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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 | 20:17:22 |
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RNS Number:1465R
Pennine Downing AIM VCT 2 PLC
21 October 2003
Pennine Downing AIM VCT 2 plc
Interim Statement for the six months ended 31 August 2003
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the interim statement for the six months ended 31 August
2003. This period has finally seen signs of a cessation of the downward trend
which major stock market indices have experienced over the last three or so
years. The impact of improved investor sentiment has been felt in both the
Company's venture capital and unit trust portfolios.
Net Asset Value
At 31 August 2003, the Company's Net Asset Value per share ("NAV") was 82.6p,
compared to 66.2p at 28 February 2003, an increase of 24.8%. By way of
comparison, the FTSE AIM Index rose by 28.4% over the same period.
Venture capital investments
During the period, the Company made six new investments and three follow-on
investments totalling #1.3 million.
The Company disposed of its holding in The Sport Entertainment & Media Group plc
following the decision by the management to take the company private. This
resulted in a profit of #27,000 against the previous year end valuation although
a loss against cost of #82,000. The Company also made partial disposals in
other holdings. The most notable being Centurion Electronics, which floated at
a share price of 30p and has risen steadily since, such that a series of small
disposals were made at an average price of 53p per share, giving rise to a total
profit against cost of #42,000.
Share prices of the rest of the venture capital investments have, with very few
exceptions, increased over the period. In particular, the investments in
Centurion Electronics and Synergy Healthcare have performed well generating
unrealised gains of #276,000 and #187,000. Overall the venture capital
portfolio gained #1.2 million in value, equivalent to 9.6p per share.
Unit trust portfolio
In line with the investment strategy, the Company initially invested 40% of its
funds in Rathbones Unit Trusts. You may recall from my last statement that, as
a result of poor market conditions, the Board had decided not to dispose of any
unit trust holdings while the market prices were so poor.
I am pleased to report that over the period the Company made partial disposals
of each of the Unit Trusts giving rise to a gain of #252,000 compared to the
previous carrying value. In addition the remaining portfolio showed unrealised
gains of #665,000. It should however be noted that the portfolio is still
valued at #472,000 below original cost.
Fixed income portfolio
The financial difficulties faced by British Energy, in which the Company holds a
corporate bond, remain unresolved. The Company therefore decided to dispose of
its bond during the period. The valuation had increased by #167,000 between
the previous year end and the time of disposal, however the Company still made a
loss against original cost of
Results and dividend
The revenue return after taxation for the period was a deficit of 0.2p per share
(2002 - surplus 0.1p). In accordance with the policy set out in the Company's
original prospectus, no interim dividend will be paid.
Assuming there are sufficient revenue reserves, the Directors will declare a
dividend for the whole year with the results to 28 February 2004.
Repurchase of shares
The Directors are conscious that the Company's share price is affected by the
illiquidity of its shares in the market resulting from the requirement that
shareholders must retain their shares at least five years in order to retain
their tax benefits. The Directors are continuing to monitor the market in the
Company's shares and will make share purchases when appropriate.
Publication of share price
The Company's share price continues to be quoted in the Financial Times on a
daily basis in the "Investment Companies" section.
Outlook
The performance of the Company has recovered strongly over the period. It is
not clear how long the improvement in investor confidence will continue and
whether it will lead to a sustained recovery.
The prospects for the Company now appear a little brighter than when I reported
at the last year end. The recent recovery experienced by stock markets should
help to stimulate an increase in corporate activity, in particular AIM
flotations. This should provide the Investment Manager with stronger dealflow
and a broader range of opportunities which will assist in the development of a
well-diversified portfolio.
James Leek
Chairman
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 August 2003
31 Aug 31 Aug 28 Feb
2003 2002 2003
#'000 #'000 #'000
Fixed assets
Venture capital investments 6,294 4,287 4,007
Listed fixed income - 1,792 562
investments
Unit trusts 3,212 3,727 3,193
9,506 9,806 7,762
Net current assets 844 355 533
Net assets 10,350 10,161 8,295
Capital and reserves
Called up share capital 626 626 626
Special reserve 9,672 11,274 11,274
Capital reserve - realised 69 (429) (471)
Capital reserve - unrealised - (1,326) (3,136)
Revenue reserve (17) 16 2
Total equity shareholders' 10,350 10,161 8,295
funds
Net asset value per share 82.6p 81.1p 66.2p
UNAUDITED STATEMENT OF TOTAL RETURNS
(incorporating the revenue account)
for the six months ended 31 August 2003
Six months ended
31 August 2003
Revenue Capital Total
#'000 #'000 #'000
Income 91 - 91
Gains/(losses) on investments:
- Realised - 307 307
- Unrealised - 1,822 1,822
91 2,129 2,220
Management fees (19) (55) (74)
Other expenses (91) - (91)
Return on ordinary activities before taxation (19) 2,074 2,055
Tax on ordinary activities - - -
Return attributable to equity shareholders (19) 2,074 2,055
Dividends - - -
Transfer to/(from) reserves (19) 2,074 2,055
Return per share (0.2p) 16.6p 16.4p
Six months ended Year ended
31 August 2002 28 February
2003
Revenue Capital Total Total
#'000 #'000 #'000 #'000
Income 144 - 144 280
Gains/(losses) on investments:
- Realised - (11) (11) (41)
- Unrealised - (856) (856) (2,638)
144 (867) (723) (2,399)
Management fees (25) (75) (100) (151)
Other expenses (101) (4) (105) (182)
Return on ordinary activities before 18 (946) (928) (2,732)
taxation
Tax on ordinary activities (5) 5 - -
Return attributable to equity shareholders 13 (941) (928) (2,732)
Dividends - - - (62)
Transfer to/(from) reserves 13 (941) (928) (2,794)
Return per share 0.1p (7.5p) (7.4p) (21.8p)
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.
The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
The comparative figures were in respect of the six months ended 31 August 2002
and the year ended 28 February 2003 respectively.
UNAUDITED CASHFLOW STATEMENT
for the six months ended 31 August 2003
Six Six
months months Year
ended ended ended
31 Aug 31 Aug 28 Feb
2003 2002 2003
Note #'000 #'000 #'000
Cash inflow/(outflow) from operating activities and
returns on investments 1 20 5 (11)
Taxation
Corporation tax - - (6)
Capital expenditure
Purchase of listed fixed income securities - - (1)
Purchase of unit trusts (5) - -
Purchase of venture capital investments (1,126) (1,736) (2,736)
(1,131) (1,736) (2,737)
Sale of venture capital investments 176 - 210
Sale of listed fixed income securities 705 1,510 2,333
Sale of unit trusts 761 - -
Net cash inflow/(outflow) from capital expenditure 511 (226) (194)
Equity dividends paid (63) (125) (125)
Increase/(decrease) in cash 2 468 (346) (336)
NOTES TO THE CASHFLOW STATEMENT
1 Cash inflow/(outflow) from operating activities and
returns on investments
Net revenue before taxation (19) 18 63
Expenses charged to capital (55) (79) (116)
Decrease/(increase) in other debtors 105 96 61
(Decrease)/increase in other creditors (11) (30) (19)
20 5 (11)
2 Analysis of net funds
Beginning of period
487 823 823
Net cash inflow/(outflow)
468 (346) (336)
End of period
955 477 487
SUMMARY OF INVESTMENT PORTFOLIO
as at 31 August 2003
Cost Valuation % of portfolio
#'000 #'000 by value
Top ten venture capital investments
Checkout Holdings Limited * 550 550 5.8%
Centurion Electronics plc 194 519 5.4%
Glisten plc 245 401 4.2%
Spring Grove Property Maintenance plc 286 368 3.9%
Huveaux plc 200 348 3.7%
Synergy Healthcare plc 218 334 3.5%
Cytomyx Holdings plc 200 330 3.5%
Hot Group plc 350 315 3.3%
Cobra Bio Manufacturing plc 178 253 2.7%
Nu Nu plc * 200 220 2.3%
2,621 3,638 38.3%
Other venture capital investments 3,697 2,656 27.9%
Unit trusts 3,684 3,212 33.8%
Total 10,002 9,506 100.0%
All venture capital investments are quoted on AIM unless otherwise stated.
* Unquoted
SUMMARY OF UNIT TRUST PORTFOLIO
Holdings at 31 August 2003
Units Remaining Bid Unrealised Realised
held investments valuations gain/(loss) (loss)
at cost against
cost
'000 #'000 #'000 #'000 #'000
Rathbone Global Companies Fund 3,154 1,403 1,064 (339) (118)
Rathbone Income Fund 146 759 759 - (13)
Rathbone Income and Growth Fund 769 748 670 (78) (29)
Rathbone Smaller Companies Fund 231 471 371 (100) (42)
Rathbone Special Situations Fund 254 303 348 45 (16)
Totals 4,554 3,684 3,212 (472) (218)
The following summary shows performance of the various units trust investments
since Pennine Downing AIM VCT 2 plc originally invested and over the six-month
period ended 31 August 2003, compared to the relevant Standard & Poor Index.
Since first VCT Six months to
purchase 31 August 2003
Rathbone Global Companies Fund (28.26)% 23.95%
S&P UT Global Growth Index (26.08)% 23.37%
Rathbone Income Fund 2.00% 26.88%
S&P UT UK Equity Income Index (14.10)% 24.08%
Rathbone Income & Growth Fund (12.42)% 22.89%
S&P UT UK All Companies Fund Index (21.03)% 24.57%
Rathbone Smaller Companies Fund (26.51)% 40.32%
S&P UT UK Smaller Companies Index (18.13)% 39.06%
Rathbone Special Situations Fund 6.35% 35.53%
S&P UT UK All Companies Fund Index (22.12)% 24.57%
The Investment Policy of each Unit Trust is summarised below:
Rathbone Global Companies Fund
Managed to provide above average long-term capital growth from global equities,
the portfolio is invested predominantly in larger companies but
mid-capitalisation and smaller stocks are also included.
As at 31 August 2003 the geographical split was as follows:
US 54.43%
Europe 19.49%
UK 3.59%
Other 19.03%
Cash 3.46%
Rathbone Income Fund
The objective is to achieve above average and maintainable income but without
neglecting capital security and growth, through the purchase of predominantly UK
equities with an above average yield.
Rathbone Income & Growth Fund
The aim is to achieve above average and steadily increasing income return
coupled with capital growth from a portfolio of transferable securities. The
manager invests 75% or more in shares issued by UK companies.
Rathbone Smaller Companies Fund
The fund is managed to obtain capital growth from a portfolio of securities
where, at the time any individual security is acquired, the issuing company's
equity market capitalisation is normally below #250m.
Rathbone Special Situations Fund
The investment objective is to achieve capital growth from the investment in
shares temporarily out of favour with the market, in which significant recovery
is expected. Investment may be in special situations in all economic sectors
worldwide, although the emphasis is on UK companies.
NOTES TO THE INTERIM STATEMENT
1. The above financial information has been prepared on the basis of the
accounting policies set out in the financial statements.
2. The calculation of the revenue and capital return per share for the period
is based upon the net revenue loss and capital return after tax of (#19,000) and
#2,074,000 respectively, divided by the weighted average number of shares in
issue during the period of 12,526,523.
3. The unaudited financial statements set out above do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985 and have
not been delivered to the Registrar of Companies. The figures for the year
ended 28 February 2003 have been extracted from the financial statements for
that year, which have been delivered to the Registrar of Companies; the
auditors' report on those financial statements was unqualified.
4. Copies of the unaudited interim results will be sent to shareholders
shortly. Further copies can be obtained from the Company's Registered Office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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