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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Mowi ASA | TG:PND | Tradegate | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.095 | 0.63% | 15.135 | 15.125 | 15.26 | 15.295 | 14.935 | 15.095 | 11,139 | 20:18:46 |
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RNS Number:2300L
Pennine Downing AIM VCT 2 PLC
16 May 2003
PENNINE DOWNING AIM VCT 2 PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS
FOR THE YEAR ENDED 28 FEBRUARY 2003
FINANCIAL HIGHLIGHTS
2003 2002
pence pence
Net asset value per share at 28 February 2003 66.2 88.6
Final dividend of 0.5p per share payable on 13 June 2003 0.5 1.0
Cumulative dividends 1.5 1.0
Total return to shareholders since launch 67.7 89.6
Net assets #8.3 million #11.1 million
The statement to shareholders by the Chairman, James Leek, includes the following comments:
Introduction
The year ended 28 February 2003 is notable for the continuing turmoil in stock
markets worldwide. The tensions in the Middle East and the ongoing threats of
terrorism, as well as a number of major corporate scandals and failures have
combined to keep investor confidence at a low level.
Net Asset Value
At 28 February 2003 the Company's Net Asset Value per share (NAV) stood at
66.2p, a decrease of 22.4p (25.3%) compared to that at the previous year end.
By way of comparison the FTSE AIM Index fell by 32.6% over the same period and
by 57.0% since the Company first issued shares in March 2001.
The movements in the year are summarised in the following table:
Valuation Movement in year
at 28/2/03 Valuation Pence
per share
#'000 #'000 %
Venture capital investments 4,007 (1,207) 9.7 43.3
Rathbone unit trusts 3,193 (1,036) 8.3 37.1
Fixed interest securities 562 (395) 3.2 14.2
Net current assets (including cash) 533 (156) 1.2 5.4
8,295 (2,794) 22.4 100.0
Venture capital investments
The Company has made 14 new venture capital investments and four follow-on
investments during the year at a total cost of #2.7 million. At the year end the
Company had invested 49.9% of its funds in VCT qualifying investments and is on
target to achieve the VCT qualifying level of 70% before the deadline of 28
February 2004.
In January 2003 SquareSum plc was acquired by CODASciSys plc under a cash offer,
giving rise to a gain of #12,000 on the investment. The Investment Manager also
took the opportunity of liquidity in the market to realise a gain of #14,000
from the holding in Aero Inventory Plc. Disposals during the year are
summarised below.
Cost Proceeds MV at 28/2 Profit /
/02 (loss)
#'000 #'000
#'000 #'000
Full disposals
SquareSum 155 167 180 12
Partial disposals
Aero Inventory 30 43 37 13
In Liquidation
Simply Hub 200 - - (200)
385 210 217 (175)
In line with the general trend in the AIM market, most investments have
experienced a fall in their share price over the year. It is however pleasing
to note that several investments have moved against the trend and shown
increased valuations. Spring Grove Property Maintenance plc, has continued to
develop well, generating unrealised gains of #54,000 (equivalent to 18.0%) for
the year. Two new investments, Centurion Electronics and Glisten, have also
produced unrealised gains of #62,000 (24.8%) and #57,000 (23.2%) respectively.
However, overall the venture capital portfolio has fallen in value by #1.2
million which is equivalent to 9.7p per share.
Unit trust portfolio
As stated in the Company's Prospectus, the initial strategy was to invest 40% of
funds raised in Rathbones Unit Trusts. The continuing bear market has impacted
heavily on the unit trust portfolio. During the year the portfolio fell by
#1.0 million (24.5%), equivalent to 8.3p per share. Although this performance
is disappointing, the individual unit trusts have generally outperformed the
relevant Standard and Poors index. With market conditions as they are, the
Board has decided that it is an inappropriate time to seek an exit from the unit
trust portfolio. The Company continues to hold the full portfolio in
anticipation of an improved climate which may allow some of the lost ground to
be recovered.
Listed fixed income securities
Most of the original fixed income portfolio has now been redeemed or sold to
generate funds for venture capital investments. This portfolio gave rise to a
realised loss of #34,000 during the year.
The Company still continues to hold a British Energy corporate bond. Late in
2002 it became clear that British Energy was in severe financial difficulty.
The company is continuing to trade while it negotiates a survival plan with
relevant parties. It now seems likely that the full value of the bond will not
be recovered. The bond is currently valued at #308,000, a fall of #390,000 or
55.9% against original cost.
Results and dividend
Gross revenue for the period was #280,000 and net revenue after taxation was
#61,000. Your Board is proposing to pay a final dividend of 0.5p per share,
which will be paid on 13 June 2003 to shareholders on the register at the close
of business on 30 May 2003.
Share repurchase
Your Board is conscious that the Company's share price is affected by the
illiquidity of its shares in the market. This results principally from the
requirement that most shareholders must retain their shares for at least three
years in order to retain their tax benefits. In line with accepted practice
with VCTs, the Company has a policy of purchasing its own shares.
Publication of share price
The Company's share price is quoted in the Financial Times on a daily basis in
the "Investment Companies" sector and can be obtained from the Downing website
at www.downing.co.uk.
Outlook
When the Company launched in January 2001 stock markets had already been in
decline for some time and the FTSE AIM index stood at 1,450. It was felt that a
recovery was due and the Company would be able to benefit from investing at a
low point in the economic cycle. Since then a number of factors have
contributed to sustaining one of the longest bear markets in history and there
are still few signs that recovery is imminent. At the date of writing the FTSE
AIM Index stands at 596.
The Board feels that, in general, valuations are now at a reasonable level.
Although deal flow remains at a low level, the Investment Manager is optimistic
that this will improve. This should provide good opportunities to invest the
remaining funds at realistic valuations and allow the Manager to develop a
portfolio with good potential to deliver rewards in the medium term.
James Leek
Chairman
UNAUDITED STATEMENT OF TOTAL RETURN (incorporating the revenue account)
FOR THE YEAR ENDED 28 FEBRUARY 2003
Year ended Period ended
28 February 2003 28 February 2002
Revenue Capital Total Revenue Capital Total
#'000
#'000 #'000 #'000 #'000 #'000
Losses on investments
- realised - (41) (41) - (27) (27)
- unrealised - (2,638) (2,638) - (682) (682)
Income 280 - 280 379 - 379
Investment management fees (38) (113) (151) (44) (131) (175)
Other expenses (179) (3) (182) (175) - (175)
Return on ordinary activities before tax 63 (2,795) (2,732) 160 (840) (680)
Tax on ordinary activities (2) 2 - (32) 26 (6)
Return on ordinary activities after tax 61 (2,793) (2,732) 128 (814) (686)
Dividends (62) - (62) (125) - (125)
Transfer to reserves (1) (2,793) (2,794) 3 (814) (811)
Return per ordinary share 0.5p (22.3p) (21.8p) 1.2p (8.0p) (6.8p)
The revenue column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.
UNAUDITED BALANCE SHEET AT 28 FEBRUARY 2003
2003 2002
#'000 #'000 #'000 #'000
Fixed Assets
Venture capital investments 4,007 2,695
Listed fixed income securities 562 3,323
Unit trusts 3,193 4,229
7,762 10,247
Current assets
Debtors 148 209
Cash at bank and in hand 487 823
635 1,032
Creditors: amounts falling due within one year (102) (190)
Net current assets 533 842
Net assets 8,295 11,089
Capital and reserves
Called up share capital 626 626
Special reserve 11,274 -
Share premium account - 11,274
Capital reserve - realised (471) (132)
Capital reserve - unrealised (3,136) (682)
Revenue reserve 2 3
Total equity shareholders' funds 8,295 11,089
Net asset value per ordinary share 66.2p 88.6p
The Special Reserve is a distributable reserve that allows the Company to make
market purchases of its own shares and to pay dividends.
Net asset value per ordinary share is based on net assets at the year end, and
on 12.5 million ordinary shares (2002 - 12.5 million), being the number of
ordinary shares in issue at the year end.
UNAUDITED CASHFLOW STATEMENT FOR THE YEAR ENDED
28 FEBRUARY 2003
Year Period
ended ended
28 Feb 28 Feb 2002
2003
#'000 #'000
Net cash outflow from operating activities (11) (121)
Taxation
Corporation tax (6) -
Capital expenditure
Purchase of listed fixed income securities (1) (4,426)
Purchase of venture capital investments (2,736) (2,931)
Purchase of unit trusts - (4,657)
(2,737) (12,014)
Sale of venture capital investments 210 -
Sale of listed fixed income securities 2,333 1,058
Net cash outflow from capital expenditure (194) (10,956)
Equity dividends paid (125) -
Net cash outflow before financing (336) (11,077)
Financing
Issue of ordinary shares - 12,570
Expenses of share issue - (627)
Shares repurchased - (43)
Net cash inflow from financing - 11,900
(Decrease)/increase in cash (336) 823
Reconciliation of net cash flow to movement in net funds
(Decrease)/increase in cash during the year (336) 823
Net funds at 1 March 2002 823 -
Net funds at 28 February 2003 487 823
Announcement based on draft accounts (unqualified audit report)
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the year ended 28 February 2003. The statutory
accounts for the year ended 28 February 2003 will be finalised on the basis of
the financial information presented by the directors in this preliminary
announcement and will be delivered to the Registrar of Companies following the
Company's Annual General Meeting.
The financial information for the period ended 28 February 2002 is derived from
the statutory accounts for that year which have been delivered to the Registrar
of Companies. The auditors reported on those accounts; this report was
unqualified and did not contain a statement under section 237(2) or (3) of the
Companies Act 1985.
A copy of the full annual report and financial statements for the period ended
28 February 2003 will be printed and posted to shareholders. Copies will also be
available to the public at the registered office of the Company at 69 Eccleston
Square, London SW1V 1PJ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UNONRORRVAAR
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