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Share Name | Share Symbol | Market | Type |
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Goldmining Inc | TG:BSR | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.009 | 1.09% | 0.838 | 0.828 | 0.848 | 0.829 | 0.816 | 0.829 | 6,350 | 22:50:01 |
RNS Number:9555P British Smaller Tech Cos VCT PLC 19 September 2003 19 September 2003 BRITISH SMALLER TECHNOLOGY COMPANIES VCT PLC Unaudited preliminary results for the 6 months to 30 June 2003 * Good progress in a number of investee companies * 5.3% increase in net asset value British Smaller Technology Companies VCT plc ("the Company"), the venture capital trust specialising in growing smaller technology companies across a range of industrial sectors, today announces its unaudited preliminary results for the six months to 30 June 2003. Financial Highlights: Unaudited Unaudited Audited year six months six months ended ended ended 31 December 30 June 2003 30 June 2002 2002 Gross revenue #38,000 #72,000 #126,000 Net loss before and after tax #(205,000) #(172,000) #(394,000) Revenue return per share (1.49)p (1.25)p (2.87)p Total return per share 2.85p (13.50)p (27.70)p Net assets #7.62m #9.18m #7.23m Net asset value per share 55.4p 66.8p 52.6p Announcing the results, the Chairman, Sir Andrew Hugh Smith, reported that, despite continued difficult market conditions in the period under review, there were a number of unquoted companies in the portfolio that continued to show progress toward market acceptance of their products. To reflect this, the Board had made a modest increase in the valuation of these businesses. The most significant increase was in Cozart Bioscience, which, due to the securing of major new contracts and general market penetration, was increased in value by 50%. In the six months to 30 June 2003, the net asset value had increased by 5.3% which is comparable to the increase in the FTSETM techMARKTM All-Share index over that same period. Investments With the VCT fully invested, the Board and its Investment Adviser, Yorkshire Fund Managers Limited, are focusing on supporting those companies within the portfolio that have demonstrated the potential for significant growth. During the period a total of #238,000 was invested in three existing portfolio businesses. Two companies were placed into receivership in the period but as these investments were already substantially provided against this had only a minimal effect on net asset value. Financial Results Commenting on the financial results, Sir Andrew said that, "It is encouraging to be able to report an increase in total return since the last year end of 2.85 pence per share and a modest recovery of the net asset value to 55.4 pence per share." The total return comprised of a loss on revenue account of 1.49 pence per share and an increase on capital account of 4.34 pence per share. No dividend can be paid. Shareholder Relations The Board continues to look at ways to enhance communications with Shareholders and improving liquidity in the Company's shares. The procedures to enable the buy back of the Company's own shares, which started with the approval of proposals at the Annual General Meeting on 15 May 2003, should be completed by November of this year. In addition, Yorkshire Fund Managers has held three investor workshops in the period to date with a fourth to be held in Edinburgh on 15 October 2003. These workshops have proved very popular and a new programme is being arranged for next year. Outlook Commenting on the prospects for the medium and longer term, Sir Andrew said that continued progress in the development of the portfolio depends as much on the progress of the US and world economies in general as on the UK economy. Following the removal of a large part of the international political uncertainty earlier this year, he concluded, "Provided that this progress continues, we would expect corporate activity to improve leading to further valuation increases along with enhanced prospects for exits." For further information, please contact: Phil Cammerman, Yorkshire Fund Managers Limited Tel: 0113 294 5050 Neil Baldwin, Brewin Dolphin Securities Limited Tel: 0113 241 0130 Chairman's Statement Although economic conditions remained difficult throughout the six months to 30 June 2003, I am pleased to report some improvement in the performance of your Company. The net asset value has increased by 5.3% from 52.6 to 55.4 pence per share. This is comparable to the increase in the FTSE(TM) techMARK(TM) All-Share index over the same period, which, given the focus of businesses that your Company is looking to invest in, remains the most appropriate quoted index benchmark. The FTSE(TM) All-Share index, a more general comparator, rose by 4.1% over the period. Much of the political uncertainty present during the early part of the year has largely been resolved and the UK and US economies are beginning to show tentative signs of improvement. Investment Operations Your Company remains fully invested. Your Board and its Investment Adviser are currently focusing on the development of those businesses that have demonstrated the potential for significant growth by market acceptance of their products. During the period #238,000 was invested in three existing portfolio businesses. All three, Amino Holdings, Imerge and Vibration Technology, have demonstrated progress during the period. Each investment was part of a larger syndication. Financial Results It is encouraging to be able to report an increase in total return since the last year end of 2.85 pence per share and a modest recovery of the net asset value to 55.4 pence per share. This was made up from increases to capital account of 4.34 pence per share and a loss on revenue account of 1.49 pence per share. The increase on capital account has been arrived at from the upward revaluation of a number of companies within the portfolio. The majority of these were a write back of prior period provisions to recognise the progress of these businesses, albeit that they remain behind original plan. The main exception to this was Cozart Bioscience where continued positive performance in securing new contracts led to a 50% increase in the valuation of this investment. During the reporting period both Weston Antennas and LANergy were placed into receivership. As these investments had been substantially provided against this had only a minimal effect on net asset value. Revisions to valuations, both up and down, have been made in accordance with the British Venture Capital Association (BVCA) valuation guidelines as at 30 June 2003. Shareholders should be aware that, with effect from 1 August of this year, these guidelines have been revised, particularly in so far as they relate to early stage technology investments. The move is away from a cost basis and standard provisioning in bands of 25% to more intuitive measurements of a company's performance, discounted cash flows and other perceptions of value. Shareholder Relations The proposals to enable your Company to buy back its own shares were approved by Shareholders at the Annual General Meeting held on 15 May 2003. This exercise is expected to be completed by November of this year. At which time, depending on the cash reserves of the Company, it will be in a position to buy back a limited small number of shares where the directors determine it is in the best interests of other Shareholders to do so. Over the last six months, your Board's Investment Adviser, Yorkshire Fund Managers, has held three investor workshops - in London, Leeds and Birmingham. Over 100 Shareholders from across three VCTs managed by Yorkshire Fund Managers have attended. It has become clear that this provides a much better forum for Shareholders to voice their comments than the Annual General Meeting. The final workshop for 2003 will be held in Edinburgh on 15 October 2003. Outlook Continued progress in our portfolio of investments depends as much on the progress of the US and Global economies as on the UK economy. With much of the international political uncertainty removed during the earlier part of 2003, there seems to be a glimmer of progress in the economies to which I have referred. Provided that this progress continues, we would expect corporate activity to improve leading to further valuation increases along with enhanced prospects for exits. Sir Andrew Hugh Smith Chairman Statement Of Total Return Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Notes Revenue Gross revenue 38 72 126 Administrative expenses (243) (244) (520) Taxation 2 - - - ------ ------ ------ (205) (172) (394) Capital Realised gains (net) 25 29 67 Unrealised gains (losses) net 638 (1,646) (3,348) Management fee allocated to (66) (66) (131) capital ------ ------ ------ 597 (1,683) (3,412) Total return 392 (1,855) (3,806) ====== ====== ====== Appropriated: Revenue Transfer from revenue reserve (205) (172) (394) ------ ------ ------ Capital Increase (decrease) on reserves 597 (1,683) (3,412) ------ ------ ------ Basic and diluted return per Ordinary share Revenue (1.49)p (1.25)p (2.87)p Capital 4.34p (12.25)p (24.83)p ------ ------ ------ 3 2.85p (13.50)p (27.70)p ====== ====== ====== Notes The revenue section of this statement is the profit and loss account of the Company. All activity has arisen from continuing operations. Balance Sheet Unaudited Unaudited Audited 30 June 30 June 31 December 2003 2002 2002 Notes #000 #000 #000 Fixed assets Investment portfolio 6,771 7,155 5,867 -------- -------- -------- Current assets Short-term investments 814 1,953 1,287 Debtors 131 17 42 Cash and short term deposits 61 77 71 -------- -------- -------- 1,006 2,047 1,400 Creditors: amounts payable within (154) (24) (39) one year -------- -------- -------- Net current assets 852 2,023 1,361 -------- -------- -------- Total net assets 7,623 9,178 7,228 ======== ======== ======== Capital and reserves Called-up share capital 1,375 1,375 1,375 Capital redemption reserve 2 2 2 Share premium account 11,354 11,351 11,351 Capital reserve (4,745) (3,613) (5,342) Warrant reserve 336 336 336 Other reserve 2 2 2 Revenue reserve (701) (275) (496) -------- -------- -------- Equity shareholders' funds 7,623 9,178 7,228 ======== ======== ======== Net asset value per Ordinary share 4 55.4p 66.8p 52.6p Summarised Cash Flow Statement Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Net cash outflow from operating activities (245) (242) (539) Financial investment (238) (530) (932) ------- ------- ------- Net cash outflow before management of liquid (483) (773) (1,471) resources and financing Management of liquid resources 470 619 1,310 ------- ------- ------- Net cash outflow before financing (13) (153) (161) Financing 3 15 17 ------- ------- ------- Decrease in cash (10) (138) (144) ------- ------- ------- Notes to the Financial Statements 1. The interim financial statements have been prepared on a basis consistent with the statutory financial statements for the year ended 31 December 2002. The interim financial statements, which have been approved by the directors, are unaudited and do not constitute full financial statements as defined in section 240 of the Companies Act 1985. The comparitive figures for the year ended 31 December 2002 do not constitute full financial statements and have been extracted from the Company's financial statements for the year ended 31 December 2002 which have been reported upon without qualification by the auditors and have been delivered to the Registrar of Companies. 2. Taxation charge Unaudited Unaudited Audited 6 months 6 months Year ended ended Ended 30 June 30 June 31 December 2003 2002 2002 #000 #000 #000 Return/loss on ordinary activities multiplied by standard small company rate of corporation tax in the UK of 20% (2002:20%) 74 (371) (733) Effect of: Non taxable (gains) losses on investments (i) (126) 323 632 Movement in excess management expenses (ii) 52 48 101 ------- ------ ------ Current tax charge for period - - - ------- ------ ------ (i)Venture Capital Trusts are not subject to corporation tax on these items (ii)The Company has no deferred tax liability 3. The basic revenue return per share is based on net loss from ordinary activities after tax attributed to Shareholders of #205,000 (30 June 2002: net loss #172,000 and 31 December 2002: net loss #394,000) and on 13,747,000 shares (30 June 2002: 13,738,000 and 31 December 2002: 13,742,000), being the weighted average number of shares in issue during the period. The Company has no securities that would have a dilutive effect and hence basic and diluted return per share are the same. 4. The net asset value per Ordinary share is calculated on attributable assets of #7,623,000 and 13,748,000 shares in issue at the period end (30 June 2002: assets of #9,178,000 and 13,746,000 shares, 31 December 2002: assets of #7,228,000 and 13,746,000 shares). 5. Copies of the interim report can be obtained from the Company's registered office: Saint Martins House, 210-212 Chapeltown Road, Leeds, LS7 4HZ thereafter. This information is provided by RNS The company news service from the London Stock Exchange END IR FKLFFXKBBBBV
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