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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Piovan Spa | BIT:PVN | Italy | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.05 | -0.37% | 13.60 | 13.60 | 13.65 | 13.65 | 13.60 | 13.60 | 101,253 | 16:35:06 |
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RNS Number:2316L
Proven VCT PLC
16 May 2003
ProVen VCT PLC
Preliminary Announcement of Results for the year to 28 February 2003
Chairman's Statement (extracted from Report & Accounts)
I am pleased to report that ProVen VCT completed its third year of activity with
a qualifying investment total of 75% representing a reasonable margin over the
70% required by the Venture Capital Trust regulations. Once again the year was
characterised by economic uncertainty, although the rate of decline in values
reduced compared to that in the previous year. The investment manager had
rightly been slow to invest in 2001-2002 but took advantage of improved
conditions in your company's target market and invested a total of #8.9 million
during the year. Inevitably the continuing decline in UK equity markets has
influenced the portfolio valuation at the year-end. However, in the longer term
your board continues to be optimistic that our portfolio of investments will
gradually experience an improvement in their prospects.
Investment Portfolio
The year to 28 February 2003 was one of considerable activity in the portfolio.
Nine new investments and seven follow-on investments were completed; there was
one disposal and a partial redemption of loan stock by one investee company.
Investment activity has continued since the end of February, with one new
company added to the portfolio and another follow-on investment completed -
completion of these investments has brought the qualifying investments total to
79% at today's date.
At the balance sheet date, your company had a portfolio of twenty-three
companies with a total cost of #15.7 million and a value of #11.9 million,
covering a broad spectrum of business sectors, stage of development and size of
company. The value of the portfolio fell during the year by #3.4 million and,
whilst disappointing, this 23% fall in value was less than the decline in the
public markets, where the FTSE AIM Index and the FTSE AllShare Index fell by 33%
and 29% respectively.
Revenue and Dividends
During the year the fixed interest portfolio was reduced and the proceeds
invested in VCT qualifying investments so as to meet the qualifying target at
the year-end. VCT investments have a lower yield, if any yield at all, and as
a result the company's revenue profit has fallen sharply this year. Net revenue
after tax for the year was #268,000 compared to #522,000 in 2002, and the
revenue return per share was 1.2p (2002 - 2.4p). During the financial year
under review, ProVen VCT paid an interim dividend of 1.0p per share. However,
the significant reduction in income in the second half of the financial year
means that the directors are not recommending the payment of a final dividend
for the year. The company has therefore reached a stage in its development
where future dividend payments are likely to be dependent on capital profits
generated from investment realisations. However, the extent and timing of
capital gains are difficult to predict with any certainty and shareholders
should not expect regular dividend payments going forward.
Net Asset Value
The net asset value per share at 28 February 2003 was 71.4p after deducting the
interim dividend paid, compared to 88.4p at the end of the previous financial
year. This decline equates to 18.1% over the year after adding back the effect
of the dividend, and compares relatively well to the falls in the FTSE AIM and
FTSE AllShare Indices mentioned previously in this review.
Share Buy Backs
In February 2003, your company purchased 27,047 shares in the market for
cancellation, at a cost of #17,716, representing a discount of 17% to the
previously published net asset value. In order to maintain the company's
ability to purchase its own shares where this is in the interests of
shareholders, the board will at the forthcoming annual general meeting once
again be seeking shareholder approval to renew its authority to purchase shares
in the market. Any shareholder wishing to sell shares should contact Downing
Corporate Finance in the first instance.
Board Change
Gordon Power has resigned from the board with effect from today's date. For the
last year he has represented the investment manager on the board, and your board
has appreciated his insight and experience in the capacity of director.
Beringea has stated that his advice will continue to be available, including as
a part of the Beringea Investment Committee and also as a representative of your
company on investee company boards for as long as he is required. From today's
date, the investment manager will be represented on the board by Alexander Spiro
Jr., a co-founder of Beringea LLC, the US parent company of the investment
manager since November 2001. He will join the Board as a non-executive director.
Prospects
ProVen VCT is now effectively fully invested, with cash resources being retained
largely to fund developments in portfolio companies. Little significant new
investment is expected in the short-term and the investment manager will
continue to work closely with the portfolio companies to maximise performance
and to generate exit opportunities wherever possible. The recent stability in
financial markets gives your board grounds for optimism that a number of
portfolio companies may gradually experience an improvement in their prospects.
Although substantial profit realisations are unlikely at this early stage,
particularly in these markets, there are nonetheless grounds for hope that the
portfolio will develop satisfactorily in the longer term. The objective of the
company remains the generation of tax-free returns to shareholders over the
medium-term.
Manager and Staff
Your board would like to take this opportunity to acknowledge the commitment and
professionalism of the investment manager and its staff in attaining the first
objective of meeting the Inland Revenue qualifying investment level. In
addition, some early stage investments have made particularly heavy demands on
the manager which the board judges essential to realise their potential.
Andrew Davison
Chairman
16 May 2003
Statement of total return (incorporating the revenue account)
for the year ended 28 February 2003
Year ended Year ended
28 February 2003 28 February 2002
Revenue Capital Total Revenue Capital Total
#000 #000 #000 #000 #000 #000
Losses on investments
- realised - (761) (761) - (137) (137)
- unrealised - (2,790) (2,790) - (1,289) (1,289)
Income 662 - 662 1,060 - 1,060
Investment management fee (105) (315) (420) (122) (365) (487)
Other expenses (222) - (222) (219) - (219)
Return on ordinary activities before 335 (3,866) (3,531) 719 (1,791) (1,072)
taxation
Tax (charge)/credit on ordinary (67) 67 - (197) 118 (79)
activities
Return on ordinary activities after 268 (3,799) (3,531) 522 (1,151)
taxation
(1,673)
Dividends (219) - (219) (505) - (505)
Transfer to/(from) reserves 49 (3,799) (3,750) 17 (1,673) (1,656)
Return per ordinary share
Basic and fully diluted 1.2p (17.3)p (16.1)p 2.4p (7.6p) (5.2p)
Balance Sheet
At 28 February
2003 2002
#000 #000
Fixed assets
Investments 14,513 19,287
Current assets
Debtors 921 195
Cash at bank and in hand 360 497
1,281 692
Creditors: amounts falling due within one year (155) (573)
Net current assets 1,126 119
Net assets 15,639 19,406
Capital and reserves
Called-up share capital 1,096 1,097
Special reserve 19,756 19,773
Capital redemption reserve 3 2
Capital reserve - realised (1,448) (439)
Capital reserve - unrealised (3,860) (1,070)
Revenue reserve 92 43
Total equity shareholders' funds 15,639 19,406
Net asset value per ordinary share 71.4p 88.4p
Cash Flow Statement
for the year to 28 February 2003
Year ended Year
28 ended
February 28
2003 February
#000 2002
#000
Net revenue from operating activities
Net revenue from ordinary activities before tax 335 719
Decrease in debtors 43 84
(Decrease)/increase in creditors (55) 41
Management fees charged to capital (315) (365)
Net cash inflow from operating activities 8 479
Financial investment
Purchase of investments (12,549) (23,229)
Sale of investments 13,003 23,686
Net cash inflow from financial investment 454 457
Corporation tax paid (78) (138)
Equity dividends paid (504) (747)
Financing
Buy-back of 27,047 (2002 - 26,000) ordinary shares (17) (22)
Net cash outflow from financing (17) (22)
(Decrease)/increase in cash in the year (137) 29
Analysis of cash balance
At 28 February 2002 497 468
Net cash (outflow)/inflow for the year (137) 29
At 28 February 2003 360 497
Notes
1 The financial information set out above does not
constitute the company's statutory accounts for the year to 28 February 2003,
but is derived from those accounts. The auditors have reported on those
accounts; their report was unqualified and did not contain statements under s237
(2) or (3) Companies Act 1985. The accounts have yet to be approved by
shareholders and delivered to the Registrar of Companies.
2 The Revenue column of the Statement of Total Return is the
revenue account of the company.
3 Returns per ordinary share are based on the revenue and capital
returns on ordinary activities after taxation and on 21,944,232 (2002:
21,954,944) ordinary shares, being the weighted average number of shares in
issue during the year. There were 21,917,455 (2002: 21,944,502) ordinary shares
in issue at 28 February 2003.
4 Unlisted investments have been valued at directors' valuation in
accordance with the guidelines of the British Venture Capital Association.
Investments traded on the Alternative Investment Market have been valued at
market value.
5 The audited accounts will be posted to shareholders by 31 May
2003 and copies of this announcement are available at the company's registered
office: 17/18 Henrietta Street, London WC2E 8QH.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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