Final Results

RNS Number:2608J
Thompson Clive Investments PLC
26 March 2003



Thompson Clive Investments plc


___________________________________________________________________________



Chairman's Statement


Contact : Colin Clive, Chairman, Thompson Clive Investments plc
          Charles Fitzherbert, Director, Thompson Clive & Partners Ltd

Telephone : [phone]


Results

At 31 December 2002 the net asset value per share of Thompson Clive Investments
plc ('TCI') was 416.6p a decrease of 30.3% over the net asset value at 31
December 2001.  This decrease was caused both by a further fall in quoted
technology stocks and a cautious view being taken of the valuation of certain of
the unquoted companies in the portfolio.  This decline in net asset value
compares with falls in the Nasdaq CMP of 32% and the Techmark 100 of 56% over
the same period.

The gross revenue for the year under review was #1,456,000 compared to
#2,469,000 in 2001.  Realised and unrealised losses during the year on
investments totalled #20,894,000 as against losses of #35,936,000 in 2001.

Profits after tax were #968,000 compared to #1,804,000 in 2001 and earnings per
share fell from 12.8p to 7.6p.  At 31 December 2002, following the second tender
offer TCI had liquid funds of #7,900,000.

The fall in revenue and profits was caused mainly by the reduction in interest
rates and in cash, and thus interest received, when #14.28 million was returned
to shareholders by way of tender offers.


Dividend

The board recommends a dividend of 11.0p per share payable on 6 June 2003 to all
shareholders on the register on 2 May 2003.



Review of the Year

During the year to 31 December 2002 two new investments were made, totalling
#980,000 both of which were in the USA.  The new investments were:

Ealing Catalog Inc, a buyer and reseller of optical and opto-mechanical products
where the market is research laboratories in universities and large companies;
and

Perigee Healthcare Services Inc, a provider of outsourced quality improvement
services to health plans and HMOs assisting its customers in accreditation and
quality reviews.

During the year #4,977,000 of follow-on investments were made in eleven
companies, four in the UK and seven in the USA.  Investments having a cost of
#4,161,000 were realised for #10,895,000.


Revised Investment Strategy

On 28 October 2002, the board of Thompson Clive Investments announced that at
the request of some major shareholders who wanted liquidity in the medium term
and following discussions with the holders of the majority of shares, Thompson
Clive Investments would be wound down over the next five years in the following
way:

*   There will be no new investment in quoted companies.  Investment,
    which is expected to total in the order of #2 million will continue in 
    those unquoted companies with which there are existing negotiations.  
    There will be no further investment after June 2003.

*   The board will aim to realise the quoted portfolio over the next two
    years.

*   The board will aim to realise the unquoted portfolio within five
    years.




Buy Back of Own Shares and Tender Offers

A purchase of 128,945 of its own shares was made by the company in January 2002
and of a further10,000 in August 2002 for a total of #580,000.

During the year TCI made two tender offers under which it repurchased 2,856,767
shares at the net asset value applying at the date of each offer and has thereby
returned #14.28 million in cash to shareholders.

The board proposes a further tender offer of up to #5 million worth of shares,
planned for May 2003.  An Extraordinary General Meeting to approve this will be
held on 6 May 2003.



Events since the Year End and Future Prospects

Shareholders are aware that under the revised portfolio strategy there will be
no new investment in quoted companies and, until June 2003, only very limited
investment in unquoted companies with which there are existing negotiations.
The realisation of both the quoted portfolio over the next two years and the
unquoted portfolio within five years, to the best advantage of shareholders, is
now the principal task of the board.  In the course of this process and when
sufficient liquid resources have been accumulated there will be further tender
offers.



Colin Clive
Chairman

26 March 2003




Thompson Clive Investments plc

Consolidated Statement of Total Return

(incorporating the Consolidated Revenue Account*)

for the year ended 31 December 2002


                               2002                             2001
                Revenue     Capital      Total    Revenue    Capital      Total
                   #000        #000       #000       #000       #000       #000

Realised              
(loss)/gain on
investments           0       (660)      (660)         0         (5)        (5)

Increase in           
unrealised       
depreciation          0    (20,234)   (20,234)              (35,931)   (35,931)
                 --------    -------     ------   --------    -------     ------
                      0    (20,894)   (20,894)         0    (35,936)   (35,936)

Income            1,456          0      1,456      2,469          0      2,469

Expenses           (330)    (1,775)    (2,105)      (498)    (2,833)    (3,331)
                 --------    -------    -------   --------    -------    -------
RETURN ON
ORDINARY
ACTIVITIES
BEFORE
TAXATION          1,126    (22,669)   (21,543)     1,971    (38,769)   (36,798)

Tax on             
ordinary         
activities         (158)       158          0       (167)       167          0
                 --------    -------    -------   --------    -------    -------

RETURN ON
ORDINARY
ACTIVITIES
AFTER
TAXATION            968    (22,511)   (21,543)     1,804    (38,602)   (36,798)

Proposed
dividend of
11.0p (2001:
10.4p) per
share            (1,215)         0     (1,215)    (1,455)         0     (1,455)
                 --------    -------    -------   --------    -------    -------

TRANSFER TO        
RESERVES           (247)   (22,511)   (22,758)       349    (38,602)   (38,253)
                ========    =======    =======   ========    =======    =======

RETURN PER          
ORDINARY         
SHARE               7.6p    (177.1p)   (169.5p)     12.8p    (274.8p)   (262.0p)
                ========    =======    =======   ========    =======    =======

*The revenue column of this statement is the profit and loss account of the group.
All revenue and capital items in the above statement derive from continuing
operations.


Balance Sheet of the group and of
the company as at 31 December 2002
                                         Group      Group    Company    Company
                                          2002      2001       2002       2001
                                          #000      #000       #000       #000

FIXED ASSETS
Investments :
Venture capital investments             40,006    65,671     40,006     65,671
Gilts and UK treasury bills              6,466    16,904      6,466     16,904
Subsidiary undertaking                                        3,388       3388
                                        -------    ------   --------   --------
                                        46,472    82,575     49,860     85,963
                                        -------    ------   --------   --------

CURRENT ASSETS
Debtors                                    113       149        113        149
Cash at bank and in hand                 1,440     3,382      1,440      3,382
                                        -------    ------   --------   --------
                                         1,553     3,531      1,553      3,531

CREDITORS : AMOUNTS FALLING DUE
WITHIN ONE YEAR                         (1,997)   (2,167)    (5,385)    (5,555)
                                        -------    ------   --------   --------
                                          (444)    1,364     (3,832)    (2,024)
                                        -------    ------   --------   --------

TOTAL ASSETS LESS CURRENT
LIABILITIES                             46,028    83,939     46,028     83,939
                                       =======    ======   ========   ========

NET ASSETS                              46,028    83,939     46,028     83,939
                                       =======    ======   ========   ========

CAPITAL AND RESERVES
Called-up share capital                  5,525     7,022      5,525      7,022
Share premium                            3,714     3,714      3,714      3,714
Other reserves :
Capital redemption reserve               1,497         0      1,497          0
Realised capital reserve                45,097    55,028     42,276     52,207
Unrealised capital reserve             (12,005)   15,728     (9,117)    18,616
Revenue reserve                          2,200     2,447      2,133      2,380
                                        -------    ------   --------   --------
Total shareholders' funds               46,028    83,939     46,028     83,939
attributable to equity shareholders     =======    ======   ========   ========

Net assets per share                     416.6p    597.7p     416.6p     597.7p
                                        =======    ======   ========   ========


1.  All expenses are accounted for on an accruals basis and are shown inclusive
of irrecoverable VAT.  Except as stated below all expenses are charged to the
revenue account.

Expenses are charged to realised capital reserve where a connection with the
maintenance or enhancement of the value of investments can be demonstrated.
Investment management fees have been allocated between capital and revenue in
accordance with the directors' expected long term split of returns, in the form
of capital gains and income respectively, from the investment portfolio of the
company.  The application of these principles produces an allocation of 85% of
total expenses to realised capital reserve.

Expenses which are incidental to the acquisition of an investment are included
within the cost of the investment.  Expenses which are incidental to the
disposal of an investment are deducted from the disposal proceeds of the
investment.

2.  The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 2001 or 2002 but is derived
from these accounts.  Statutory accounts for 2001 have been delivered to the
Registrar of Companies whereas those for 2002 will be delivered following the
company's Annual General Meeting.  The audit report on the 2001 and 2002
accounts was unqualified.

3.  Copies of the annual accounts will be sent to all shareholders.  Extra
copies of the accounts will be available from the Company Secretary, 24 Old Bond
Street, London W1S 4AW.  The results will not be published in any newspaper.



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