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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:2312M Arc Growth Company VCT plc 17 November 2006 Interim Statement to 31 August 2006 ARC Growth Company VCT plc (the "Company") Chairman's Statement I am pleased to present the second interim report to shareholders. The activity level of the Company has increased during the half year under review and we have now made six investments and realised two of them, Talisker Pharma and BFresh, above investment cost. Fund launch The Company was launched in February 2005 which was late in the seasonal cycle of Venture Capital Trust marketing, especially in a year which was flooded with VCT offerings. Consequently, we sought to raise further funds in the year ending 5 April 2006 and were pleased that a further #517,595 was raised. Net Asset Value ('NAV') The progress of the investments the Company has made is beginning to be reflected in the Company's performance which has seen the NAV per share rise from 94.6p at 28 February 2006 (after reflecting the fundraising costs of 5.5%) to 107.6p at 31 August 2006 which represents a net return in the period of 13p per share. As at close of business on 10 October 2006, the NAV per share was 117.3p due to the strong rise in the Arc Fund Management Holdings plc shares which we hold and are quoted on AIM. This represents a net return of 22.7p per share for the Company since 1 March 2006. This is excellent progress but shareholders should not assume we can sustain this rate of growth. 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 half-year to 31 August 2006 but shall consider proposing a final dividend for the year ending 28 February 2007 if the positive trend in performance continues. The Company's VCT 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 It is encouraging that the Investment Manager, Arc Fund Management Limited, is looking at an increasing flow of investment opportunities. Whilst the board has asked them to be conservative in their investment approach, we do want the focus to continue to be on investment opportunities that are capable of reasonably early realisation. Richard Hargreaves Chairman Arc Growth Company VCT plc for the half year ended 31 August 2006 Unaudited income 6 Months to 31 August 2006 8 months to 31 August 2005* 14 Months to 28 February 2006* statement Revenue Capital Total Revenue Capital Total Revenue Capital Total #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Bank interest 20 - 20 7 - 7 27 - 27 Interest Receivable on 10 - 10 - - - - - - amount due from Manager Loan Stock interest 2 - 2 - - - - - - Investment management 16 - 16 21 - 21 37 - 37 (fee)/clawback Other expenses (35) - (35) (27) - (27) (63) - (63) Investment Gains / (Losses) Realised - 48 48 - - - - - - Unrealised - 155 155 - - - - - - Profit before tax 13 203 216 1 - 1 1 - 1 Taxation (2) - (2) - - - - - - Profit after tax 11 203 214 1 - 1 1 - 1 Transfer to reserves (11) (203) (214) (1) - (1) (1) - (1) - - - - - - - - - Return per share 0.66p 13.02p 13.68p 0.08p - 0.08p 0.13p - 0.13p 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. Arc Growth Company VCT plc Unaudited balance sheet 31 August 2006 31 August 2005* 28 February 2006* as at 1 March 2006 #'000 #'000 #'000 #'000 #'000 #'000 Fixed asset investments 803 - 110 Current assets Debtors 156 35 140 Cash at bank 901 1,061 898 1,057 1,096 1,038 Current Liabilities Creditors 84 24 76 Net current assets 973 1,072 962 Net assets 1,776 1,072 1,072 Called up equity share 165 113 113 capital Share premium 1,396 958 958 Revenue reserve 12 1 1 Capital reserve - 48 - - realised Capital reserve - 155 - - unrealised Total equity 1,776 1,072 1,072 shareholders' funds Net asset value per 107.56p 94.58p 94.63p share Arc Growth Company VCT plc for the half year ended 31 August 2006 Unaudited cash flow 6 Months to 31 August 2006 8 Months to 31 August 2005* 14 Months to 28 February 2006* statement #'000 #'000 #'000 #'000 #'000 #'000 Net cash inflow from 3 (10) (63) operating activities Net cash outflow from financial (489) - (110) investment Management of liquid resources : Financing : Issue of own shares 518 1,133 1,133 Share issue expenses (28) (62) (62) Total financing 490 1,071 1,071 Increase in cash 4 1,061 898 resources Balance brought forward 898 - - Balance carried forward 902 1,061 898 * These figures are audited. Notes 1. This interim financial information and the unaudited interim accounts for the half-year ended 31 August 2006 from which it has been extracted, which are the responsibility of the directors and were approved by them on 11 October 2006, 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. 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 and revised in December 2005. 3. During the period under review, the Company issued 450,135 new Ordinary Shares of 10 pence each on 31 March 2006 and a further 67,460 such Ordinary Shares on 5 April 2006, at a price of #1 per share. 4. Since the year end, a further 116,465 shares have been issued at #1 per share. 5. Investments portfolio Book cost Valuation Company #'000 #'000 Traded on AIM Arc Fund Management 100 120 100 120 Unquoted Consolidated Vending 218 354 Rainbow Rewards 79 79 Simultane 100 100 Traction Technology 150 150 547 683 Total 647 803 6. 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. 7. The revenue return per share is based on profit from ordinary activities after tax of #214,118 and on 1,564,868 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 #1,775,868 and 1,651,092 ordinary shares of 10p in issue at the period end. Independent review report to Arc Growth Company VCT PLC Introduction We have been instructed by the company to review the financial information for six months ended 31 August 2006 which comprises a statement of total return, balance sheet, cash flow statement and associated notes numbered 1 to 7. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Listing Rules of the Financial Services Authority. Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this report, or for the conclusions we have reached. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 August 2006. Spofforths LLP Chartered Accountants Investment Portfolio As at 31 August 2006, Arc Growth Company VCT plc had invested in six companies, and intends to continue to invest in smaller private companies with good growth prospects. The investments made so far are as follows: 1. Consolidated Vending plc ('CV') Cost : #218,400 Valuation : #354,148 On 8 February 2006 the Company invested #60,000 in B Fresh Limited ("B Fresh") by way of a #54,000 convertible loan at an interest rate of 7% per annum plus an investment of #6,000 for 0.81% of its issued share capital. B Fresh is a vending machine company which sells miniature toiletries in gyms and budget hotels. Consolidated Vending plc ('CV') was established by Arc as an acquisition vehicle to acquire an established vending business, SNAP Digital Imaging Ltd., a business which provides instant photographs for passports, driving licences and photo ID cards. CV acquired 100% of B Fresh on 23 June 2006 in consideration for the issue of 32,200,000 CV shares of 0.1p. In exchange B Fresh shareholders received 31.25% of shares then in issue in CV. The Directors believe that this will benefit B Fresh as they have now joined a larger vending group. On the same date, the Company invested a further #158,000 in CV for an interest of 6.0% of its then issued share capital. The board of CV intends to seek an admission to trading on AIM in due course. 2. Traction Technology Holdings plc Cost : #149,600 Valuation : #149,600 On 14 June 2006 the Company invested #149,600 in Traction Technology Holdings plc. Traction Technology designs, develops and manufactures environmentally friendly vehicle propulsion systems utilising both hybrid and all-electric technology. Traction Technology has installed and tested its medium duty system in an Optare Solo bus on the London Transport Bus cycle which later became the first vehicle to be awarded the Government's Low Carbon Bus status. 3. Simultane Limited Cost :#100,000 Valuation : #100,000 On 5 June 2006, the Company invested #100,000 in Simultane Limited for an interest of 14.3% of its issued share capital. Simultane is a Brighton-based clothing store and fashion label. The company's wholesale label 'Arnett for Simultane' is available at Liberty as well as other outlets throughout the UK and Ireland. It has just been accepted at Harvey Nichols which is seen as one of the premier UK outlets for this kind of merchandise 4. Arc Fund Management Holdings plc Cost : #100,000 Valuation : #119,656 Arc is the holding company of our Investment Manager. It is a City-based investment boutique which has a fund management division, specialising in tax-efficient funds such as Approved EIS and VCT Funds, as well as a property fund. It also has a stockbroking and corporate finance division. Arc listed on AIM in July 2006 and its share price has risen from a Listing price of 5.85p to 7p on 31 August 2006, and has risen significantly since that date. 5. Rainbow Rewards Holdings Limited Cost : #78,947 Valuation : #78,947 The Company's investment of 150,000 Ordinary Shares represents 0.5% of its issued share capital Rainbow Rewards is a provider of cash rewards to credit card holders for loyalty to merchants who are members of the system. It is the brainchild of Kerry Packer's ex-chief financial officer and has launched in Denver, Colorado and Portland, Oregon. Rainbow plans to seek admission to AIM in 2007. 6. Talisker Pharma Limited Cost : #50,000 Realised Value : #102,581 The investment of #50,000 acquired an interest of approximately 1% of Talisker, which is an early stage pharmaceutical company specialising in the central nervous system market and intends to operate in drug licensing and development. Talisker received a formal offer on 1 July 2006 from EUSA Pharma Inc ("EUSA"), a US based pharmaceutical Company. EUSA acquired 100% of the share capital of Talisker. The return is estimated to be over 100 per cent. With #95,585 on completion and #6,996 will be held in escrow for 12 months. The directors of Arc Growth Company VCT plc are actively pursuing further suitable VCT qualifying investments. This information is provided by RNS The company news service from the London Stock Exchange END IR FFEFMMSMSEEF
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