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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Draper Esprit Vct Plc | LSE:DEVC | London | Ordinary Share | GB0002867140 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 58.00 | 57.00 | 59.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMEDV Elderstreet VCT plc Half-Yearly Report for the six months ended 30 June 2016 FINANCIAL HIGHLIGHTS 30 Jun 2016 31 Dec 2015 30 Jun 2015 pence pence pence Net asset value per share 68.9 70.6 67.5 Cumulative distributions paid per share 93.5 91.0 88.5 Total return per share 162.4 161.6 156.0 CHAIRMAN'S STATEMENT I am pleased to present the Half-Yearly Report for Elderstreet VCT plc for the six month period ended 30 June 2016. Net asset value, results and dividends At 30 June 2016, the Company's net asset value ("NAV") per share stood at 68.9p, an increase of 0.8p or 1.1% since 31 December 2015 after adjusting for the total dividends of 2.5p per share paid during the period. The return on activities after taxation for the period was GBP316,000 (2015: GBP1.4 million), comprising a revenue return of GBP333,000 and a capital loss of GBP17,000. An interim dividend of 2.5p per share will be paid on 16 December 2016 to Shareholders on the register at 4 November 2016. Venture capital investments The Company invested GBP1.5 million in the period in one new and two follow-on investments. In March 2016, the Company invested GBP499,000 in a new venture, Ridee Limited, which trades as Jinn, a fast growing digital solution for last mile deliveries from restaurants and stores. A further investment of GBP750,000 was made into Concorde Solutions Limited to grow the company. In addition, GBP253,000 was invested in AngloINFO Limited to provide working capital for the further development of the business. There was one small part disposal in the period. Proceeds of GBP99,000 were received from the investment Uvenco UK plc (formerly Snacktime plc) where part of the holding was sold to ensure the Company maintains compliance with the new VCT rules. A further retention payment was received in respect of Wessex Advanced Switching Products ("WASP"), the investment that was sold in 2014, of GBP440,000. Total realised gains for the period were GBP539,000. At the period end, the Board reviewed the unquoted investment valuations and made a small number of adjustments. The value of AngloINFO was adjusted downwards by GBP405,000, reflecting the fact that the company requires further funding to develop its product. The Manager does, however, continue to believe that the company has potential. Concorde Solutions was also decreased by GBP142,000 as sales are growing more slowly than planned. Within the AIM-quoted investments there were some significant moves over the period, with Fulcrum Utility Services increasing by GBP479,000, Access Intelligence increasing by GBP128,000 and Proxama decreasing by GBP277,000. Overall, the full portfolio showed net unrealised losses of GBP373,000 over the six months. At the period end, the Company held a portfolio of 22 venture capital investments, valued at GBP19.8 million. Fixed income securities The Company continues to hold a small portfolio of fixed income investments that is managed by Smith & Williamson. The portfolio, valued at GBP1.6 million at the period end, recognised unrealised capital gains of GBP14,000 and produced income of GBP9,000 in the period. Fundraising and share issues During the period, the Company issued 2.6 million new shares at an average price of 70.96p per share under a further Top-up Offer for Subscription that launched in December 2015. The offers closed being fully subscribed and having raised a total of GBP1.8 million. Share buybacks The Company has a policy of buying in shares that become available in the market at approximately a 7.5% discount to the latest published net asset value (subject to applicable regulations and liquidity considerations). In line with this policy during the period the Company purchased 145,500 shares for cancellation for an aggregate consideration of GBP93,000 at an average price of 63.6p per share. Any Shareholders who are considering selling their shares will need to use a stockbroker. Such Shareholders should ask their stockbroker to register their interest in selling their shares with Shore Capital, who act as the Company's corporate broker. Future strategy and developments The UK's decision to leave the European Union has clearly been a major event that will have some impact, one way or another, on the UK economy over the coming years. In light of this the Board has reviewed the portfolio and concluded that there is unlikely to be any significant negative effect on the Company's investments in the short term and, indeed, the weaker pound may be favourable to some investments. The Board will, of course, continue to monitor developments. The Board has had some discussions with the Manager about future fundraising and general strategy. As a result it is expected that the Company will launch a new Offer for Subscription later in the year. Full details of the new offer will be available in due course. Outlook The portfolio has continued to perform satisfactorily and the Board believes that it continues to include investments which can ultimately deliver good rewards for Shareholders. I look forward to updating Shareholders in my statement with the next Annual Report. David Brock Chairman SUMMARY OF INVESTMENT PORTFOLIO as at 30 June 2016 Valuation % of movement portfolio Cost Valuation in period by value GBP'000 GBP'000 GBP'000 Top ten venture capital investments Lyalvale Express Limited 1,915 3,332 - 14.0% Access Intelligence plc* 2,333 3,246 128 13.6% Fords Packaging Topco Limited 2,883 3,239 - 13.6% Baldwin & Francis Limited 1,534 2,252 - 9.4% Fulcrum Utility Services Limited* 500 1,625 479 6.8% Concorde Solutions Limited 1,650 1,525 (142) 6.4% AngloINFO Limited 1,887 1,072 (405) 4.5% Lyalvale Property Limited 300 914 - 3.8% Macranet Limited 863 863 - 3.6% Ridee Limited 499 499 - 2.1% 14,364 18,567 60 77.8% Other venture capital investments 5,099 1,195 (447) 5.0% Fixed income securities 1,516 1,557 14 6.5% 20,979 21,319 (373) 89.3% Cash at bank and in hand 2,560 10.7% Total investments 23,879 100.0% All venture capital investments are unquoted unless otherwise stated. * Quoted on AIM SUMMARY OF INVESTMENT MOVEMENTS for the six months ended 30 June 2016 Additions GBP'000 Venture capital investments Concorde Solutions Limited 750 Ridee Limited 499 AngloINFO Limited 253 1,502 Disposals Value at Profit/ 1 January (loss) vs Realised Cost 2016 Proceeds cost profit GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Part disposal Uvenco UK plc (formerly Snacktime plc) - - 99 99 99 Retention proceeds Wessex Advanced Switching Products Limited - - 440 440 440 - - 539 539 539 UNAUDITED BALANCE SHEET as at 30 June 2016 30 Jun 30 Jun 31 Dec 2016 2015 2015 Note GBP'000 GBP'000 GBP'000 Fixed assets Investments 21,319 20,667 20,189 Current assets Debtors 1,853 125 1,757 Cash at bank and in hand 2,560 2,846 3,113 4,413 2,971 4,870 Creditors: amounts falling due within one year (151) (244) (601) Net current assets 4,262 2,727 4,269 Net assets 25,581 23,394 24,458 Capital and reserves Called up share capital 7 1,855 1,733 1,733 Capital redemption reserve 8 481 474 474 Share premium 8 5,452 3,743 3,743 Merger Reserve 8 1,828 1,828 1,828 Special reserve 8 2,394 2,592 2,629 Capital reserve - unrealised 8 4,060 5,671 4,433 Capital reserve - realised 8 9,064 6,792 9,132 Revenue reserve 8 447 561 486 Equity shareholders' funds 6 25,581 23,394 24,458 Basic and diluted net asset value per 6 68.9p 67.5p 70.6p share UNAUDITED INCOME STATEMENT for the six months ended 30 June 2016
Year Six months ended Six months ended ended 30 Jun 2016 30 Jun 2015 31 Dec 2015 Revenue Capital Total Revenue Capital Total Total Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Income 526 - 526 529 - 529 688 Gains on investments: - realised - 539 539 - 492 492 754 - unrealised - (373) (373) - 880 880 3,152 526 166 692 529 1,372 1,901 4,594 Investment management fees (61) (183) (244) (59) (178) (237) (472) Performance incentive fees - - - - (107) (107) (454) Other expenses (132) - (132) (133) - (133) (314) Return on ordinary activities before tax 333 (17) 316 337 1,087 1,424 3,354 Tax on total comprehensive income and ordinary activities - - - - - - - Return attributable to equity shareholders 4 333 (17) 316 337 1,087 1,424 3,354 Basic and 4 0.9p 0.0p 0.9p 1.0p 3.2p 4.2p 9.8p diluted return per share All Revenue and Capital items in the above statement derive from continuing operations. The total column within the Income Statement represents the profit and loss account of the Company. STATEMENT OF CHANGE IN EQUITY for the six months ended 30 June 2016 Capital Called up redemption Share Merger Special Capital Capital Revenue share capital reserve Premium reserve reserve reserve-unrealised reserve-realised reserve Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 At 1 January 2016 1,733 474 3,743 1,828 2,629 4,433 9,132 486 24,458 Issue of new shares 129 - 1,709 - - - - 1,838 Share Issue costs - - - - (9) - - - (9) Purchase of own shares (7) 7 - - (93) - - - (93) Expenses charged to capital - - - - - - (183) - (183) Gains on investments - - - - - (373) 539 - 166 Transfer between reserves - - - - (133) - 133 - - Dividends paid - - - - - - (557) (372) (929) Revenue return for the period - - - - - - - 333 333 At 30 June 2016 1,855 481 5,452 1,828 2,394 4,060 9,064 447 25,581 UNAUDITED CASH FLOW STATEMENT for the six months ended 30 June 2016 Six months ended Six months ended Year ended 30 Jun 2016 30 Jun 2015 31 Dec 2015 GBP'000 GBP'000 GBP'000 Cash flow from operating activities Return on ordinary activities before taxation 316 1,424 3,354 Gains on investments (166) (1,372) (3,906) (Increase)/decrease in other debtors (101) 3,437 (20) Decrease in other creditors (459) (544) (185) Net cash generated from operating activities (410) 2,945 (757) Cash flow from investing activities Purchase of investments (1,502) (876) (2,677) Sale of investments 544 881 7,509 Net cash (outflow)/inflow from investing activities (958) 5 4,832 Cash flows from financing activities Proceeds from share issue 1,839 782 773 Proceeds from shares issued under Dividend Reinvestment Scheme - 258 - Share issue costs - (9) - Purchase of own shares (93) (113) (114) Equity dividends paid (931) (2,584) (3,183) Net cash inflow/(outflow) from financing activities 815 (1,666) (2,524) Increase in cash (553) 1,284 1,551 Net increase in cash Beginning of period 3,113 1,562 1,562 Net cash (outflow)/inflow (553) 1,284 1,551 End of period 2,560 2,846 3,113 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS for the six months ended 30 June 2016 1. The unaudited half yearly results cover the six months to 30 June 2016 and have been prepared in accordance with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" revised January 2009 and in accordance with the accounting policies set out in the statutory accounts for the year ended 31 December 2015, which were prepared in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom accounting standards and applicable law), including Financial Reporting Standard 102, the financial reporting standard applicable in the UK and Republic of Ireland. 2. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. 3. The comparative figures are in respect of the six months ended 30 June 2015 and the year ended 31 December 2015 respectively. 4. Basic and diluted return per share Year ended Six months ended 30 Jun 2016 Six months ended 30 Jun 2015 31 Dec 2015 Return per share based on: Net revenue gain for the period (GBP'000) 333 337 262 Capital return per share based on: Net capital (loss)/gain for the period (GBP'000) (17) 1,087 3,092 Weighted average number of shares 35,889,194 34,046,369 34,356,056 5. Dividends Six months ended Year ended 30 Jun 2016 31 Dec 2015 Per share Revenue Capital Total Total pence GBP'000 GBP'000 GBP'000 GBP'000 Paid in the period 2015 Final 2.5p 372 557 929 - 2015 Interim 2.5p - - - 866 2015 Special 5.0p - - - 1,714 2014 2(nd) interim 2.5p - - - 861 372 557 929 3,441 6. Basic and diluted net asset value per share Six months ended Six months ended Year ended 30 Jun 2016 30 Jun 2015 31 Dec 2015 Net asset value per share based on: Net assets (GBP'000) 25,581 23,394 24,458 Number of shares in issue at the period end 37,106,366 34,660,694 34,660,694 Net asset value per 68.9p 67.5p 70.6p share 7. Called up share capital Six months ended Six months ended Year ended 30 Jun 2016 30 Jun 2015 31 Dec 2015 Ordinary shares of 5p each Number of shares in issue at the period end 37,106,366 34,660,694 34,660,694 Nominal value (GBP'000) 1,855 1,733 1,733 In April 2016 the Company allotted 2,591,172 Ordinary Shares of 5p each ("Ordinary Shares") under the Top-up Offer for Subscription and a further Top-up Offer for Subscription that launched in December 2016, at an average price of 70.96p per share. Gross proceeds received thereon were GBP1.8 million with issue costs in respect of the offer amounting to GBP9,000. During the period, the Company purchased 145,500 shares for cancellation for an aggregate consideration of GBP93,000 at an average price of 63.6p per share (approximately equal to a 9.9% discount to the most recently
published NAV at the time of purchase) and representing 0.4% of the issued share capital in issue at 1 January 2016. 8. Reserves The special reserve is available to the Company to enable the purchase of its own shares in the market without affecting its ability to pay dividends, and also allows the Company to write back realised capital losses arising on disposals and impairments. Distributable reserves are calculated as follows: Year Six months ended ended Six months ended 31 Dec 30 Jun 2016 30 Jun 2015 2015 GBP'000 GBP'000 GBP'000 Special reserve 2,394 2,592 2,629 Capital reserve - realised 9,064 6,792 9,132 Revenue reserve 447 561 486 Merger reserve - distributable element 423 477 423 Unrealised losses - excluding unrealised unquoted gains 57 (678) 414 12,385 9,744 13,084 The Company has categorised its financial instruments using the fair value hierarchy as follows: Level a Reflects financial instruments quoted in an active market (fixed interest investments, and investments in shares quoted on either the Main or AIM Markets); Level b Reflects financial instruments that have prices that are observable either directly or indirectly; and Level c i) Reflects financial instruments that use valuation techniques that are based on observable market data. ii) Reflects financial instruments that use valuation techniques that are not based on observable market data (unquoted equity investments and loan note investments). Six months ended 30 June 2016 Year ended 30 Dec 2015 Level Level Level Level Level Level a b c(ii) Total a b c(ii) Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fixed interest securities 1,557 - - 1,557 1,542 - - 1,542 AIM quoted shares 4,330 - 262 4,592 4,199 - 233 4,432 Loan notes - - 4,916 4,916 - - 4,820 4,820 Unquoted shares - - 10,254 10,254 - - 9,395 9,395 5,887 - 15,432 21,319 5,741 - 14,448 20,189 9. Risks and uncertainties Under the Disclosure and Transparency Directive, the Board is required in the Company's half-yearly results to report on principal risks and uncertainties facing the Company over the remainder of the financial year. The Board has concluded that the key risks facing the Company over the remainder of the financial period are as follows: * investment risk associated with investing in small and immature businesses; * liquidity risk arising from investing mainly in unquoted businesses; and * failure to maintain approval as a VCT. In all cases the Board is satisfied with the Company's approach to these risks. As a VCT, the Company is forced to have significant exposure to relatively immature businesses. This risk is mitigated to some extent by holding a well-diversified portfolio. With a reasonably illiquid venture capital investment portfolio, the Board ensures that it maintains an appropriate proportion of its assets in cash and liquid instruments. The Company's compliance with the VCT regulations is continually monitored by the Administration Manager, who regularly reports to the Board on the current position. The Company also retains Philip Hare and Associates LLP to provide regular reviews and advice in this area. The Board considers that this approach reduces the risk of a breach of the VCT regulations to a minimal level. 10. Going concern The Company has considerable financial resources at the period end, and holds a diversified portfolio of investments. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook. The Directors have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. 11. The Directors confirm that, to the best of their knowledge, the half-yearly financial statements have been prepared in accordance with the "Statement: Half-Yearly Financial Reports" issued by the UK Accounting Standards Board and the half-yearly financial report 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 current 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. 12. The unaudited financial statements set out herein do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 and have not been delivered to the Registrar of Companies. The figures for the year ended 31 December 2015 have been extracted from the financial statements for that year, which have been delivered to the Registrar of Companies; the Auditor's report on those financial statements was unqualified. 13. Copies of the unaudited half-yearly results will be sent to Shareholders shortly. Further copies can be obtained from the Company's registered office or downloaded from www.elderstreet.com and www.downing.co.uk. This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Elderstreet VCT plc via Globenewswire
(END) Dow Jones Newswires
September 28, 2016 12:41 ET (16:41 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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