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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Enav Spa | TG:ENV | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.074 | 1.87% | 4.032 | 3.992 | 4.072 | 3.976 | 3.976 | 3.976 | 300 | 22:50:10 |
RNS Number:6385L Enterprise Venture Capital TrustPLC 28 May 2003 CHAIRMAN'S STATEMENT In a recently published independent review* the Enterprise O Shares were ranked 1st in the protected VCTs and 6th overall (in a field of 68 VCTs) while the Company's A Shares were placed 2nd in their direct peer group and 5th overall. These results, when compared to others in the market, but not in absolute terms, are pleasing. Absolute performance of the O Shares is in line with expectation; absolute performance of the A Shares did not defy the appalling market conditions but, as evidenced above, was markedly better than that of most other VCTs and, more importantly, the A Share Fund is, in our equity investment adviser's opinion, well placed to benefit from a rise in overall economic conditions. A Share Fund Very few companies escaped the problems posed by the very difficult economic conditions in the year to 31st March but it was a time which was particularly unhelpful for the early stage companies in which the A Share Fund is, for the most part, invested. Things did improve in the second half of the year as evidenced by the fact that the rate of decline in the FTSE All-Share and the Techmark indices reduced substantially. Nevertheless the two indices declined by 35.4% and 50.8% respectively over the twelve month period. By contrast, the net asset value per A Share fell by only 13.4% to 82.11p (2002: 94.85p). At 31st March the total value of venture capital investments, at valuations based on BVCA guidelines, amounted to #17.2m comprising #3.6m in quoted investments (12.4% of net assets) and #13.6m in unquoted investments (46.6% of net assets). By their nature, many of the companies in which Enterprise has invested may be expected to require further rounds of finance as they grow. It is important that the Company should be in a position to participate in that funding process where appropriate. Enterprise has some #3.25m available for investment and it remains the Board's intention to seek to invest this in attractively priced opportunities as well as to support existing companies within the portfolio. No A Share dividend is proposed (2002: nil) O Share Dividend In February 2000 the Board re-affirmed its commitment to realising the assets of the O Share Fund in order to make a distribution to O Shareholders as soon as possible after April 2004. Due to the earlier realisation of several of the Fund's investments the Board has decided to make an early distribution of part of the Fund. I am delighted to announce that on 20th June 2003 a dividend of 35p will be paid on each O Share. For a VCT qualifying investor, this dividend will bear no tax consequence and importantly has no impact on any CGT deferral arrangements any shareholder may have in place. This dividend, an interim dividend for the year ending 31st March 2004, follows the O Share dividend of 2.0p (2002: 1.5p) for the year ended 31st March 2003 which was paid on that date. The O Share Fund continues to achieve its objectives of providing an attractive return whilst maintaining substantial protection of capital within a tax efficient vehicle. At the time of writing the total return of the O Share Fund is 110.5p (including dividends paid or proposed of 56.6p). For those investors who took advantage of the income tax relief available this represents a gross return of almost 40%, whilst for those investors able to defer their CGT liability the return is substantially greater. Dividend Investment Opportunity It has become common practice in VCTs to offer top-up share issues at regular intervals with a view to providing some balance to share buy backs. The Company began doing this in November 2002 and intends to repeat it when paying the 35p dividend to O Shareholders. This A Share offer will be open to all but is particularly aimed at O Shareholders at the time of receiving a significant return of capital, thus giving the opportunity to take advantage of new tax reliefs for the 2003/04 tax year by investing in A Shares. Venture capital and development capital investment opportunities are currently available at valuations representing historical lows. Although investing at such times in the economic cycle presents risks, our equity investment adviser believes this also to be a time of great opportunity for the Enterprise A Portfolio, as economic recovery takes place and the portfolio investments mature. Noble Fund Managers does not expect recovery to be immediate but is cautiously optimistic for the medium term. For those O Shareholders who were able to take full advantage of the tax reliefs offered at the time of their original investment and are also entitled to all of the new tax reliefs on offer, this is an opportunity to obtain a form of double tax relief. If an O Shareholder were to invest all of the proposed 35p dividend, then for each #1,000 originally invested this would represent in total #270 of income tax relief and #540 of CGT deferral. Coupled with the dividends already returned to the O Shareholders of #216 per #1,000 (excluding the 35p dividend), this means that a Shareholder's entire A investment (which on present valuations would be worth #869) would have a negative carrying cost to date of #26. Corporate governance The year under review saw the publication of the Higgs and Smith Reports which prompted considerable debate over corporate governance issues. The Board's position is reported fully in the Corporate Governance report on pages 15 and 16. In addition, a Directors' Remuneration Report is included for the first time on page 21 and 22. Outlook It seems likely that difficult business conditions will continue for some time to come but nevertheless there are indications of considerable upside potential in a number of our investee companies (though we are unlikely to see any rapid increase in net asset value in the short term). It may be significant that corporate profits in the US have grown for two quarters in a row with productivity improvements helping to offset weak demand. This in turn seems to have given rise to increased investment in information technology. As a result we may see continuing outperforming in the quoted technology sectors both in the US and the UK with consequential benefits to valuations in our venture capital portfolio, based as it is to a great extent on 'high-tech' companies. Patrick Lawrence Chairman 28th May 2003 * Source: Tax Efficient Review STATEMENT OF TOTAL RETURN (incorporating the Revenue Account*) for the year ended 31st March 2003 Year ended 31st March 2003 Year ended 31st March 2002 Revenue Capital Total Revenue Capital Total #000 #000 #000 #000 #000 #000 Losses on investments - (2,006) (2,006) - (4,089) (4,089) Income 778 - 778 1,098 - 1,098 Investment management fees (264) - (264) (318) - (318) Other expenses (300) - (300) (328) - (328) ______ ______ ______ ______ ______ ______ Return on ordinary activities before taxation 214 (2,006) (1,792) 452 (4,089) (3,637) Tax on ordinary (37) - (37) (100) - (100) activities ______ ______ ______ ______ ______ ______ Return on ordinary activities after tax for the financial year 177 (2,006) (1,829) 352 (4,089) (3,737) Dividends paid or proposed (474) - (474) (355) - (355) ______ ______ ______ ______ ______ ______ Transfer from reserves (297) (2,006) (2,303) (3) (4,089) (4,092) ______ ______ ______ ______ ______ ______ Return per O Share of 10p 0.89p (0.05)p 0.84p 1.29p (0.22)p 1.07p Return per A Share (0.22)p (12.73)p (12.95)p 0.32p (27.14)p (26.82)p of 10p Notes All revenue and capital items in the above statement derive from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities, loans and bank deposits. * The revenue column in this statement is the profit and loss account of the Company. BALANCE SHEET as at 31st March 2003 As at As at 31 March 31 March 2003 2002 #000 #000 Fixed assets Investments 17,195 24,565 Monies pending investment 12,336 6,870 _______ _______ 29,531 31,435 Current assets Debtors 80 187 Cash at bank - 397 _______ _______ 80 584 Creditors: amounts falling due within one year (369) (533) _______ _______ Net current (liabilities)/assets (289) 51 _______ _______ Net assets 29,242 31,486 _______ _______ Capital and reserves Called up share capital 3,941 3,937 Capital redemption reserve 30 22 Share premium account 25,534 25,444 Special reserve 4,772 4,815 Capital reserve (realised) 300 342 Capital reserve (unrealised) (5,081) (3,117) Revenue reserves (254) 43 _______ _______ Equity shareholders' funds 29,242 31,486 _______ _______ Net asset value per O Share 68.96p 70.13p Net asset value per A Share 82.11p 94.85p CASH FLOW STATEMENT for the year ended 31st March 2003 Year ended Year ended 31st March 2003 31st March 2002 #000 #000 #000 #000 Operating activities Investment income received - qualifying 706 695 Deposit and similar interest received - non qualifying 201 300 Interest purchased with (42) (64) investments Recovery of interest purchased with investments 42 64 Investment management fees paid (193) (229) Secretarial fees paid (128) (48) Other cash payments (244) (191) ________ _______ Net cash inflow from operating activities 342 527 Taxation UK corporation tax paid (67) - Financial investment Sale of fixed income investments 6,000 3,000 Sale of qualifying loans 2,300 294 Sale of AIM and other quoted investments 99 410 Purchase of fixed income - (5,563) investments Purchase of qualifying loans - - Purchase of unquoted investments and investments quoted on AIM (3,035) (2,424) ________ _______ Net cash (inflow)/outflow from 5,364 (4,283) financial investment Equity dividends paid Dividends paid (830) (416) ________ _______ Net cash outflow from equity (830) (416) dividends paid _______ _______ Net cash inflow/(outflow) before use of liquid resources and financing 4,809 (4,172) Management of liquid resources Movement in deposits (5,466) 781 Financing New share issue 108 3,841 Repurchase of own shares (43) (130) Share issue expenses (6) (211) _______ ________ Net cash inflow from financing 59 3,500 _______ _______ (Decrease)/increase in cash (598) 109 _______ _______ The Company holds gilts and bonds primarily as investments and not as liquid resources. Accordingly, movements in the holdings of these investments are shown within "Financial investment" rather than within "Management of liquid resources". Return per Share Basic revenue return per O Share is based on the net revenue from ordinary activities after taxation of #211,206 and on 23,693,369 O Shares, being the weighted average number of O Shares in issue during the year (2002: #305,464 and 23,769,395). Basic revenue return per A Share is based on the losses from ordinary activities after taxation of #34,025 and on 15,649,740 A Shares, being the weighted number of A Shares in issue during the year (2002: losses of #47,650 and 14,872,353). Basic capital return per O Share is based on net realised capital losses of #25,850 (2002: gains of #2,398) and on net unrealised capital gains of #13,310 (2002: losses of #55,147) and on 23,693,369 O Shares (2002: 23,769,395 O Shares). The capital return per A Share is based on net realised capital losses of #16,253 (2002: losses of #131,332) and on net unrealised capital losses of #1,977,035 (2002: losses of #3,905,024) and on 15,649,740 A Shares (2002: 14,872,353 A Shares). The financial information set out in these statements does not constitute the Company's statutory accounts for the year ended 31st March 2003 or the year ended 31st March 2002 but is derived from those accounts. Statutory accounts for 2002 have been delivered to the Registrar of Companies, and those for 2003 will be delivered following the Company's Annual General Meeting. The auditors have reported on those accounts; their reports were unqualified and did not contain statements under Section 237(2) or (3) of the Companies Act 1985. Dividend The directors propose that no final dividend be paid. The Annual Report will be circulated by post to all shareholders and copies will be available to members of the public from the Company's registered offices at St Philip's House, St Philips Place, Birmingham, B3 2PP in June 2003. This information is provided by RNS The company news service from the London Stock Exchange END FR NKFKKABKDQPB
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