots from February 2007. The share price has recovered by approximately 24% since 31 December 2006. The value of the investment in Portrait Software plc fell by £144,000 on the announcement that full year sales were likely to be below market expectations. Subsequent announcements have been more positive and the interim statement for half year ended 30 September 2006 reporting an increase in turnover, a new strategic partnership with Getronics and a significant contract win with a European Bank. Portrait Software's share price has risen marginally since the year end. Venture capital portfolio: sector spread Industry sector Percentage of Valuation Number of venture capital £'000 Investments portfolio at valuation % Biotechnology 29.9 3,425 9 Software 28.4 3,255 7 Diagnostics & devices 9.7 1,114 3 Industrial products & 9.5 1,084 4 services Communications 7.5 864 2 Chemicals & materials 4.1 475 2 Electronics 3.7 425 3 Hardware 3.3 373 1 Semiconductors 1.6 183 2 Consumer goods & services 1.5 170 1 Other services 0.8 83 1 100.0 11,451 35 There continues to be a sensible spread of investments by sector. In addition, the level of relative risk across of the portfolio has been reduced on account of an increasing proportion of later stage investments. Listed equity and bond portfolios The listed equity and bond portfolios have again performed well, achieving respective total returns of 19.5% and 4.4% over the 12 months. As anticipated, the year saw a continued reduction of the bond portfolio to fund the Company's investment activities. A residual balance of £1.9million was retained as at the year end. It is anticipated that this balance will be sold during 2007. The listed equity portfolio was valued at an uplift of £1.1million over cost (41% gain) as at the year end. It is possible that a proportion of this portfolio, which is held as a reserve for venture capital investment, may to be utilised in this capacity during 2007. This will depend on the timing and quantum of exit proceeds received on the sale of venture capital investments, net of any dividends paid to shareholders. Outlook The Company retains the capacity to make a further two to three new venture capital investments, which are likely to be made in 2007. Significant resources are now being directed towards achieving successful exits from the portfolio and it is envisaged that a significant amount of exit activity will be seen in the next three years and particularly in 2008 and 2009. In the meantime, individual investment valuations may vary according to the pricing of interim funding rounds, with the ultimate realisable value of individual companies crystallising on exit. Quester Capital Management Limited Manager 22 February 2007 FUND SUMMARY AS AT 31 OCTOBER 2006 Industry sector Original Valuation Equity % of Cost £'000 % held fund by value £'000 Quoted venture capital investments Allergy Therapeutics Biotechnology 700 850 1.1% 4.2% plc Cyclacel Biotechnology 500 144 0.1% 0.7% Pharmaceuticals, Inc. Genosis plc Diagnostics & 599 80 3.5% 0.4% devices Imagesound plc Industrial products 500 498 0.5% 2.5% & services Landround plc Other services 73 83 2.3% 0.4% MediGene AG * Biotechnology 624 494 0.2% 2.5% Phoqus Group plc Biotechnology 145 140 0.4% 0.7% Polaron plc Industrial products 250 117 1.1% 0.6% & services Portrait Software plc Software 565 183 1.4% 0.9% Public Recruitment Industrial products 250 64 0.6% 0.3% Group plc & services Quadnetics Group Plc Electronics 57 61 0.1% 0.3% Total quoted venture capital investments 4,263 2,714 13.5% Unquoted venture capital investments Advanced Valve Industrial products 676 404 11.9% 2.0% Technologies Limited & services Antenova Limited Communications 402 362 2.2% 1.8% Arithmatica Limited Semiconductors 287 184 2.5% 0.9% Azea Networks, Inc. Communications 731 502 2.4% 2.5% Celona Technologies Software 659 659 5.5% 3.3% Limited Cluster Seven Limited Software 317 317 4.0% 1.6% Global Silicon Limited Semiconductors 333 - 4.2% 0.0% Haemostatix Limited Biotechnology 61 61 3.6% 0.3% HTC Healthcare Group Consumer goods & 286 170 3.5% 0.8% plc services Identum Limited Software 537 537 2.7% 2.7% Keronite Limited Chemicals & 387 387 2.7% 1.9% materials Lectus Therapeutics Biotechnology 364 364 2.1% 1.8% Limited Level Four Software Software 414 414 7.4% 2.1% Limited Lorantis Holdings Biotechnology 400 400 1.0% 2.0% Limited Mesophotonics Limited Electronics 357 179 3.0% 0.9% Nanotecture Group Chemicals & 88 88 0.8% 0.4% Limited materials Oxford Immunotec Diagnostics & 556 644 3.7% 3.2% Limited devices Oxxon Therapeutics Biotechnology 422 236 1.3% 1.2% Holdings, Inc Pelikon Limited Hardware 373 372 2.9% 1.8% Perpetuum Limited Electronics 185 185 3.4% 0.9% Secerno Limited Software 108 108 1.7% 0.5% Vivacta Limited Diagnostics & 390 390 5.6% 1.9% devices Workshare Limited Software 764 1,037 2.9% 5.1% Xention Discovery Biotechnology 700 737 3.4% 3.7% Limited Total unquoted venture capital investments 9,797 8,737 43.3% Total venture capital 14,060 11,451 56.9% investments Listed equity 2,748 3,893 19.3% investments Listed fixed interest 1,872 1,868 9.3% investments Total investments 18,680 17,212 85.4% Cash and other net 2,941 2,941 14.6% current assets Net assets 21,621 20,153 100.0% * Shares in MediGene AG were received by Quester VCT 5 plc on MediGene's purchase of Avidex Limited on 29 September 2006. PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2006 Note 2006 2005 £'000 £'000 Loss on investments at fair value 2 (206) (303) through profit or loss Income 3 292 408 Investment management fee 4 (540) (534) Other expenses 5 (297) (363) Loss on ordinary activities (751) (792) Tax on ordinary activities 7 - - Loss on ordinary activities after (751) (792) taxation Basic earnings per share 9 (3.1)p (3.2)p There are no gains and losses for the year other than those passing through the profit and loss account of the Company. NOTE OF HISTORICAL COST PROFITS AND LOSSES FOR THE YEAR ENDED 31 DECEMBER 2006 Note 2006 2005 £'000 £'000 Reported loss on ordinary activities before (751) (792) taxation Realisation of prior years' net unrealised 208 2 gains on investments Adjustment for unrealised loss on 2 332 849 revaluation of investments Historical cost (loss)/profit on ordinary (211) 59 activities for the period All items in the above statements derive from continuing operations. The Company has only one class of business and derives its income from investments made in shares and securities and from bank deposits. BALANCE SHEET AS AT 31 DECEMBER 2006 2006 2005 Restated Note £'000 £'000 Fixed assets Investments at fair value through 17,212 15,026 profit or loss Current assets Debtors 278 179 Cash at bank 2,847 6,776 3,125 6,955 Creditors: amounts falling due within (138) (175) one year Net current assets 2,987 6,780 Creditors: amounts falling due after (46) (46) more than one year Net assets 20,153 21,760 Capital and reserves Called-up equity share capital 237 246 Capital redemption reserve 15 6 Share premium account 5,982 5,966 Special reserve 14,986 15,643 Fair value reserve (1,468) (928) Profit and loss account 401 827 Total equity shareholders' funds 20,153 21,760 Net asset value per share 10 84.9p 88.6p CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2006 2006 2005 £'000 £'000 Cash outflow from operating activities (623) (450) Financial investment Purchase of venture capital investments (3,856) (3,904) Purchase of listed equities and fixed interest (2,433) (6,781) investments Sale/redemption of venture capital investments 200 1,219 Sale/redemption of listed equity and fixed 3,639 6,671 interest investments Total net financial investment (2,450) (2,795) Equity dividends paid (246) - Management of liquid resources Purchase of treasury deposits 280 (280) Financing Issue of ordinary shares net of costs pursuant 2 985 to the offers for subscription made during 2004 Issue of shares under the terms of the 14 - dividend reinvestment scheme Buy-bank of ordinary shares (626) (337) Total financing (610) 648 Decrease in cash for the period (3,649) (2,877) Reconciliation of net cash flow to movement in net funds Decrease in cash for the period (3,649) (2,877) Cash used to increase liquid resources (280) 280 Net funds at the start of the period 6,776 9,373 Net funds at the end of the period 2,847 6,776 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS FOR THE YEAR ENDED 31 DECEMBER 2006 Share Capital Share Special Capital Fair Profit Total capital redemption premium reserve reserve value and £'000 £'000 reserve £ account £'000 realised reserve loss '000 £'000 £'000 £'000 account £'000 At 1 January 246 6 5,966 15,643 973 (928) (146) 21,760 2006 Effect of - - - - (973) - 973 - revoking investment company status At 1 January 246 6 5,966 15,643 - (928) 827 21,760 2006 (Restated) Shares issued - - 14 - - - - 14 under the Dividend Reinvestment Scheme Adjustment to - - 2 - - - - 2 costs in relation to shares issued in prior years Shares (9) 9 - (626) - - - (626) purchased for cancellation Realisation of - - - - - (208) 208 - prior years' net unrealised gains on investments Transfer from - - - (31) - - 31 - Special Reserve to Profit and Loss account Transfer of net - - - - - (332) 332 - unrealised loss on revaluation of investment to Fair Value Reserve Loss for the - - - - - - (751) (751) year Interim - - - - - - (246) (246) dividend paid At 31 December 237 15 5,982 14,986 - (1,468) 401 20,153 2006 NOTES TO THE FINANCIAL STATEMENTS 1. Revocation of investment company status As a result of the Directors' decision to enable dividends from capital profits to be paid to shareholders, the Company revoked its investment company status, as defined under Section 266(3) of the Companies Act 1985, on 14 March 2006. Consequently, the financial statements have been prepared to include a statutory profit and loss account in accordance with Schedule 4 of the Companies Act 1985 and Financial Reporting Standard 3 (Reporting Financial Performance). In the balance sheet, the opening revenue reserve, which was showing a loss of £146,000, and the opening credit balance of the realised capital reserve of £ 973,000 have been transferred to the profit and loss account to create an opening balance of £827,000. The revaluation reserve records revaluation amounts previously included in the unrealised capital reserve. 2. Loss on investments at fair value through profit or loss 2006 2005 £'000 £'000 Realised net gains on disposal 126 953 Write-off of investments - (407) Net unrealised loss on revaluation of investments (332) (849) (206) (303) 3. Income 2006 2005 £'000 £'000 Dividend income Listed companies 130 112 Interest receivable Listed fixed interest securities 113 217 Loans to unquoted companies - 8 Bank deposits 49 71 292 408 4. Investment management fee Quester Capital Management Limited ("QCML") provides investment management services to the Company under an agreement dated 3 December 2001, as amended by a supplemental agreement dated 23 December 2004. QCML is a wholly owned subsidiary of Querist Limited, a company in which APG Holmes and JA Spooner are beneficial shareholders. APG Holmes and JA Spooner are executive directors of QCML. A charge of £540,000 (2005: £534,000) in respect of the management fee payable to QCML was made during the year together with VAT of £77,000 (2005: £74,000). The fee, which is calculated quarterly and is payable in advance, was levied at a rate of 2.5% (2005: 2.5%) on the Company's net assets during the financial year ended 31 December 2006. Following the changes resulting from the supplemental agreement referred to above, this charge is subject to a cap to ensure that the Company's running costs do not exceed 3.5% of the closing net asset value. No such cap was required for the year ended 31 December 2006 (2005: management fee reduced by £14,000). The Manager's appointment is for a fixed term which shall expire on the seventh anniversary of the commencement of the Fund and shall continue until terminated by either party subject to a notice period. If such notice is given on or after the seventh anniversary of the commencement of the Fund, the notice period shall be the longer of (i) twelve months and (ii) the period from the date on which notice is given to the tenth anniversary of the commencement of the Fund. Thereafter the notice period shall be twelve months. QCML provides administrative and secretarial services to the Company for which it was entitled to a fee of £56,000 for the year ended 31 December 2006 (2005: £55,000). This fee is linked to the movement in the RPI and is included in other expenses (note 5). The management fee payable to Newton Investment Management Limited, to the extent that it is not covered by transaction fees payable by the Company, will be met by QCML out of the above fee. 5. Other expenses 2006 2005 £'000 £'000 Administration and secretarial services 56 55 Directors' remuneration (note 6) 39 39 Auditor's remuneration Fees payable to the Company's auditor for the 14 14 audit of the annual financial statements Fees payable to the Company's auditor and its 6 10 associates for other services relating to taxation Legal and professional expenses 12 13 Insurance 15 25 UKLA, LSE and registrar's fees 16 19 Interest expense 2 2 Transaction costs 9 20 Other expenses 14 53 Irrecoverable VAT 114 113 297 363 6. Directors' remuneration 2006 2005 £'000 £'000 Fees paid to directors 12 12 Amounts paid to third parties, excluding VAT, in 27 27 consideration for the services of directors 39 39 7. Tax on ordinary activities 2006 2005 £'000 £'000 Corporation tax - - Reconciliation of loss on ordinary activities to taxation Loss on ordinary activities before tax (751) (792) Tax on Loss on ordinary activities at standard UK 225 238 corporation tax rate of 30% (2005: 30%) Effects of: Loss on investments (61) (91) Loss on operating activities (164) (147) Corporation tax payable - - 8. Dividends paid 2006 2005 £'000 £'000 Interim dividend: 1p per share paid 15 May 2006 246 - The directors have resolved to pay an interim dividend of 1p per share in respect of the year ending 31 December 2007, associated record date on 2 March 2007 and payable on 28 March 2007. 9. Earnings per share The loss per share of 3.1p (2005: loss 3.2p) is based on the loss on ordinary activities after tax of £751,000 (2005: loss £792,000) and on ordinary shares of 24,218,576 (2005: 24,571,235), being the weighted average number of ordinary shares in issue during the year. 10. Net asset value The net asset value per share as at 31 December 2006 of 84.9p (2005: 88.6p) is based on net assets of £20,153,000 (2005: £21,760,000) divided by the 23,727,722 (2005: 24,556,227) ordinary shares in issue at that date. 11. Financial information This preliminary statement, which has been agreed with the auditors, was approved by the Board on 22 February 2007. It is not the Company's statutory accounts. The statutory accounts for the financial year ended 31 December 2005 have been delivered to the Registrar of Companies and received an audit report which was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain statements under section 237(2) and (3) of the Companies Act 1985. The statutory accounts for the financial year ended 31 December 2006 have not yet been approved, audited or filed. A copy of the Company's statutory accounts will be submitted to the UK Listing Authority, and will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS Copies of the full financial statements for the period ended 31 December 2006 are expected to be posted to shareholders on 26 February 2007 and will be available to the public at the registered office of the Company at 29 Queen Anne's Gate, London, SW1H 9BU. END
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