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| Name | Symbol | Market | Type |
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RNS Number:3499R
Elderstreet Milnm Vent Cap Tst PLC
27 October 2003
Elderstreet Millennium Venture Capital Trust plc
Interim Statement for the six months ended 31 August 2003
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the interim statement for Elderstreet Millennium Venture
Capital Trust plc for the six months ended 31 August 2003.
The period appears to have seen an end to the declining trend in stock markets
that has prevailed for some time. This may now signal the start of a longer
spell of improved investor confidence and, with that, stronger conditions for
investing.
Net Asset Value
The Net Asset Value per share ("NAV") at the period end stood at 65.8p, a small
increase of 1.5p (2%) since 28 February 2003 before taking into account the
interim dividend discussed below.
Venture Capital Investments
During the period the Company made one new investment. An initial sum of
#225,000 was invested in Snacktime Limited, a young vending machine operator
with a new approach to the market. Early progress made by the business has been
encouraging although the company has an ambitious development plan so close
monitoring be necessary continue. Five follow-on investments in existing
holdings totalling #176,000 were also made.
The steady improvements in share prices on AIM has allowed the Investment
Manager to take opportunities to make disposals of AIM holdings. These are
summarised as follows:
Cost Book value Proceeds Profit/
at 28/2/03 (Loss)
#'000 #'000 #'000 #'000
ATA Group 39 24 36 12
Computerland 260 219 347 128
Connaught plc 38 66 86 20
Glisten plc 24 27 36 9
Hartest plc 14 8 12 4
375 344 517 173
In addition, three investee companies redeemed loan stock and preference shares,
returning #864,000.
In reviewing the valuation of the unquoted investments the Board has approved
valuation increases of three investments. The holdings in Garran Lockers, QSS
and North West Transport have been uplifted by a total of #312,000 on the back
of strong recent performances. Veterinary Practice Initiative Limited has,
however, continued to perform poorly. As a result, the Board has made a further
provision of #379,000. Overall the unquoted portfolio has fallen in value by
#94,000 over the period.
In line with the Company's policy, the AIM investments have been valued at 90%
of mid-market price. The improvement in stock market indices has contributed to
an increase in book value of #167,000 over the period.
Listed fixed income securities
At the period end, listed fixed income securities were valued at #3.5 million.
During the period this portfolio gave rise to a realised gain against cost of
#40,000 and an unrealised loss against cost of #38,000.
The Board is in the process of reviewing this portfolio with NCL Smith &
Williamson, the fixed income manager, to ensure that yield is maximised while
remaining aligned with the Company's requirements.
VCT Qualification Status
The Company has continued to hold at least 70% of its investments in VCT
qualifying investments and has also complied all other applicable VCT
regulations throughout the period.
Dividend
In line with the Company's dividend policy an interim revenue dividend of 0.5p
per share will be paid. Additionally, the successful disposals of AIM holdings
discussed above allow the Company to pay an additional capital distribution of
1p per share. Shareholders on the register at 7 November 2003 will, therefore,
receive a total dividend of 1.5p per share on 21 November 2003.
Following the payment of this dividend, shareholders will have received tax-free
dividends totalling 27p per share since the launch of the Company.
Repurchase of shares
The Board continues to monitor the market in the Company's shares and we make
market purchases when appropriate. During the period, the Companypurchased
269,833 of its own shares at an average price of 50.9p per share. The effect of
this is to enhance the NAV attributable to the remaining shareholders.
Publication of share price
The Company's share price is quoted in the Financial Times on a daily basis and
can be found within the "Investment Companies" sector.
Outlook
The Directors are in agreement that the overall performance of the Company since
launch is disappointing. However, with a total return (NAV plus cumulative
dividends) of 91.3p per share against an initial net of tax relief investment of
80p per share, the Company has performed relatively well when compared to the
VCT market as a whole. The fact that the Company's NAV has been reasonably
stable over what has been a very turbulent spell for stock markets is also
encouraging.
As a result of the recent redemptions by investees, the Company now has a
reasonable level of uninvested funds and is therefore actively seeking new
investments. With the flow of investment opportunities now starting to pick up
and business valuations still generally at relatively low levels, the Company
should be well positioned to benefit from the changing conditions.
Michael Stoddart
Chairman
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 August 2003
31 August 31 August 28 February
2003 2002 2003
#'000 #'000 #'000
Fixed assets
Venture capital investments 6,668 7,560 7,402
Listed fixed income investments 3,588 3,473 3,579
10,256 11,033 10,981
Net current assets 1,360 1,240 828
Net assets 11,616 12,273 11,809
Capital and reserves
Called up share capital 1,766 1,804 1,793
Capital redemption reserve 198 160 171
Special reserve 8,958 10,941 10,196
Capital reserve - unrealised 630 (670) (399)
Revenue reserve 64 38 48
Total equity shareholders' funds 11,616 12,273 11,809
Net asset value per share 65.8p 68.0p 65.8p
UNAUDITED STATEMENT OF TOTAL RETURN
(incorporating the revenue account)
for the six months ended 31 August 2003
Six months ended
31 August 2003
Revenue Capital Total
#'000 #'000 #'000
Income 213 - 213
Gains/(losses) on investments - 210 210
213 210 423
Investment management fees (35) (104) (139)
Other expenses (75) - (75)
Return on ordinary activities before taxation 103 106 209
Taxation - - -
Return attributable to equity shareholders 103 106 209
Dividends (87) (177) (264)
Transfer to/(from) reserves 16 (71) (55)
Return per share 0.6p 0.6p 1.2p
Year ended
Six months ended 28 February
31 August 2002 2003
Revenue Capital Total Total
#'000 #'000 #'000 #'000
Income 299 - 299 530
Gains/(losses) on investments - (19) (19) (83)
299 (19) 280 447
Investment management fees (38) (112) (150) (294)
Other expenses (74) - (74) (147)
Return on ordinary activities before taxation 187 (131) 56 6
Taxation (17) 17 - -
Return attributable to equity shareholders 170 (114) 56 6
Dividends (177) (177) (354) (712)
Transfer to/(from) reserves (7) (291) (298) (706)
Return per share 0.9p (0.6p) 0.3p 0.1p
UNAUDITED CASHFLOW STATEMENT
for the six months ended 31 August 2003
Six Six
months months Year
ended ended ended
31 August 31 August 28 Feb
2003 2002 2003
Note #'000 #'000 #'000
Cash (outflow)/inflow from operating activities
and returns on investments
1 (6) 20 149
Taxation
Income tax recovered - 2 12
Capital expenditure
Purchase of venture capital investments (401) (1,088) (1,265)
Purchase of listed fixed income securities (1,014) (777) (2,741)
Proceeds on disposal of venture capital 1,381 546 1,214
investments
Proceeds on disposal of listed fixed income 969 994 2,455
securities
Net cash inflow/(outflow) from capital 935 (325) (337)
expenditure
Equity dividends paid (357) (522) (883)
Net cash inflow/(outflow) before financing 572 (825) (1,059)
Financing
Purchase of own shares (155) (210) (249)
Net cash outflow from financing (155) (210) (249)
Increase/(decrease) in cash 2 417 (1,035) (1,308)
Notes to the cashflow statement:
1 Cash outflow from operating activities and returns on investments
Net Revenue before taxation 103 187 309
Expenses charged to capital (104) (112) (220)
(Increase)/decrease in other debtors (4) (50) 54
(Decrease)/increase in other creditors (1) (5) 6
Net cash (outflow)/inflow from operating (6) 20 149
activities
2 Analysis of net funds
Beginning of period 1,137 2,445 2,445
Net cash inflow/(outflow) 417 (1,035) (1,308)
End of period 1,554 1,410 1,137
SUMMARY OF INVESTMENT PORTFOLIO
as at 31 August 2003
Cost Valuation % of
portfolio
#'000 #'000 by value
Top ten venture capital investments
Lyalvale Limited 886 1,323 12.9%
Garran Lockers Limited 476 734 7.2%
The QSS Group Limited 129 689 6.7%
Halifax Industrial Limited 900 621 6.1%
The Residential Care Group Limited 1,186 608 5.9%
Veterinary Practice Initiatives Limited 1,425 379 3.7%
Metnor Group plc* 187 338 3.3%
Coltran Products Limited 288 274 2.7%
Snacktime Limited 225 225 2.2%
Mediasurface plc 177 200 1.9%
5,879 5,391 52.6%
Other venture capital investments 3,569 1,277 12.4%
Listed fixed income securities 3,563 3,588 35.0%
Total investments 15,406 10,256 100.0%
All venture capital investments are unquoted unless otherwise stated.
* Quoted on the Alternative Investment Market ("AIM")
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. Accounting policies
Accounting convention
The financial statements are prepared under the historical cost convention as
modified by the revaluation of investments.
True and fair override
The Company is no longer an investment company within the meaning of Section
266, Companies Act 1985, having revoked investment company status on 16 July
2002 in order to pay a capital dividend. However, the Company continues to
conducts its affairs as a venture capital trust for taxation purposes under
s842AA of the Income and Corporation Taxes Act 1988.
The financial statements are prepared in accordance with applicable Accounting
Standards and with the Statement of Recommended Practice "Financial Statements
of Investment Trust Companies" (SORP). Ordinarily, the absence of Section 266
status would require the Company to adopt a different presentation of the
accounts than that recommended by the Association of Investment Trust Companies.
However, the Directors consider it appropriate to continue to present the
accounts in accordance with the SORP. Under the SORP, the financial performance
of the Company is presented in a Statement of Total Return in which the revenue
column is the profit and loss account of the Company. The revenue column
excludes certain capital items, which in the absence of investment company
status, the Companies Act 1985, would ordinarily require to be included in the
profit and loss account: net profits on disposal of investments, calculated by
reference to their previous carrying amount, permanent diminution in value of
investments, management expenses charged to capital less tax relief thereon and
the distribution of capital profits.
The presentation adopted enables the Company to report in a manner consistent
with the sector within which it operates. The Directors therefore consider that
these departures from the specific provisions of Schedule 4 of the Companies Act
relating to the form and content of accounts for companies other than investment
companies and these departures from accounting standards are necessary to give a
true and fair view. The departures have no effect on the total return or
balance sheet. The particular accounting policies adopted are described below.
Investments
Listed fixed income securities are stated at market value based upon middle
market prices at the end of the accounting period. Investments quoted on the
Alternative Investment Market ("AIM") and OFEX are stated at market value based
upon 90% of the middle market prices at the end of the accounting period.
Unlisted investments are stated at Directors' valuations, in accordance with
BVCA guidelines. The unrealised depreciation or appreciation arising on the
valuation of investments is taken to capital reserve (unrealised) and gains and
losses arising on the disposal of investments are taken to capital reserve
(realised).
It is not the Company's policy to exercise controlling influence over investee
companies. Therefore the results of these companies are not incorporated into
the revenue account except to the extent of any income accruing to the Company.
Income and expenses
All income and expenses are treated on the accruals basis and dividend income
(other than on non-equity shares) is included in revenue when the investment is
quoted ex-dividend. The fixed returns on non-equity shares and on debt
securities are recognised on a time apportionment basis and only where there is
reasonable certainty of collection. Investment income includes income tax
withheld at source. The Company has adopted the policy of allocating investment
management fees associated with venture capital investments 75% to capital
reserve (realised) and 25% to the revenue account as permitted by the SORP.
Administration and management fees associated with listed fixed income
securities are charged 100% to revenue and included in other expenses. The
allocation is in line with the Board's expectation of long term returns from the
Company's investments in the form of capital gains and income respectively.
Expenses which are incidental to the acquisition of an investment are included
in the cost of the investment. Expenses which are incidental to the disposal of
an investment are deducted from the proceeds of the investment.
2. All revenue and capital items in the Statement of Total Return derive from
continuing operations.
3. The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
4. The comparative figures were in respect of the six months ended 31 August
2002 and the year ended 28 February 2003 respectively.
5. Return per share for the period has been calculated on 17,861,859 Ordinary
Shares, being the weighted average number of shares in issue during the period.
6. The unaudited financial statements set out herein do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985 and have
not been delivered to the Registrar of Companies. The figures for the year
ended 28 February 2003 have been extracted from the financial statements for
that year, which have been delivered to the Registrar of Companies; the
auditors' report on those financial statements was unqualified.
7. Copies of the unaudited interim results will be sent to shareholders
shortly. Further copies can be obtained from the Company's Registered Office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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