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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acuity Vct | LSE:AQT1 | London | Ordinary Share | GB0031161531 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 38.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAQT1 RNS Number : 0289T Acuity VCT PLC 29 May 2009 ACUITY VCT PLC ("the Company" or "the Fund") Unaudited Half Year Results for the Period Ended 31 March 2009 In accordance with DTR 6.3.5 the Half Year Results of Acuity VCT Plc for the Period ended 31 March 2009 are made available below. The figures and financial information in respect of the year ended 30 September 2008 have been delivered to the Registrar of Companies and included the Auditors' Report which was unqualified. Copies of the Half Yearly Accounts to 31 March 2009 will be sent to shareholders shortly and will thereafter be available from the Company's Registered Office. The full Half Year Report can be accessed via the website www.acuitycapital.co.uk References in this announcement to Acuity VCT Plc have been abbreviated to "the Company" or "the Fund". References to the Investment Manager, Acuity Capital Management Limited, have been abbreviated to "Acuity Capital". For further information: Nick Ross, Acuity VCT Plc: 0207 306 3901 FINANCIAL HIGHLIGHTS (unaudited) +----------------------------------------------------+----------+----------+ | Ordinary Shares | | | +----------------------------------------------------+----------+----------+ | Six months ended 31 March | 2009 | 2008 | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | Net Assets | GBP10.1m | GBP12.6m | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | Net Asset Value per ordinary share | 52.6p | 64.4p | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | Dividend paid per ordinary share | - | - | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | Cumulative value of ordinary shares since launch | | | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | Dividends paid per ordinary share | 12.1p | 12.1p | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | Net Asset Value plus dividends paid per ordinary | 64.7p | 76.5p | | share | | | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ +----------------------------------------------------+----------+----------+ | C Shares | | | +----------------------------------------------------+----------+----------+ | Six months ended 31 March | 2009 | 2008 | +----------------------------------------------------+----------+----------+ | Net Assets | GBP7.4m | GBP8.2m | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | | | | +----------------------------------------------------+----------+----------+ | Net Asset Value per C share | 81.0p | 90.6p | +----------------------------------------------------+----------+----------+ | Net Asset Value plus dividends paid per C share | 81.0p | 90.6p | +----------------------------------------------------+----------+----------+ CHAIRMAN'S STATEMENT Economic uncertainty continues and has been mirrored by continuing stock market declines. The FTSE All Share index was down by 21.3% over the period under review, and the FTSE AIM All Share index by 32.3%. By these yardsticks, your Company's performance has been comparatively strong, with Net Asset Value falling by 15.4% for the ordinary shares, and the C shares by 21.2%. Ordinary Shares As at 31 March 2009, the Net Asset Value per ordinary share was 52.6p. Including dividends already paid, this represents a total NAV of 64.7p per share. Over the half year period, this total fell by 12.9%. Almost half the decline came from the sale of holdings in Electra Private Equity, which crystallised a fall in value of GBP0.7 million. The sale was necessitated by pressure on the Company's liquidity, due to its large exposure to AIM stocks. C Shares As for the C shares, at 31 March 2009, their NAV was 81.0p per share. Most of the reduction in value was caused by the fall in comparable values, which form the basis for valuing unquoted investments. Dividends and Buy-Backs The Board continues to review its dividend and buy-back policies. At present, due to the exceptional economic circumstances, the Board has decided to suspend its buy-back policy and also not to pay a dividend at this time in order to preserve the liquidity of the Company. The Board recognises that both the buy-back policy and dividends are important to shareholders, and will re-instate them as soon as it is reasonable to do so. To date, total dividends have been paid of 12.1p to ordinary shareholders and it remains part of the Fund's long term objective to distribute tax free dividends to both ordinary and C shareholders. VCT Qualifying Status The Company continues to meet its qualifying tests. VAT on Management Fees As set out in the Report & Accounts for the year ended 30 September 2008, the change in HMRC's treatment of management fees gave rise to the opportunity to reclaim the VAT that had been paid on management fees over a period of three years. It was estimated that the reclaim would result in a refund of approximately GBP0.1 million. The reclaims have now been processed by HMRC and the Company has received approximately GBP0.1 million. As also agreed, due to the additional fees that became payable to the Investment Manager as a result of the change in VAT regulations, in full and final payment of any liability in this respect by the Company to the Investment Manager, the Company agreed to the Investment Manager charging an equal amount to the refund received. The Board After Michael Broke's retirement from the Board at the AGM in February, we welcomed Catrina Holme to the Board. She has considerable experience of private equity and was a partner at DFJEsprit from 2000 to late 2008. Outlook The economy continues to be challenging, particularly for smaller companies. However, the portfolio has been comparatively resilient and seems to be well placed to benefit as and when the economy recovers. Rupert Pennant-Rea Chairman 21 May 2009 INVESTMENT STRATEGY Investment Objective In accordance with the Company's Prospectus dated 2 October 2001, the Company's objective is to achieve capital gains and maximise UK tax-free income to its shareholders from dividends and capital distributions. It is intended that this objective will be achieved by investing the majority of the Company's funds in a portfolio of Qualifying Investments as described under "Investment Strategy" below. Investment Strategy The Company offers investors the opportunity to gain access to the venture capital market. The investment focus of the Investment Manager has been to seek out established companies, most of whom are cash positive, in preference to early stage opportunities. In addition, where possible, unquoted investments are normally structured as a mixture of equity and loan stock. The loan stock represents the majority of the finance provided. Typically, funds managed by Acuity Capital own a significant percentage of the equity of the investee company. This investment focus, combined with a diversified sector strategy and the typical investment structure, will, in the opinion of the Directors, contribute materially to reducing the overall risk of investing in smaller companies. As at 31 March 2009, the ordinary share pool of capital of the Company was invested in 18 qualifying companies, while, at the same date, the C share pool of capital of the Company was invested in 10 qualifying companies. As at 31 March 2009, the Company had no bank indebtedness. The Directors do not wish the Company to be restricted by having a fixed limit on what exposure to gearing it may have, apart from the restriction in the Company's Articles, which limits borrowing to an amount equal to its adjusted capital and reserves. Co-investment The Company also invests alongside the other Acuity VCTs which will enable shareholders to participate in larger unquoted transactions, which tend to have a lower risk profile than smaller venture capital investments. Qualifying Investments The Company intends to invest in companies that it believes have a high growth potential. In the Directors' opinion, each of these companies should generally reflect the following criteria: * A well defined business plan and ability to demonstrate strong demand for its products or services; * Products or services that can be supplied at sustainable high margins and be cash generative; * Objectives of management and shareholders to be similarly aligned; * Adequate capital resources or access to further resources to achieve the targets set out in the business plan; and high calibre management teams. The Company seeks to invest in a diversified portfolio of unquoted, PLUS traded and AIM quoted companies and will not specialise unduly in any particular industry sector. Unquoted investments will typically be in companies where the Company believes that there are reasonable prospects of an exit through a trade sale or flotation in the medium term. As at 31 March 2009, the ordinary share pool of capital of the Company had invested 86% of its total net funds by valuation in qualifying companies. At the same date, the C share pool of capital of the Company had invested 97% of its total net funds by valuation in qualifying companies. The average investment size at cost is GBP0.7 million and GBP0.7 million respectively. Non-Qualifying Investments Associated Funds As at 31 March 2009, 6% of the ordinary share total net funds by valuation of the Company was invested in Electra Private Equity Plc. With respect to the C shares, the equivalent percentage was 1%. Cash Management In addition to investments held in associated funds, as at 31 March 2009, 3% of the ordinary share total net funds by valuation of the Company was held in cash to provide immediate liquidity and cash represented 1% of the C share pool capital. Risk Management Since the Company is flexible with regard to those areas in which it invests, it aims to achieve a significant degree of diversification and to spread risk by investing in unquoted, PLUS traded and AIM quoted companies. In addition, there is no emphasis on any particular industry sector and even the non-qualifying investments have quite a high level of in-built diversification. The Company is restricted to investing no more than 15% of the value of its total assets at the time of investment in any one individual qualifying investment or non-qualifying investment. INVESTMENT MANAGER'S REVIEW Performance In the half year period, the Net Asset Value per ordinary share plus dividends paid to date declined by 12.9% to 64.7p, which compares with a fall of 20.1% in the FTSE All-share Index, a measure that covers the largest UK companies, and a more punishing decline of 33.6% in the FTSE AIM All-share Index, a barometer for smaller companies. Given that fair market value of our unquoted portfolio is assessed at a discount to the listed comparable multiples, this is a satisfactory outcome. Over the same half year period the Net Asset Value per C share declined by 21.2% to 81.0p. Ordinary Shares Over the period under review, in order to invest in Loseley Dairy Ice Cream and cover necessary expenses, the Company reduced its holdings of Electra Private Equity. At the same time, the share price of Electra Private Equity fell from GBP12.4 at year end to GBP5.7, a reduction in value of 53.7%. As a result, there was a negative movement of GBP0.8 million over the period. In addition, there were significant declines of GBP0.3 million for AIM-listed Media Square, GBP0.2 million for AIM-listed Music Copyright and GBP0.2 million for unquoted investment Sanastro which is exposed to declining financial sector advertising and sponsorship. On the positive side, unquoted pub operator Amber Taverns increased in value by GBP0.3 million due to outperforming its budgets and its niche focus, and AIM-listed Advanced Medical Solutions rose in value by GBP0.1 million. C Shares The decline in value of the C share pool was mostly a result of the market decline's impact on the valuations of the comparable companies against which the valuations of the unquoted investments are calculated. The largest decline was GBP0.6 million by Target Entertainment Group, a TV production and distribution company, GBP0.3 million by Future Noise (Acrobat Music Group), which exploits a music catalogue, and GBP0.3 million by Fin Machine Company, the manufacturer of capital equipment for the automobile industry. Portfolio Activity The Company made one principal investment over the period for the ordinary shares of GBP0.7 million in Loseley Dairy Ice Cream. The Company's fellow VCTs are also investors in Loseley which is the continuation of the previously AIM listed Hill Station. Backing a new management team introduced to the business by us, Acuity VCT 2 plc and the Company, originally long-term investors in Hill Station, bought Hill Station out of administration in early November 2008. Since then, the business has benefited from the strength of the Euro and the trading down from premium ice cream. We invested a further GBP0.1 million from the C shares in Emote Games, taking the total invested to GBP0.5 million. Emote Games is developing and publishing an online game for the US hunting market called "The Hunter". Shareholders can view the game at www.thehunter.com. Early reviews of the game have been positive and Emote are hopeful of signing up a major US distributor in time for Christmas. Deal Flow We continue to see a number of interesting investment opportunities but remain extremely cautious about making further new investments. We are taking more time to monitor potential investee companies to ensure that they are operating in line with previously established budgets and our proposed pricing incorporates a more conservative view of future performance. PORTFOLIO SUMMARY (unaudited) +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Qualifying | Cost | Cost | Valuation | Valuation | Total | Valuation | % of | | Investments | Ordinary | C | Ordinary | C Shares | GBP'000 | | Portfolio | | at 31 March 2009 | | Shares | Shares | GBP'000 | | movement | | | | Shares | GBP'000 | GBP'000 | | | in the | by | | | GBP'000 | | | | | period | Value | | | | | | | | GBP'000 | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Advanced Medical | 406 | - | 1,679 | - | 1,679 | 117 | 10.2 | | Solutions | | | | | | | | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Amber Taverns | 750 | - | 1,745 | - | 1,745 | 316 | 10.6 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Brady | 750 | - | 338 | - | 338 | (32) | 2.1 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Brand Acquisitions | 200 | 1,000 | 200 | 1,000 | 1,200 | - | 7.3 | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Connect2Media | 234 | 790 | 234 | 790 | 1,024 | - | 6.2 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Defaqto | 1,230 | - | 1,694 | - | 1,694 | - | 10.3 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Emote Games | - | 457 | - | 322 | 322 | (72) | 2.0 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | First Dental | 750 | - | 100 | - | 100 | (88) | 0.6 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | The Fin Machine | 200 | 1,001 | 388 | 1,933 | 2,321 | (303) | 14.0 | | Company | | | | | | | | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Future Noise | - | 1,202 | - | 543 | 543 | (343) | 3.3 | | (Acrobat Music | | | | | | | | | Group) | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Hallmarq | 1,300 | 300 | 644 | 300 | 944 | (20) | 5.7 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Immedia | 275 | - | 14 | - | 14 | (8) | 0.1 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Keycom | 1,705 | - | 134 | - | 134 | (44) | 0.8 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Loseley Dairy Ice | 750 | - | 750 | - | 750 | - | 4.6 | | Cream | | | | | | | | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Ma Hubbards | 800 | - | 305 | - | 305 | (122) | 1.9 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Media Square | 1,122 | - | 34 | - | 34 | (281) | 0.2 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Mount Engineering | - | 250 | - | 207 | 207 | (14) | 1.3 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Music Copyright | 483 | - | 28 | - | 28 | (227) | 0.2 | | Solutions | | | | | | | | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Quadnetics | 400 | - | 145 | - | 145 | (44) | 0.9 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Red Reef Media Ltd | 235 | 588 | 93 | 233 | 326 | (498) | 2.0 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Sanastro | 1,000 | - | 143 | - | 143 | (241) | 0.9 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Sport Media Group | - | 250 | - | 10 | 10 | (44) | 0.1 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Target | - | 2,000 | - | 1,778 | 1,778 | (612) | 10.7 | | Entertainment Group | | | | | | | | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Sub Total | 12,590 | 7,838 | 8,668 | 7,116 | 15,784 | (2,560) | 96.0 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Investments | Cost | Cost | Valuation | Valuation | Total | Valuation | % of | | at 31 March 2009 | Ordinary | C | Ordinary | C Shares | GBP'000 | | Portfolio | | | | Shares | Shares | GBP'000 | | movement | | | | Shares | GBP'000 | GBP'000 | | | in the | by | | | GBP'000 | | | | | period | Value | | | | | | | | GBP'000 | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Non Qualifying | | | | | | | | | Investments | | | | | | | | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Electra Private | 717 | 131 | 609 | 46 | 655 | (759) | 3.9 | | Equity | | | | | | | | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Media Square | 456 | - | 10 | - | 10 | (79) | 0.1 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Sub Total | 1,173 | 131 | 619 | 46 | 665 | (838) | 4.0 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Total Investments | 13,763 | 7,969 | 9,287 | 7,162 | 16,449 | (3,398) | 100.00 | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Other Assets | | | | | | | | | | | | | | | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Cash | | | 151 | 104 | 255 | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ | Total | | | 9,438 | 7,266 | 16,704 | | | +---------------------+----------+---------+-----------+-----------+---------+-----------+-----------+ CO-INVESTMENT ARRANGEMENTS Co-investment Arrangements with other Acuity VCTs The Directors welcome the fact that the Investment Manager has five VCT funds, Acuity VCT Plc Ordinary Share pool, Acuity VCT Plc C Share pool, Acuity VCT 2 Plc Ordinary Share pool, Acuity VCT 2 Plc C Share pool and Acuity VCT 3 Plc (together "the Acuity VCTs") that it can use for co-investment. This allows each fund to spread its investment risk and gain access to larger investments than it could do on its own. Where a co-investment opportunity arises between one or more of the Company's two share pools and either or both of the other two funds, the Company will invest in an agreed and consistent proportion, on the same terms and in the same securities as the funds with which it co-invests. Costs associated with any such investment will be borne by each fund pro-rata to its investment. In more detail, the Board has adopted a set of guidelines on its co-investment arrangements with the Acuity VCTs and the Investment Manager as follows:- Other than as set out below, investments will be allocated between the two share pools within the Company and also the other Acuity VCTs by reference to the size of each fund and to each fund's available cash resources. Where an opportunity arises for a second or subsequent round of investment in a company in which one of the Acuity VCTs has invested at an earlier stage, the fund holding the existing investment will have a preferential right to take up any pro-rata entitlement it may have in the new financing round. The amount it invests on this basis will not be taken into account in determining its co-investment share thereafter. The Company, either through the Ordinary Share pool or the C Share pool, will make an investment in which one or more of the Acuity VCTs have existing investments only when the Board considers that to be in the best interests of the relevant Share pool of the Company. Any potential conflict of interest in a proposed investment by one or more of the Acuity VCTs will be referred by the Investment Manager to the Board of the Company and the other relevant Boards; having been reviewed by the Conflict of Interest Committee; chaired by an independent member of the Investment Committee. In the event of a possible conflict of interest between the Investment Manager and the Company, the matter will be decided by those Directors who are independent of the Investment Manager. The Board of the Company acknowledges that the Investment Manager may occasionally recommend an allocation of investments on a different basis from the one described above. For example, an exception may be made to ensure that one or more of the Company's Share pools, Acuity VCT 2 Plc or Acuity VCT 3 Plc maintain their status as a HMRC approved VCT, or in the interests of balancing their portfolios. A different basis may also be necessary to meet the requirements of potential investee companies. In these cases the Directors use their judgement. BUSINESS REVIEW AND RESPONSIBILITY STATEMENT Current and Future Development A review of the main features of the six months to 31 March 2009 is contained in the Chairman's Statement and the Investment Manager's Review. The Board regularly reviews the development and strategic direction of the Company. The Board's main focus continues to be on the Company's long-term investment return. Attention is paid to the integrity and success of the investment approach and on factors which may have an impact on this approach. Due regard is given to the marketing and promotion of the Company, including effective communication with shareholders and other external parties. A detailed review of performance during the six months to 31 March 2009 is contained in the Investment Manager's Review. Risk Management Since the Company is flexible with regard to those areas in which it invests, it aims to achieve a significant degree of diversification and to spread risk by investing in unquoted, PLUS traded and AIM quoted companies. In addition, there is no emphasis on any particular industry sector and even the non-qualifying investments have quite a high level of in-built diversification. The Company is restricted to investing no more than 15% of the value of its total assets at the time of investment in any one individual qualifying investment or non-qualifying investment. The key risks facing the Company include Market Risk, Interest Rate Risk, Credit Risk and Liquidity Risk as further detailed in Note 20 of the Notes to the Accounts in the Company's Annual Report and Accounts to 30 September 2008. In addition the Company is also focused on Macroeconomic Risks, Long-Term Strategic Risk, Government Policy and Regulation Risk, Investment Risks and Operational Risks as further detailed in the Report of the Directors in the Company's Annual Report and Accounts to 30 September 2008. This Business Review also refers, where appropriate, to specific risks and uncertainties and these should be viewed in conjunction with the risks disclosed above. Responsibility Statement of the Directors in respect of the Half Yearly Financial Report We confirm to the best of our knowledge: * The condensed set of financial statements has been prepared in accordance with the Statement Half Yearly Financial Reports issued by the UK Accounting Standards Board; * The Half Yearly Business Review includes a fair review of the information required by: a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so. By order of the Board of Directors Rupert Pennant-Rea Chairman Paternoster House 65 St Paul's Churchyard London EC4M 8AB 21 May 2009 INCOME STATEMENT +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | For the six | Ordinary Shares | C Shares | Total | | months | | | | | ended 31 | | | | | March 2009 | | | | +---------------+-------------------------------------+--------------------------------+--------------------------------+ | | | (unaudited) | | (unaudited) | | (unaudited) | +---------------+-------+-----------------------------+--+-----------------------------+--+-----------------------------+ | | Notes | Revenue | Capital | Total | | Revenue | Capital | Total | | Revenue | Capital | Total | | | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Investment | | - | (1,686) | (1,686) | | - | (1,958) | (1,958) | | - | (3,644) | (3,644) | | holding | | | | | | | | | | | | | | gains | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Income | 2 | 81 | - | 81 | | 164 | - | 164 | | 245 | - | 245 | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | | | 81 | (1,686) | (1,605) | | 164 | (1,958) | (1,794) | | 245 | (3,644) | (3,399) | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Investment | | (41) | (124) | (165) | | (29) | (88) | (117) | | (70) | (212) | (282) | | management | | | | | | | | | | | | | | fees | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Other | | (80) | - | (80) | | (61) | - | (61) | | (141) | - | (141) | | expenses | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | | | (121) | (124) | (245) | | (90) | (88) | (178) | | (211) | (212) | (423) | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Return/(Loss) | | (40) | (1,810) | (1,850) | | 74 | (2,046) | (1,972) | | 34 | (3,856) | (3,822) | | on Ordinary | | | | | | | | | | | | | | Activities | | | | | | | | | | | | | | before | | | | | | | | | | | | | | interest and | | | | | | | | | | | | | | taxation | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Finance | | (2) | - | (2) | | (2) | - | (2) | | (4) | - | (4) | | cost | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Return/(Loss) | | (42) | (1,810) | (1,852) | | 72 | (2,046) | (1,974) | | 30 | (3,856) | (3,826) | | on Ordinary | | | | | | | | | | | | | | Activities | | | | | | | | | | | | | | before | | | | | | | | | | | | | | taxation | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Tax on | | - | - | - | | (15) | 15 | - | | (15) | 15 | - | | ordinary | | | | | | | | | | | | | | activities | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Net | | (42) | (1,810) | (1,852) | | 57 | (2,031) | (1,974) | | 15 | (3,841) | (3,826) | | Return/(Loss) | | | | | | | | | | | | | | on Ordinary | | | | | | | | | | | | | | Activities | | | | | | | | | | | | | | after | | | | | | | | | | | | | | taxation | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Basic and | 3 | (0.2)p | (9.4)p | (9.6)p | | 0.6p | (22.3)p | (21.7)p | | | | | | diluted | | | | | | | | | | | | | | return/(loss) | | | | | | | | | | | | | | to | | | | | | | | | | | | | | shareholders | | | | | | | | | | | | | | per share | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ The total column of this statement represents the Company's Income Statement, prepared in accordance with UK GAAP. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement. INCOME STATEMENT +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | For the six | Ordinary Shares | C Shares | Total | | months | | | | | ended 31 | | | | | March 2008 | | | | +---------------+-------------------------------------+--------------------------------+--------------------------------+ | | | (unaudited) | | (unaudited) | | (unaudited) | +---------------+-------+-----------------------------+--+-----------------------------+--+-----------------------------+ | | Notes | Revenue | Capital | Total | | Revenue | Capital | Total | | Revenue | Capital | Total | | | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Investment | | - | (2,434) | (2,434) | | - | (122) | (122) | | - | (2,556) | (2,556) | | holding | | | | | | | | | | | | | | gains | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Income | 2 | 88 | - | 88 | | 128 | - | 128 | | 216 | - | 216 | | | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | | | 88 | (2,434) | (2,346) | | 128 | (122) | 6 | | 216 | (2,556) | (2,340) | | | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Investment | | (53) | (158) | (211) | | (31) | (93) | (124) | | (84) | (251) | (335) | | management | | | | | | | | | | | | | | fees | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Other | | (196) | - | (196) | | (35) | - | (35) | | (231) | - | (231) | | expenses | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | | | (249) | (158) | (407) | | (66) | (93) | (159) | | (315) | (251) | (566) | | | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Return/(Loss) | | (161) | (2,592) | (2,753) | | 62 | (215) | (153) | | (99) | (2,807) | (2,906) | | on Ordinary | | | | | | | | | | | | | | Activities | | | | | | | | | | | | | | before | | | | | | | | | | | | | | interest and | | | | | | | | | | | | | | taxation | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Finance | | - | - | - | | - | - | - | | - | - | - | | cost | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Tax on | | - | - | - | | - | - | - | | - | - | - | | ordinary | | | | | | | | | | | | | | activities | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Dividend | | 4 | - | 4 | | - | - | - | | 4 | - | 4 | | received | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Net | | (157) | (2,592) | (2,749) | | 62 | (215) | (153) | | (95) | (2,807) | (2,902) | | Return/(Loss) | | | | | | | | | | | | | | on Ordinary | | | | | | | | | | | | | | Activities | | | | | | | | | | | | | | after | | | | | | | | | | | | | | taxation | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Basic and | 3 | (0.8)p | (13.1)p | (13.9)p | | 0.7p | (2.4)p | (1.7)p | | | | | | diluted | | | | | | | | | | | | | | return/(loss) | | | | | | | | | | | | | | to | | | | | | | | | | | | | | shareholders | | | | | | | | | | | | | | per share | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ The total column of this statement represents the Company's Income Statement, prepared in accordance with UK GAAP. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement. INCOME STATEMENT +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | For the | Ordinary Shares | C Shares | Total | | year ended | | | | | 30 | | | | | September | | | | | 2008 | | | | +---------------+-------------------------------------+--------------------------------+--------------------------------+ | | | (audited) | | (audited) | | (audited) | +---------------+-------+-----------------------------+--+-----------------------------+--+-----------------------------+ | | Notes | Revenue | Capital | Total | | Revenue | Capital | Total | | Revenue | Capital | Total | | | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | GBP'000 | GBP'000 | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Investment | | - | (2,858) | (2,858) | | - | 795 | 795 | | - | (2,063) | (2,063) | | holding | | | | | | | | | | | | | | gains | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Income | 2 | 181 | - | 181 | | 457 | - | 457 | | 638 | - | 638 | | | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | | | 181 | (2,858) | (2,677) | | 457 | 795 | 1,252 | | 638 | (2,063) | (1,425) | | | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Investment | | (83) | (248) | (331) | | (45) | (134) | (179) | | (128) | (382) | (510) | | management | | | | | | | | | | | | | | fees | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Other | | (289) | 44 | (245) | | (102) | (9) | (111) | | (391) | 35 | (356) | | expenses | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | | | (372) | (204) | (576) | | (147) | (143) | (290) | | (519) | (347) | (866) | | | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Return/(Loss) | | (191) | (3,062) | (3,253) | | 310 | 652 | 962 | | 119 | (2,410) | (2,291) | | on Ordinary | | | | | | | | | | | | | | Activities | | | | | | | | | | | | | | before | | | | | | | | | | | | | | interest and | | | | | | | | | | | | | | taxation | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Finance | | (12) | - | (12) | | (13) | - | (13) | | (25) | - | (25) | | cost | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Return/(Loss) | | (203) | (3,062) | (3,265) | | 297 | 652 | 949 | | 94 | (2,410) | (2,316) | | on Ordinary | | | | | | | | | | | | | | Activities | | | | | | | | | | | | | | before | | | | | | | | | | | | | | taxation | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Tax on | | - | - | - | | - | - | - | | - | - | - | | ordinary | | | | | | | | | | | | | | activities | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Net | | (203) | (3,062) | (3,265) | | 297 | 652 | 949 | | 94 | (2,410) | (2,316) | | Return/(Loss) | | | | | | | | | | | | | | on Ordinary | | | | | | | | | | | | | | Activities | | | | | | | | | | | | | | after | | | | | | | | | | | | | | taxation | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ | Basic and | 3 | (1.0)p | (16.0)p | (17.0)p | | 3.3p | 7.1p | 10.4p | | | | | | diluted | | | | | | | | | | | | | | return/(loss) | | | | | | | | | | | | | | to | | | | | | | | | | | | | | shareholders | | | | | | | | | | | | | | per share | | | | | | | | | | | | | +---------------+-------+---------+---------+---------+--+---------+---------+---------+--+---------+---------+---------+ The total column of this statement represents the Company's Income Statement, prepared in accordance with UK GAAP. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement. RECONCILIATION OF MOVEMENTS IN TOTAL SHAREHOLDERS' FUNDS +---------------------------+------------------+------------------+------------------+ | Ordinary Shares | For the six | For the six | For the year | | | months ended | months ended | ended | | | 31 March 2009 | 31 March 2008 | 30 September | | | (unaudited) | (unaudited) | 2008 | | | | | (audited) | +---------------------------+------------------+------------------+------------------+ | | GBP'000 | GBP'000 | GBP'000 | +---------------------------+------------------+------------------+------------------+ | Total return on Ordinary | (1,852) | (2,749) | (3,265) | | Activities after taxation | - | (340) | (446) | | Repurchase of ordinary | | | | | shares | | | | +---------------------------+------------------+------------------+------------------+ | Movements in Total | (1,852) | (3,089) | (3,711) | | Ordinary Shareholders' | 11,944 | 15,655 | 15,655 | | Funds | | | | | Total Ordinary | | | | | Shareholders' Funds as at | | | | | 1 October | | | | +---------------------------+------------------+------------------+------------------+ | Total Ordinary | 10,092 | 12,566 | 11,944 | | Shareholders' Funds at | | | | | end of the period | | | | +---------------------------+------------------+------------------+------------------+ +---------------------------+------------------+------------------+------------------+ | C Shares | For the six | For the six | For the year | | | months ended | months ended | ended | | | 31 March 2009 | 31 March 2008 | 30 September | | | (unaudited) | (unaudited) | 2008 | | | | | (audited) | +---------------------------+------------------+------------------+------------------+ | | GBP'000 | GBP'000 | GBP'000 | +---------------------------+------------------+------------------+------------------+ | Total return on C Share | (1,974) | (153) | 949 | | Activities after taxation | | | | +---------------------------+------------------+------------------+------------------+ | Movements in Total C | (1,974) | (153) | 949 | | Shareholders' Funds | 9,341 | 8,392 | 8,392 | | Total C Shareholders' | | | | | Funds as at 1 October | | | | +---------------------------+------------------+------------------+------------------+ | Total C Shareholders' | 7,367 | 8,239 | 9,341 | | Funds at end of the | | | | | period | | | | +---------------------------+------------------+------------------+------------------+ BALANCE SHEET +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | | For the six months | For the six months | For the year ended | | | ended | ended | 30 September 2008 | | | 31 March 2009 | 31 March 2008 | | +---------------+-----------------------------------+---------------------------------+---------------------------------+ | | | (unaudited) | | (unaudited) | | (audited) | +---------------+----+------------------------------+--+------------------------------+--+------------------------------+ | | | Ordinary | C | Total | | Ordinary | C | Total | | Ordinary | C | Total | | | | GBP'000 | shares | GBP'000 | | GBP'000 | shares | GBP'000 | | GBP'000 | shares | GBP'000 | | | | | GBP'000 | | | | GBP'000 | | | | GBP'000 | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Fixed | | | | | | | | | | | | | | Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Investments | | 9,287 | 7,162 | 16,449 | | 11,693 | 6,015 | 17,708 | | 10,797 | 8,919 | 19,716 | | held at | | | | | | | | | | | | | | fair value | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Current | | | | | | | | | | | | | | Assets | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Debtors | | 779 | 499 | 1,278 | | 510 | 224 | 734 | | 598 | 615 | 1,213 | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Other | | - | - | - | | 471 | 800 | 1,271 | | 96 | - | 96 | | investments | | | | | | | | | | | | | | Cash at | | 151 | 104 | 255 | | 162 | 1,544 | 1,706 | | 591 | 83 | 674 | | bank | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | | | 930 | 603 | 1,533 | | 1,143 | 2,568 | 3,711 | | 1,285 | 698 | 1,983 | | | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Current | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Creditors: | | (42) | (228) | (270) | | (125) | (178) | (303) | | (54) | (108) | (162) | | amounts | | | | | | | | | | | | | | falling | | | | | | | | | | | | | | due within | | | | | | | | | | | | | | one year | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Net | | 888 | 375 | 1,263 | | 1,018 | 2,390 | 3,408 | | 1,231 | 590 | 1,821 | | Current | | | | | | | | | | | | | | Assets | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Total | | 10,175 | 7,537 | 17,712 | | 12,711 | 8,405 | 21,116 | | 12,028 | 9,509 | 21,537 | | Assets | | (83) | (170) | (253) | | (145) | (166) | (311) | | (84) | (168) | (252) | | less | | | | | | | | | | | | | | Current | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | Creditors: | | | | | | | | | | | | | | amounts | | | | | | | | | | | | | | falling due | | | | | | | | | | | | | | after more | | | | | | | | | | | | | | than one | | | | | | | | | | | | | | year | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Net Assets | | 10,092 | 7,367 | 17,459 | | 12,566 | 8,239 | 20,805 | | 11,944 | 9,341 | 21,285 | | | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Capital | | | | | | | | | | | | | | and | | | | | | | | | | | | | | Reserves | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Called-up | | 193 | 91 | 284 | | 195 | 91 | 286 | | 193 | 91 | 284 | | share | | | | | | | | | | | | | | capital | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Share | | 13,580 | 8,313 | 21,893 | | 13,580 | 8,313 | 21,893 | | 13,580 | 8,313 | 21,893 | | premium | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Special | | 4,624 | - | 4,624 | | 5,070 | - | 5,070 | | 4,624 | - | 4,624 | | reserve | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Capital | | 28 | - | 28 | | 22 | - | 22 | | 28 | - | 28 | | redemptions | | | | | | | | | | | | | | reserve | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Revaluation | | (7,185) | 973 | (6,212) | | - | - | - | | (7,182) | 973 | (6,209) | | reserve | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Revenue | | (1,148) | (2,010) | (3,158) | | (6,301) | (165) | (6,466) | | 701 | (36) | 665 | | reserve | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Total | | 10,092 | 7,367 | 17,459 | | 12,566 | 8,239 | 20,805 | | 11,944 | 9,341 | 21,285 | | Equity | | | | | | | | | | | | | | Shareholders' | | | | | | | | | | | | | | Funds | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ | Net Asset | | 52.6p | 81.0p | | | 64.4p | 90.6p | | | 62.2p | 102.7 | | | Value per | | | | | | | | | | | | | | share | | | | | | | | | | | | | +---------------+----+----------+---------+---------+--+----------+---------+---------+--+----------+---------+---------+ +---------------------------+------------------+------------------+-------------------+ | | As at 31 March | As at 31 March | As at September | | | 2009 | 2008 | 2008 | +---------------------------+------------------+------------------+-------------------+ | Number of shares in issue | | | | | at end of period: | | | | +---------------------------+------------------+------------------+-------------------+ | Ordinary Shares | 19,201,481 | 19,402,384 | 19,201,481 | +---------------------------+------------------+------------------+-------------------+ | C Shares | 9,093,156 | 9,093,156 | 9,093,156 | +---------------------------+------------------+------------------+-------------------+ | Total | 28,294,637 | 28,495,540 | 28,294,637 | +---------------------------+------------------+------------------+-------------------+ CASH FLOW STATEMENT +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | | For the six months | For the six months | For the year ended | | | ended | ended | 30 September 2008 | | | 31 March 2009 | 31 March 2008 | (audited) | | | (unaudited) | (unaudited) | | +---------------------+------------------------------+------------------------------+------------------------------+ | | Ordinary | C | Total | Ordinary | C | Total | Ordinary | C | Total | | | GBP'000 | shares | GBP'000 | GBP'000 | shares | GBP'000 | GBP'000 | shares | GBP'000 | | | | GBP'000 | | | GBP'000 | | | GBP'000 | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Operating | | | | | | | | | | | Activities | | | | | | | | | | | | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Investment | 4 | - | 4 | 65 | 98 | 163 | 199 | 110 | 309 | | income received | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Bank deposit | 1 | - | 1 | 3 | - | 3 | 7 | 32 | 39 | | interest | | | | | | | | | | | received | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Investment | (235) | - | (235) | (105) | (50) | (155) | (349) | (186) | (535) | | management fees | | | | | | | | | | | paid | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Other cash | (127) | (59) | (186) | (131) | (60) | (191) | (238) | (15) | (253) | | payments | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Net cash outflow | (357) | (59) | (416) | (168) | (12) | (180) | (381) | (59) | (440) | | from Operating | | | | | | | | | | | Activities | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Capital | | | | | | | | | | | Expenditure and | | | | | | | | | | | Financial | | | | | | | | | | | Investment | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Investing | | | | | | | | | | | Activities | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Purchase of | (1,053) | (143) | (1,196) | (877) | (2,710) | (3,587) | (1,332) | (4,801) | (6,133) | | investments | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Sale of | 874 | 222 | 1,096 | 1,821 | - | 1,821 | 2,747 | 104 | 2,851 | | investments | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Co-investment | - | - | - | - | - | - | - | (278) | (278) | | payment to | | | | | | | | | | | related party | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Net cash | (179) | 79 | (100) | 944 | (2,710) | (1,766) | 1,415 | (4,975) | (3,560) | | inflow/(outflow) | | | | | | | | | | | from Investing | | | | | | | | | | | Activities | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Equity dividends | - | - | - | 4 | - | 4 | - | - | - | | received/(paid) | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Cash | (536) | 20 | (516) | 780 | (2,722) | (1,942) | 1,034 | (5,034) | (4,000) | | inflow/(outflow) | | | | | | | | | | | before Financing | | | | | | | | | | | and Management | | | | | | | | | | | of Liquid | | | | | | | | | | | Resources | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Management of | | | | | | | | | | | Liquid Resources | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | (Purchases)/Sales | - | - | - | 2,780 | - | 2,780 | (95) | 4,050 | 3,955 | | of current asset | | | | | | | | | | | investments | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Net cash inflow | - | - | - | 2,780 | - | 2,780 | (95) | 4,050 | 3,955 | | from Management | | | | | | | | | | | of Liquid | | | | | | | | | | | Resources | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Financing | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Repurchase of | - | - | - | (325) | - | (325) | (475) | - | (475) | | Ordinary shares | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | Net cash | - | - | - | (325) | - | (325) | (475) | - | (475) | | (outflow)/inflow | | | | | | | | | | | from Financing | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ | (Decrease)/Increase | (536) | 20 | (516) | 3,235 | (2,722) | 513 | 464 | (984) | (520) | | in cash for the | | | | | | | | | | | period | | | | | | | | | | +---------------------+----------+---------+---------+----------+---------+---------+----------+---------+---------+ NOTES TO THE ACCOUNTS 1. Accounting Policies The principal accounting policies remain unchanged from the year ended 30 September 2008, apart from a presentational change to the reserves, as a result of the early adoption of the guidance contained in the Statement of Recommended Practice (SORP), "Financial Statements of Investment Trust Companies and Venture Capital Trusts", issued in January 2009, whereby changes in capital reserves have been combined. Where presentational guidance set out in the SORP, revised in January 2009, is consistent with the requirements of UKGAAP, the Directors have sought to prepare the financial statements on a consistent basis compliant with the recommendations of the SORP. 2. Income +----------------------+----------------+----------------+----------------+ | | For the six | For the six | For the year | | | months ended | months ended | ended | | | 31 March 2009 | 31 March 2008 | 30 September | | | (unaudited) | (unaudited) | 2008 | | | | | (audited) | +----------------------+----------------+----------------+----------------+ | | GBP'000 | GBP'000 | GBP'000 | +----------------------+----------------+----------------+----------------+ | Franked investment | 226 | 108 | 159 | | income | 1 | 76 | 101 | | Income from | - | 26 | 339 | | liquidity funds | 1 | 6 | 39 | | Unfranked investment | 17 | - | - | | income | | | | | Interest from bank | | | | | deposits | | | | | Other income | | | | | | | | | +----------------------+----------------+----------------+----------------+ | | 245 | 216 | 638 | +----------------------+----------------+----------------+----------------+ 3. Return per Share Ordinary Shares The revenue return/(loss) per ordinary share is based on the net revenue/(loss) from ordinary activities after taxation, of GBP(42,000) (31.03.08: GBP(157,000); 30.09.08: GBP(203,000)) and on 19,201,481 (31.03.08: 19,755,821; 30.09.08: 19,530,826) ordinary shares, being the weighted average number of ordinary shares in issue during the period. The capital return/(loss) per ordinary share is based on net capital losses of GBP(1,810,000) (31.03.2008: GBP(2,592,000); 30.09.2008: GBP(3,062,000)) and on 19,201,481 (31.03.2008: 19,755,821; 30.09.2008: 19,530,826) ordinary shares, being the weighted average number of ordinary shares in issue during the period. C Shares The revenue return/(loss) per C share is based on the net revenue/(loss) from C share activities after taxation, attributable to the C shareholders, of GBP57,000 (31.03.08: GBP62,000; 30.09.08: GBP297,000) and on 9,093,156 (31.03.08: 9,093,156; 30.09.08: 9,093,156) C Shares, being the weighted average number of C Shares in issue during the period. The capital return/(loss) per C share is based on net capital gains/(losses) of GBP(2,031,000) (31.03.2008: GBP(215,000); 30.09.2008: GBP652,000) and on 9,093,156 (31.03.08: 9,093,156; 30.09.08: 9,093,156), being the weighted average number of C shares in issue during the period. There is no difference between the basic and diluted return per ordinary share and per C share because the Company has no potentially dilutive shares in issue. This information is provided by RNS The company news service from the London Stock Exchange END IR PUUMUAUPBGGB
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