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Share Name | Share Symbol | Market | Type |
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Bastei Luebbe AG | TG:BST | 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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-0.60 | -5.88% | 9.60 | 9.50 | 9.65 | 10.10 | 9.25 | 10.10 | 10,607 | 22:50:03 |
RNS Number:3556J British SmallerTechCompaniesVCT2PLC 28 March 2003 BRITISH SMALLER TECHNOLOGY COMPANIES VCT 2 PLC UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002 Current economic climate and entry valuations present excellent opportunities Over #5m available for investment British Smaller Technology Companies VCT 2 plc ("the Company"), the venture capital trust specialising in growing smaller technology companies, today announces its unaudited preliminary results for the year to 31 December 2002. Financial highlights Unaudited Audited 2002 2001 Income #296,000 #288,000 Net revenue return before and after tax #5,000 #28,000 Total return per share (2.41)p (0.48)p Net assets #7.17m #6.44m NAV per share 91.6p 93.7p Commenting on the results, the Chairman, Sir Andrew Hugh Smith, said that against the background where falls in the Techmark All Share Index and NASDAQ indices during the period were considerably more than 30%, the Company's net asset value had fallen by just 2.2% in the year. Investments During the year, almost #1.2m had been invested in six companies bringing the total invested to #1.5m into eight businesses. Since the year end #125,000 had been invested in Broadreach Networks Limited, a company providing broadband internet access via both fixed terminals and wireless local area networks in public locations throughout the UK. The Chairman reported that the portfolio was at an early stage of development with the majority of investments held at cost - the exceptions being Tamesis Limited, Amino Holdings Limited and Cambridge Cognition Limited. Although Tamesis had been fully provided for at the interim stage, significant progress had been made in the second half of the year and the Board thought it appropriate to write back 25% of the provision. Amino Holdings has raised significant funding from a syndicate of investors confident that the business has the potential for high capital growth. However, in the current environment the pricing was at a lower level to the previous round resulting in a lowering of the carrying value. Early trading at Cambridge Cognition had been disappointing and a 25% provision against cost had been taken to reflect this under performance. Phil Cammerman, Managing Director of Yorkshire Fund Managers Limited, the Company's Investment Adviser, said that the major challenge during the period had been to put together strong investing syndicates to ensure that investees had sufficient cash to develop their businesses. He said that some of the eight businesses we had supported were continuing to make initial sales of their products whilst others had moved along the value chain in their markets and had developed prototypes . "The priority for 2003," he said, is to "invest our liquid resources alongside robust syndicates in both early and, more particularly, later stage technology businesses to meet legislative targets. We believe too that the continuing economic uncertainty could lead to investments being made in exciting revenue generating businesses at very advantageous valuations. Finally we will be working with portfolio companies to ensure they remain well funded and continue their move along the value chain." Financial Results and Dividend The total return for the year was a net loss of 2.41p per share, reducing net asset value per share to 91.6p. Consistent with the stated aim of the Company, no dividend is proposed. Shareholder Relations The Chairman remarked on two initiatives to improve the liquidity of the Company's shares. Firstly, net asset values are being announced quarterly to improve information and to stimulate greater interest in the Company. Secondly, procedures to enable the buy back of shares agreed at the Extraordinary General Meeting on 14 November 2002 are well advanced. In addition, and to improve communication with Shareholders, Yorkshire Fund Managers hosted the first of a series of presentations to shareholders on 6 March 2003 in London. Further presentations are planned for London, Leeds, Birmingham and Edinburgh. Warrants Warrantholders will be alerted in April 2003 to the dates on which their Warrants can be exercised in this current year. Outlook Commenting on the Company's prospects, Sir Andrew said that the Board's investment strategy had been widened to include later stage technology companies that have more developed revenue streams as well as the earlier stage businesses. He added that with significant liquid resources and with some private equity funds exiting this market, "the quality of the deal flow and the attractive valuations of businesses seeking funding gives rise to the opportunity for your company to achieve good capital growth over the next few years." For further information, please contact: Alan Davies/Michael White Yorkshire Fund Managers Limited Tel 0113 294 5000 Neil Baldwin/Keith Williams Brewin Dolphin Securities Limited Tel: 0113 241 0130 CHAIRMAN'S STATEMENT The economic climate has remained difficult throughout the year under review and this has been fully reflected in financial markets where falls, since the peak, have been considerably more than 30% and in the case of markets dominated by technology businesses, such as TechMark and NASDAQ, even more. Against this background your Company's net asset value has fallen by just 2.2% in the year. A substantial proportion of net assets were still in liquid resources, Gilt investments and cash, at the year end. During this coming year the majority of this will need investing in unquoted businesses to comply with the VCT legislative requirement to hold at least 70% of total investments in qualifying companies within three years. Your Board and its Investment Adviser, Yorkshire Fund Managers Limited, are confident that there are sufficient investment opportunities at attractive valuations offering medium to long term high capital growth potential to enable us to meet this target. Investments During the year a total of #1,194,000 was invested in six companies, including #150,000 as follow-on development funding to SynGenix Limited. At 31 December 2002, the portfolio comprised eight companies with 21% of net funds raised from shareholders invested in qualifying businesses. Since the year end your Company has completed an investment in Broadreach Networks Limited. The investment, totalling #125,000, completed on 14 February 2003 and was by way of a mixture of loan and equity for 5.26% of the business. This investment was the first tranche of a total #250,000 initial commitment to this company. Broadreach Networks provides broadband internet access via both fixed-terminals and wireless local area networks in public locations operated throughout the UK under the ReadytoSurfTM brand name. The network is accessed via pay-as-you go vouchers, which can be purchased within the premises where the ReadytoSurfTM service is offered. Additionally, the Company has entered into agreements with a number of leading service providers who will be providing their customers with access to the ReadytoSurfTM network. The portfolio is still at a relatively early stage in its development and the majority of investments are still held at cost. The exceptions are Tamesis Limited, Amino Holdings Limited and Cambridge Cognition Limited. I reported in my interim statement that Tamesis had been fully provided against. I am now pleased to report that the company made significant progress in the second half of the year closing a major contract and positioning itself for sustainable recovery. The market in which it operates remains very difficult but your Board thought it appropriate to write back 25% of the provision. Amino Holdings has just completed a further round of funding, backed by a number of institutions, to provide the business with additional working capital. The pricing of this fund raising was at a lower level to the previous round and the carrying value of the investment has been adjusted to reflect this. It is your Board's view that Amino still has the potential for significant capital growth. Early trading at Cambridge Cognition has been disappointing although the company is still actively developing its products and route to market. Following BVCA guidelines it was felt appropriate to take a 25% provision against cost to reflect this early under performance. Financial Results The net revenue return for the year was a small profit of #5,000, equivalent to 0.07p per share. After taking account of the capital loss, the total return for the year was a net loss of #183,000, or 2.41p per share. Consistent with the stated aim of the Company, no dividend is proposed. The net asset value at 31 December 2002 was 91.6p per Ordinary share. Shareholder Relations Your Board and its Investment Adviser have continued to explore ways in which shareholder liquidity can be improved. In line with a number of other VCT companies, we have begun to announce net asset values to the market on a quarterly basis in an attempt to both improve information and to stimulate interest in the sector. We also continue to talk to our brokers and market makers to explore other opportunities to create better liquidity. Further to improving liquidity for Shareholders, the Extraordinary General Meeting on 14 November 2002 passed the proposals put to that meeting, as recommended by your Board, to facilitate the buying in by the Company of its own shares. Procedures to complete the process for putting these arrangements in place are well advanced. As a means of extending our communication with our Shareholders, your Board's Investment Adviser, Yorkshire Fund Managers Limited, is hosting a series of presentations to Shareholders of all three VCTs under its management. The first of these was held on 6 March in London and was very well attended. David Cartwright of PricewaterhouseCoopers LLP, the VCT status adviser to the Company, updated attendees on current and proposed VCT legislation and there were presentations from two unquoted companies that have received VCT backing through Yorkshire Fund Managers. Further presentations in London, Leeds, Birmingham and Edinburgh are planned. Warrants A notice will be sent to Shareholders and Warrantholders in April alerting them to the dates on which the Warrants can be exercised in this current year. Outlook The economic climate, both in the UK and internationally, remains depressed and fragile. The timing of the end to the bear market will inevitably depend upon the length of the current uncertainty and the depth of damage done to confidence in the meantime. Your Board's investment strategy is primarily focused on companies with strong Intellectual Property Rights (IPR) and aims to invest in robust syndicates where it can be reasonably confident that subsequent financing rounds can be funded. As well as the early stage businesses that are typical to this type of portfolio your Board is also seeking to invest in some later stage technology companies that have a more developed revenue stream, although the IPR may be weaker. Your Company has significant liquid resources on hand at the current time to meet the investment opportunities as they materialise. With a number of private equity funds exiting this market, the quality of the deal flow and the attractive valuations of businesses seeking funding gives rise to the opportunity for your Company to achieve good capital growth over the next few years. Sir Andrew Hugh Smith Chairman Unaudited Statement of Total Return (incorporating the Revenue Account) for the year ended 31 December 2002 Unaudited Year ended Audited Period ended 31 December 2002 31 December 2001 Notes Revenue Capital Total Revenue Capital Total #000 #000 #000 #000 #000 #000 Net losses on investments - (127) (127) - (13) (13) Income 296 - 296 288 - 288 Investment advisory fee (141) (61) (202) (114) (49) (163) Other expenses (150) - (150) (139) - (139) ------- ------ ------ -------- -------- -------- Net return on ordinary activities before taxation 5 (188) (183) 35 (62) (27) Tax on ordinary activities 2 - - - (7) 7 - ------- ------- ------ -------- -------- -------- Net return on ordinary activities after taxation 5 (188) (183) 28 (55) (27) Dividends in respect of equity 3 - - - - - - shares -------- -------- ------- -------- -------- -------- Transfer to (from) reserves 5 (188) (183) 28 (55) (27) ==== ==== ==== ===== ===== ===== Return per Ordinary share Basic and diluted 4 0.07p (2.48)p (2.41)p 0.49p (0.97)p (0.48)p Notes The revenue column of this statement is the profit and loss account of the Company. All activity has arisen from continuing operations. There is no difference between the net revenue return on ordinary activities before taxation and the transfer to (from) reserves in either period and their historic cost equivalents. Unaudited Balance Sheet at 31 December 2002 Unaudited Audited Notes 2002 2001 #000 #000 Fixed Assets Investment portfolio 1,317 300 Current Assets Investments 5,737 5,631 Debtors 116 109 Cash 34 437 -------- -------- 5,887 6,177 Creditors: amounts payable within one year (31) (36) -------- -------- Net Current Assets 5,856 6,141 -------- -------- Total Net Assets 7,173 6,441 ===== ===== Capital and Reserves Called-up share capital 783 688 Share premium account 6,595 5,780 Warrant reserve 5 - Capital reserve Realised (35) (30) Unrealised (208) (85) (243) (55) Revenue reserve 33 28 -------- -------- Equity shareholders' funds 7,173 6,441 ===== ===== Net asset value per Ordinary share 5 91.6p 93.7p ===== ===== Unaudited Cash Flow Statement CashFlow Statement for the year ended 31 December 2002 Unaudited Audited Year ended Period ended 31 December 2002 31 December 2001 #000 #000 Net cash outflow from operating activities (68) (87) -------- -------- Investing activities Purchase of investments (1,194) (375) -------- -------- Net cash outflow before management of liquid resources and financing (1,262) (462) -------- -------- Management of liquid resources Purchase of fixed interest government stocks (650) (17,524) Proceeds from the sale of fixed interest government stocks 594 11,955 -------- -------- Net cash outflow from management of liquid resources (56) (5,569) -------- -------- Financing Issue of Ordinary shares 956 6,876 Issue expenses (41) (408) -------- -------- Net cash inflow from financing 915 6,468 -------- -------- (Decrease) increase in cash in the period (403) 437 ===== ===== Notes to Financial Statements for the year ended 31 December 2002 1. Basis of reporting This preliminary announcement, which has been prepared on a basis consistent with the previous year, does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. This announcement has been agreed with the company's auditors for release. The information for the year ended 31 December 2001 is an extract from the statutory accounts to that date which have been delivered to the Registrar of Companies. Those accounts included an audit report which was unqualified and which did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 31 December 2002, upon which the auditors have still to report, will be delivered to the Registrar following the Company's annual general meeting. 2. Taxation Charge Year ended 31 December 2002 Year ended 31 December 2001 Revenue Capital Total Revenue Capital Total #000 #000 #000 #000 #000 #000 Corporation tax payable at 19.25% - - - 7 (7) - (2001: 20%) ------ ------ ------ ------ ------ ------ 3. Dividends No dividends have been paid or proposed in the year (2001: Nil). 4. Revenue Return per Ordinary Share The basic revenue return per Ordinary share is based on net revenue return from ordinary activities after tax of #5,000 (2001: net revenue return #28,000) and 7,566,000 (2001: 5,682,000) shares, being the weighted average number of shares in issue during the year. The Company has no securities that would have a dilutive effect in either period and hence the basic and fully diluted return per share are the same. 5. Net Asset Value per Ordinary Share The net asset value per Ordinary share is calculated on attributable assets of #7,173,000 (2001: #6,441,000) and 7,832,693 (2001: 6,876,133) shares in issue at the year end. 6. Annual General Meeting Copies of the full financial statements for the period ended 31 December 2002 will be available to the public at the registered office of the Company at Saint Martins House, 210-212 Chapeltown Road, Leeds, LS7 4HZ thereafter. The Company's AGM is due to be held at 4.15 p.m. on 15 May 2003 at the above address. This information is provided by RNS The company news service from the London Stock Exchange END FR SELFLASDSESD
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