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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Arc Growth | LSE:AGCV | London | Ordinary Share | GB00B067NY94 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 35.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3581V Arc Growth Company VCT plc 08 December 2005 Interim Statement to 31 August 2005 ARC Growth Company VCT plc (the "Company") Chairman's Statement I am pleased to present the first interim report to shareholders and to formally welcome all shareholders. Although the Company was incorporated in January 2005, it was only admitted to the Official List of the UKLA on 30 June 2005. Consequently, at the half year date of 31 August 2005, there is a limited amount to report. Fund launch The Company was launched in February 2005 which was, with hindsight, late in the seasonal cycle of Venture Capital Trust marketing, especially in a year which was flooded with VCT offerings from both established players and new entrants like ourselves. As a result, a number of VCT offerings were pulled but we did manage to raise sufficient to close above the minimum amount stated in the prospectus which we issued in February 2005. Net Asset Value ('NAV') At 31 August 2005, the Company had only been in existence a few weeks and no investments had been made. The NAV per share of 94.58p reflects the fundraising costs of 5.5% and a small net return in the period of 0.08p per share. Dividends The Company's policy is to maximise dividends to its shareholders. One of the benefits of the Company's structure is that these dividends are paid tax-free whether they arise from income or capital gains. We are not declaring a dividend for the initial period to 31 August 2005. The Company's qualifying status As you may be aware, the Company must be 70% invested in qualifying companies by the end of its third accounting period to comply with VCT regulations. The board of the Company is conscious of this absolute rule and will monitor progress towards this rule regularly. Outlook At this very early stage the Company's Investment Manager, Arc Fund Management Limited, has reviewed a number of investment opportunities but none of the investment opportunities have been considered to be of sufficient merit to make an investment until very recently when a #50,000 investment was made in Talisker Pharma Limited. The board has requested that the Investment Manager be very conservative in its proposed investment approach. Richard Hargreaves Chairman STATEMENT OF TOTAL RETURN (incorporating the Revenue Account) For the period 31 August 2005 Period to 31 August 2004 Revenue Capital Total #000 #000 #000 Investment management fee (clawback) 21 - 21 Bank interest 7 - 7 Other expenses (27) - (27) Return on ordinary activities before and after 1 - 1 taxation Transfer to reserves 1 - 1 Return per ordinary share 0.08p - 0.08p 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 and securities and from bank and money market funds. BALANCE SHEET as at 31 August 2005 31 August 2005 #000 #000 Fixed asset investments Current Assets - Investments - Debtors 35 Cash at bank 1,061 1,096 Creditors: amounts falling due within one year (24) Net current assets 1,072 Net assets 1,072 Called up equity share capital 113 Share premium 958 Revenue reserve 1 Total equity shareholders' funds 1,072 Net asset value per share 94.58p CASH FLOW STATEMENT For the period ended 31 August 2005 #000 #000 Net cash outflow from operating activities (10) Net cash outflow from financial investment - Financing: Issue of own shares 1,133 Share issue expenses (62) Net cash inflow from financing 1,071 _____ Increase in cash resources 1,061 _____ Notes 1 This interim financial information and the audited interim accounts for the period ended 31 August 2005 from which it has been extracted, which are the responsibility of the directors and were approved by them on 1 December 2005, 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 audit report on these financial statements was unqualified. 2 The Company is an investment company as defined in Section 266 of the Companies Act 1985. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments, and in accordance with applicable accounting standards in the UK and with the Statement of Recommended Practice "Financial statements and investment trust companies" issued in January 2003. 3 Copies of the Interim Report to Shareholders have been sent to shareholders and are available at the Company's Registered Office: 22 Lovat Lane, London EC3R 8EB or from Woodside Corporate Services, 21-22 Grosvenor Street, London W1K 4QJ. 4 The revenue return per share is based on profit from ordinary activities after tax of #905 and on 1,133,497 ordinary shares of 10p, being the weighted average number of shares in issue during the period. The net assets per share is based on total net assets of #1,072,059 and the same number of shares. This information is provided by RNS The company news service from the London Stock Exchange END IR FSWFEASISESE
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