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Name | Symbol | Market | Type |
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Xtrackers FTSE Emerging Comprehensive Factor ETF | AMEX:DEMG | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 23.865 | 0 | 01:00:00 |
RNS Number:9531R eTechnology VCT 11 November 2003 Financial Summary 6 months ended 30 6 months ended 30 Year ended 31 March September 2003 September 2002 2003 (unaudited) (unaudited) Net asset value at period end 60.37p 64.35p 56.54p before distributions Net asset value after 60.37p 64.35p 56.54p distributions Total return for the period 3.83p (3.34)p (11.16)p Chairman's Report The results for the six months ended 30 September 2003 are in line with the Board's expectations bearing in mind the challenges faced by companies within the technology sector and telecommunications marketplace. The accounts for the period show a net loss of #9,000 (first half year profit 2002: #3,000). When taking into account the realised and unrealised gains on both the listed and unlisted investments, there is an overall positive return of #521,000 (2002: negative return of #455,000). The shareholders' funds at 30 September were #8.214 million representing 60.37p per share. This represents a recovery per share of 3.83p in comparison to the year end position at 31 March 2003. The six month period was a difficult time in the marketplace for many of our investee companies. However, there was some significant recovery within our listed technology stocks, in line with a market recovery. Whilst there is still volatility in this sector the Board decided to increase investment in the listed portfolio by a small amount bringing the value of the technology stocks portfolio to 8.3% of net assets at the period end. We are also pleased that we are able to report a net improvement in the market value of the quoted (AIM) qualifying investments. Overall we are able to report a net improvement in the unrealised value of the investments held during the period of #611,000. During the period we continued to examine investment opportunities and have increased investment in the qualifying portfolio by some #600,000 as a result of follow-on financing of Burgundy Global and Jacobs Rimell. We will continue to look at follow-on for our current investments where we feel this is appropriate. After the period end our entire holding in Heritage Image Partnership was acquired by Sarantel. This was completed by way of share exchange which resulted in a follow-on further investment in Sarantel at a minimum valuation of #125,000, and further details in respect of this transaction will be provided within the year end accounts. We remain cautious with our investment policy both in regard to the qualifying investments and also the listed portfolio, both managed by Cavendish Asset Management ("CAM"). As a result, we have only made some small adjustments to the portfolios although we do review them on a regular basis, as well as examining opportunities for additional qualifying investments. Our holding in gilts remains the largest part of our non qualifying assets. We continue to monitor the qualifying investment position to ensure that the 70% VCT investment and other criteria are met. Whilst remaining cautious, we believe the outlook for technology related investment is more optimistic, with slow recovery expected during next year. The telecommunications sector however remains far more difficult, and it appears unlikely that there will be any form of recovery from this sector during the next twelve months. We continue to help and support our qualifying investments in order that they can achieve the best possible results so that despite challenges in their marketplaces, the investments nonetheless deliver value in due course. Michael Teacher CHAIRMAN 11 November 2003 eTechnology VCT plc Statement of Total Return (incorporating the revenue account) Unaudited 6 months ended 30 September 2003 Revenue Capital Total #000 #000 #000 Gains / (losses) on investments - Realised - (23) (23) - Unrealised - 611 611 Income 79 - 79 Investment management fee (57) (38) (95) Other expenses (31) (20) (51) Net return before finance costs and (9) 530 521 taxation Return on ordinary activities (9) 530 521 before and after taxation (nil) Return attributable to equity (9) 530 521 shareholders Dividends - - - Transfer to reserves (9) 530 521 Return per ordinary share - (0.07)p 3.90p 3.83p basic and diluted eTechnology VCT plc Statement of Total Return (incorporating the revenue account) (Continued) Unaudited Audited 6 months Year ended to 30 September 2002 31 March 2003 Revenue Capital Total Revenue Capital Total #000 #000 #000 #000 #000 #000 Gains / (losses) on investments - Realised - 28 28 (19) (19) - Unrealised - (456) (456) (1,427) (1,427) Income 125 - 125 208 - 208 Investment management fee (76) (19) (95) (97) (64) (161) Other expenses (46) (11) (57) (71) (48) (119) Net return before finance costs 3 (458) (455) 40 (1,558) (1,518) and taxation Return on ordinary activities 3 (458) (455) 40 (1,558) (1,518) before and after taxation (nil) Return attributable to equity 3 (458) (455) 40 (1,558) (1,518) shareholders Dividends - - - - - - Transfer to reserves 3 (458) (455) 40 (1,558) (1,518) Return per ordinary share - basic 0.02p (3.36)p (3.34)p 0.29p (11.45)p (11.16)p and diluted eTechnology VCT plc Balance Sheet Unaudited Unaudited Audited As at As at As at 30 Sep 2003 30 Sep 2002 31 Mar 2003 #000 #000 #000 Investments 7,295 8,516 6,051 Net current assets 919 240 1,642 Net assets 8,214 8,756 7,693 Capital and Reserves Called-up share capital 680 680 680 Share premium 12,115 12,115 12,115 Capital reserve - realised (2,877) (2,133) (2,801) Capital reserve - unrealised (1,683) (1,857) (2,289) Revenue reserve (21) (49) (12) Total shareholders' funds 8,214 8,756 7,693 Net asset value per ordinary share 60.37p 64.35p 56.54p eTechnology VCT plc Cash Flow Statement Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 30 Sep 2003 30 Sep 2002 31 Mar 2003 #000 #000 #000 #000 #000 #000 Net Cash (outflow) / inflow from (11) 8 14 Operating Activities Capital Expenditure & Financial Investments Purchase of investments (2,315) (933) (2,079) Sale of Investments 1,658 903 3,465 Net cash (outflow)/ inflow from financial (657) (30) 1,386 investments Taxation - - - (Decrease)/ Increase in cash at bank (668) (22) 1,400 Analysis of cash balance At 1 April 1,709 309 309 Net cash inflow/(outflow) for the period (668) (22) 1,400 Cash Balance at 30 September 2003 1,041 287 1,709 Notes :- 1. The financial information given above does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The figures for the year ended 31 March 2003 have been extracted from the financial statements for that period; the auditors' report on those financial statements under section 235 of the Companies Act 1985 was unqualified. 2. Returns per Ordinary Share are based on 13,606,734 ordinary shares, being the weighted average number of shares in issue for all periods. 3. The net asset values per Ordinary Share are based on 13,606,734 shares in issue each period end. 4. Copies of the Interim Report are being sent to shareholders and can be obtained from the registered office: 19 Cavendish Square London W1A 2AW. Investment Portfolio at 30 September 2003 Balance Sheet Cost Mid-Market % of fund Profit / Value (Loss) Qualifying Investments Holding # # # AIM Biofocus plc 43,862 127,200 55,485 0.67 (71,715) OMG plc 233,333 175,000 26,687 0.32 (148,313) Pilat Media Global plc 1,500,000 300,000 592,500 7.21 292,500 Deltex Medical plc 800,000 200,000 118,000 1.44 (82,000) Unlisted Jacobs Rimell Ltd 595,442 943,930 487,620 5.94 (456,310) Burgundy Global Ltd 147,059 1,250,000 1,250,000 15.22 - Networks by Wireless 700,000 700,000 700,000 8.52 - iDesk plc 126,582 500,000 - - (500,000) Boxmind Ltd 816 150,000 - - (150,000) Heritage Image Partnership Ltd 36,262 500,000 170,000 2.07 (330,000) CableNet International Ltd 1,785,714 344,828 - - (344,828) Avidex Limited 12,500 500,000 500,000 6.09 - Vectura Limited 259,740 500,000 500,000 6.09 - Sarantel Limited 1,818,182 600,000 600,000 7.30 - Sub Total 6,790,958 5,000,292 60.87 (1,790,666) Non-Qualifying Investments Quoted Stocks 1,089,448 685,301 8.34 (404,147) Gilts - Treasury 5.75% 2009 1,500,000 1,597,896 1,609,650 19.60 11,754 Sub Total 2,687,344 2,294,951 27.94 (392,393) Total Investment Portfolio 9,478,302 7,295,243 88.81 (2,183,059) Net Current Assets Including Cash 919,212 919,212 11.19 - Total 10,397,514 8,214,455 100.00 (2,183,059) Notes:- 1. Balance sheet values in respect of quoted stocks have been calculated using mid market prices at 30 September 2003. Unquoted investments are stated at historic cost unless, in the opinion of the directors, there has been a diminution in value, in which case this has been provided for. 2. Qualifying investments carry full voting rights for the Company. 3. Shares are non-qualifying if they have been acquired in the market rather than as a result of a new issue. This information is provided by RNS The company news service from the London Stock Exchange END IR BBBFTMMIBBIJ
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