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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:6643G Arc Growth Company VCT plc 31 October 2007 FOR IMMEDIATE RELEASE 31 October 2007 Arc Growth Company VCT plc Interim Accounts The directors are pleased to announce the results of the Company for the six months ended 31 August 2007. Chairman's Statement - Interim management report I am pleased to present the third interim report to shareholders. The activity level of the Company has increased during the half year under review and we have now made fourteen investments and realised three of them, Talisker Pharma, BFresh and Traction Technology, all at above investment cost. Fund launch The Company was launched in February 2005 and raised further funds in the years ended 5 April 2006 and 2007. 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%), 123.5p at 28 February 2007 and 137.5p at 31 August 2007 and which represents a net return in the period of 14.0p per share. The increase in the past half year has been due mainly to the sale of the remaining holding in Traction Technology plc which generated a net profit of almost #500,000. 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. Following the initial 7p dividend from the year ending 28 February 2007, we are not declaring a dividend for the half-year to 31 August 2007. However, we shall consider proposing a second dividend, for the year ending 28 February 2008, 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. The recent turbulence in world stock markets caused by the sub-prime lending problems in the US and the Northern Rock situation in the UK may give investors cause for concern over the immediate future of the Company's investments. The impact of the turbulence has been felt in the AIM and PLUS markets but given that the Company is seeking investments prior to flotation on such markets at present, it is not anticipated that this will impact significantly upon the Company's investment performance or the opportunities coming its way in the short term. Richard Hargreaves Chairman 30 October 2007 ARC Growth Company VCT plc Investment Portfolio at 31 August 2007 Security Cost Valuation % of Net assets 31-Aug-07 # # % AIM listed investments Arc Fund Management Holdings plc 98,245 185,784 7.64 Consolidated Vending plc 164,400 93,796 3.86 Vicorp Group plc 47,279 48,224 1.99 ---------- ---------- ---------- 309,924 327,804 13.49 ---------- ---------- ---------- Unquoted investments B Fresh Loan Stock 54,000 40,500 1.67 Clicknow Holdings plc 150,000 150,000 6.17 Famous Retail Ltd 100,000 100,000 4.11 M2FX plc 150,000 150,000 6.17 Rainbow Rewards Inc 153,947 187,500 7.72 Sarah Arnett Limited 150,000 170,000 7.00 Smart Implant Holdings plc 150,000 256,437 10.55 SPDG Ltd 150,000 150,000 6.17 ---------- ---------- ---------- 1,057,947 1,204,437 49.56 ---------- ---------- ---------- Total investments 1,367,871 1,532,241 63.05 ========== Net current assets 898,042 36.95 ---------- ---------- Shareholders' funds 2,430,283 100.00 ========== ========== ARC Growth Company VCT plc Income Statement Unaudited Unaudited Audited 6 months ended 31 August 6 months ended 31 August Year ended 28 February 2007 2006 2007 ----------------------- ----------------------- ----------------------- Revenue Capital Total Revenue Capital Total Revenue Capital Total Notes #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 Bank and other interest 19 - 19 32 - 32 57 - 57 Investment management (fee) / clawback 3 - 3 16 - 16 24 - 24 Other expenses (40) - (40) (35) - (35) (73) - (73) Realised gains on investment disposals - 214 214 - 48 48 - 119 119 Unrealised appreciation in investment values - 50 50 - 155 155 - 387 387 ------ ------ ------ ------ ------ ------ ------ ------ ------ Return on ordinary activities before tax (18) 264 246 13 203 216 8 506 514 Tax charge on ordinary activities 1 - 1 (2) - (2) (1) - (1) ------ ------ ------ ------ ------ ------ ------ ------ ------ Return on ordinary activities after tax (17) 264 247 11 203 214 7 506 513 ====== ====== ====== ====== ====== ====== ====== ====== ====== Return per share 5 (0.97p) 14.95p 13.98p 0.66p 13.02p 13.68p 0.37p 30.63p 31.00p ====== ====== ====== ====== ====== ====== ====== ====== ====== ARC Growth Company VCT plc Reconciliation of movements in shareholders' funds Unaudited Unaudited Audited 31-Aug-07 31-Aug-06 28-Feb-07 #'000 #'000 #'000 Shareholders' funds at start of period 2,183 1,072 1,072 Total gains and losses recognised in period 247 214 513 Net proceeds of share issue - 490 598 ------ ------ ------ Shareholders' funds at end of period 2,430 1,776 2,183 ====== ====== ====== ARC Growth Company VCT plc Balance Sheet Unaudited Unaudited Audited 31-Aug-07 31-Aug-06 28-Feb-07 ------ ------ ------ ------ ------ ------ Notes #'000 #'000 #'000 #'000 #'000 #'000 Fixed asset investments 1,532 803 1,120 ------ ------ ------ Current assets Debtors 28 156 186 Cash and cash equivalents 881 901 891 ------ ------ ------ 909 1,057 1,077 Creditors: amounts falling due within one year 11 84 14 ------ ------ ------ Net current assets 898 973 1,063 ------ ------ ------ Net assets 2,430 1,776 2,183 ====== ====== ====== Called up equity share capital 177 165 177 Share premium 1,492 1,396 1,492 Revenue reserve (9) 12 8 Capital reserve 770 203 506 ------ ------ ------ Total equity shareholders funds 2,430 1,776 2,183 ====== ====== ====== Net asset value per share 5 137.49p 107.56p 123.51p ====== ====== ====== ARC Growth Company VCT plc Cash Flow Statement Unaudited Unaudited Audited 6 months ended 6 months ended Year ended 31 31 28 August 2007 August 2006 February 2007 ------ ------ ------ ------ ------ ------ #'000 #'000 #'000 #'000 #'000 #'000 Net cash inflow from operating activities Profit on ordinary activities before tax 246 216 514 Adjusted for: Realised gains on investment disposals (214) (48) (119) Unrealised appreciation in investment values (50) (155) (387) Taxation 1 - - ------ ------ ------ Cash generated from operations before changes in working capital (17) 13 8 (Increase)/ decrease in debtors 158 (19) (46) Increase/ (decrease) in creditors (3) 9 (63) ------ ------ ------ Net cash generated from operating activities 138 3 (101) Cash flows from investing activities Purchases of (825) (588) (752) investments Sales proceeds of investments 677 98 248 ------ ------ ------ Net cash flow generated from investing activities (148) (490) (504) Cash flows from financing activities Issue of own shares - 518 634 Share issue expenses - (28) (36) ------ ------ ------ Total - - 490 598 financing ------ ------ ------ ------ ------ ------ Net increase/ (decrease) in cash and cash equivalents (10) 3 (7) ====== ====== ====== Reconciliation of net cash flow to movements in cash and cash equivalents Net increase/ (decrease) in cash and cash equivalents (10) 3 (7) Cash and cash equivalents at start of period 891 898 898 ------ ------ ------ ------ ------ ------ Cash and cash equivalents at end of period 881 901 891 ====== ====== ====== ARC Growth Company VCT plc Notes to the accounts for the six months ended 31 August 2007 1. The unaudited interim results cover the six months to 31 August 2007 and have been drawn up in accordance with the Accounting Standard Board's (ASB) Statement on Half-yearly Financial Reports (July 2007) and adopting the accounting policies set out in the statutory accounts for the year ended 28 February 2007 which were prepared under UK GAAP and in accordance with the Statement of Recommended Practice for investment companies issued by the Association of Investment Trust Companies in January 2003, revised December 2005. 2. The financial information set out in this report has not been audited and does not comprise full financial statements within the meaning of Section 240 of the Companies Act 1985. Statutory accounts for the year ended 28 February 2007, which were unqualified, have been lodged with the Registrar of Companies. No statutory accounts in respect of any period after 28 February 2007 have been reported on by the Company's auditors or delivered to the Registrar of Companies. 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, 4th Floor, 150-152 Fenchurch Street, London EC3M 6BB 4. During the period under review, the Company did not issue any new Ordinary Shares of 10 pence each. 5 The revenue return per share is based on income from ordinary activities after tax of #247,123 and on 1,767,557 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 #2,430,283 and 1,767,557 ordinary shares of 10p in issue at the period end. 6. Related party transactions Renwick Haddow , a director of the Company until 17 September 2007, is a director and shareholder of Arc Fund Management Holdings plc ("AFMH"). Richard Hargreaves and Kevin Morley , who are both directors of the Company, are also shareholders of AFMH. Arc Equities Limited, a subsidiary of AFMH is also the registered holder of 100,000 Ordinary Shares of the Company. The Company has employed Arc Fund Management Limited ("AFM"), a subsidiary of AFMH as Investment Manager. The management fee is payable quarterly in advance and is based on 2.5% of the net asset value, capped at 3.6% per annum. The Company has recovered #3,070 from AFM in the period in accordance with the management fee cap agreement. At 31 August 2007 the Company is owed #3,070 by AFM. There are no other related party transactions that have materially effected the financial position or performance of the company during the period and there have not been any changes to the related part transactions described in the statutory accounts to 28 February 2007 that could do so. For further information please contact: Graham Urquhart, Director 0203 216 2000 Roland Cornish, 0207 628 3396 Chairman, Beaumont Cornish 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 have been prepared in accordance with the Statement Half-yearly financial reports issued by the UK Accounting Standards Board; * the interim management report includes a fair review of the information required by: o DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of the 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 o 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 may have materially effected 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 Graham Urquhart FCIS Secretary 30 October 2007 ARC GROWTH COMPANY VCT PLC Independent review report to Arc Growth Company VCT PLC Introduction We have been engaged by the company to review the condensed set of financial statements for six months ended 31 August 2007 which comprises the Income Statement, Reconciliation of Movements in Shareholders' Funds, Balance Sheet, Cash Flow Statement and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. 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 Disclosure and Transparency Rules ("the DTR") of the UK's Financial Services Authority ("the UK FSA"). 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 half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FSA. As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with UK Accounting Standards and applicable law (United Kingdom Generally Accepted Accounting Practice). The condensed set of financial statements included in this half-yearly report has been prepared in accordance with the Statement 'Half-yearly Financial Reports' as issued by the UK Accounting Standards Board. Our responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily if persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Review conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 August 2007 is not prepared, in all material respects, in accordance with the Statement 'Half-yearly Financial Reports' as issued by the UK Accounting Standards Board and the DTR of the UK FSA. Spofforths LLP Chartered Accountants 1 Horsham Gates North Street Horsham West Sussex RH13 5PJ 30 October 2007 ARC GROWTH COMPANY VCT PLC Directors Richard Lawrence Hargreaves Kevin Thomas Morley David Andrew Lowe Graham Kenneth Urquhart Robert Wilson Company Registered Number 05323692 Details of advisers Secretary and Registered Office Graham K Urquhart FCIS 22 Lovat Lane London EC3R 8EB Solicitors Fladgate Fielder, Solicitors 25 North Row London W1K 6DJ Investment Manager Arc Fund Management Limited ("AFM") 22 Lovat Lane London EC3R 8EB Registrars Neville Registrars Limited Neville House 18 Laurel Lane Halesowen West Midlands B63 3DA VCT Monitoring James Cowper 3 Wesley Gate Queen's Road Reading Berkshire RG1 4AP Independent Auditors Spofforths LLP 1 Horsham Gates North Street Horsham West Sussex RH13 5PJ Sponsor, Financial Adviser and Stockbrokers Beaumont Cornish Limited 5th Floor 10-12 Copthall Avenue London EC2R 7DE Bankers Barclays Bank plc 7th Floor United Kingdom House 180 Oxford Street London WID 1EA This information is provided by RNS The company news service from the London Stock Exchange END IR FDFFASSWSEDS
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