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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fram. Aim Vct | LSE:FAME | London | Ordinary Share | GB00B02WQ616 | 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% | 27.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFAME Framlington AIM VCT PLC Announcement of results for the year ended 30 September 2011 Chairman's Statement The year to 30 September 2011 saw large swings in sentiment and huge volatility in equity markets. The Sovereign Debt Crisis in the Eurozone has worsened. Large budget deficits in many European countries led to painful cuts in public spending, which together with tax increases threaten to tip many countries back into recession. After the good rises in equity markets in the first quarter of the financial year, the second half of the year saw equity markets fall. Slowing growth rates brought commodity prices down (with oil being relatively unscathed) which adversely affected the AIM market with its high resource weighting. In addition, as investors became more risk averse small companies in the main underperformed. In particular early stage companies were not given the benefit of any doubt with many having to raise additional capital normally to the detriment of existing holders. During the year the Company's net asset value fell from 44.22p to 41.82p. After allowing for the payment of the dividend of 3.5p the total return for the year was +1.1p or 2.5%. This compares with a fall in the AIM Index (total return) of 9.8%. Within the portfolio, Brooks Macdonald continued to perform well while AFC Energy, Angle, Noble Group and Plastics Capital all made good progress. Companies that needed to raise additional capital and performed poorly were Energetix, Plethora and Tristel. Other poor performers included BGlobal, T.Clarke, Hightex and Nanoco. Further details are included in the fund manager's report as are details of new purchases. It is hard to see an easy recovery in the AIM market given the turbulent global economic conditions. Your Board has, given the disappointing performance of the AIM market, been considering for some time a new strategic direction for the Company. Experience over the last few years has shown that AIM is not necessarily the best place for VCT funds with VCTs specialising in unquoted investments in general having offered better returns. We have therefore decided to change the manager of the Company to a manager that specialises in managing both AIM and unquoted investments. After considerable analysis, which is detailed later in this Report, your Board has decided to appoint Downing LLP as the new Manager of the Company. Following this appointment, the name of the Company will be changed to Downing Income VCT 4 PLC. As part of this agreement, Downing has committed to conduct an additional fundraising for the Company which should make the running of the Company more economic and provide additional funds for investment. This will also enable the Company to operate a share buy back policy nearer to net asset value, which may also have a positive impact on the Company's share price. Downing has also agreed to manage the Company for a lower annual fee of 1.8%, and to institute a lower overall cost cap of 3%, which is one of the lowest in the VCT industry. Shareholders have the opportunity to vote at the AGM that the Company shall continue in being as a venture capital trust. If shareholders were instead to decide that the Company should be wound up, it should be noted that due to the illiquid nature of the Company's investments, and as the market would know that the Company is a forced seller, there is a good chance that total proceeds from a wind up may be considerably below current net asset value and possibly not much above the current depressed share price. For this reason your Board recommends that the Company continue as a venture capital trust with a change of Manager, and recommends that shareholders vote in favour of the resolution to amend the Company's investment policy at the forthcoming AGM. More detail is given in the following section about the proposed changes. I am pleased to report that the Board is recommending a final capital dividend of 2.50 pence per share. This will take total dividends paid to shareholders by the Company since launch to 31.00 pence per share. If approved by shareholders at the AGM, the dividend will be paid on 20 March 2012 to shareholders on the register at 24 February 2012. Dividends paid by the Company are exempt from income tax. Continuation vote and change of manager The Company's Articles of Association require the Board to propose an ordinary resolution at the AGM to be held in 2012 to the effect that the Company shall continue in being as a venture capital trust. Accordingly, a resolution to this effect is included in the notice of AGM which is included in the Report and Accounts for the year ended 30 September 2011. If the resolution is not passed at the AGM, the Directors must convene a general meeting of the Company within nine months at which a special resolution shall be proposed requiring the Company to be wound up voluntarily. Further details of the resolution are included in the Report of the Directors in the Report and Accounts. In preparation for this resolution, the Board has reviewed the performance of the Company since its launch in 2004 and, as noted above, has concluded that, it would be in the best interests of shareholders to change the investment manager of the Company. The Board therefore invited a number of experienced investment managers to submit their proposals for taking over the management of the Company and after due consideration, has decided to appoint Downing LLP as the Company's investment manager. The appointment of Downing LLP is currently expected to be effective from 1 March 2012. Downing LLP is an experienced and successful VCT manager with funds under management of approximately GBP285m. It proposes, subject to shareholder approval and the passing of the continuation vote, to follow a different investment strategy. Downing will, over time, transfer around half of the qualifying investments into unquoted companies which have the ability to generate attractive returns. It will in the process manage a careful selling programme of a number of the Company's AIM stocks and will focus upon the AIM stocks where it believes there is the most opportunity for upside. This change of strategy will reduce the Company's exposure to the AIM market, which has been volatile, and broaden the investments in the portfolio to include private equity backed businesses. A resolution to amend the Company's investment policy to reflect this change of strategy will be put to shareholders at the forthcoming AGM. The Board would like to thank AXA Framlington for its work as investment manager to the Company since launch and for its co-operation in the change of investment manager. The Board gave 12 months' notice to AXA Framlington under its investment management agreement in October 2011. AXA Framlington has kindly agreed to waive payment of the final seven months' worth of its fee due to 31 October 2012. The AGM will be held at 12.30 pm on 13 March 2012 at 25 Southampton Buildings, London WC2A 1AL. Finally, I would like to take this opportunity to thank shareholders for their continued support. Tim How Chairman 31 January 2012 Investment manager's report Once again there has been a wide diversity in performance. Well established and more substantial companies that have continued to deliver good growth have performed well. Inevitably with the qualifying investment rules these types of holdings are in the minority. Brooks Macdonald performed well as they continued to see good growth in funds under management. Craneware saw continued strong growth bolstered by the successful acquisition of ClaimTrust. Another strong stock was Noble Investments who specialise in trading in ancient coins. Business benefited from the financial stress as investors sought alternative assets. Prospects look good for this year as they won the right to auction one of the world's most important collections - The Prospero Collection - in the new year in New York. The second category of holding is smaller profitable businesses. Many of these companies saw their share price suffer from a lack of investor interest irrespective of how the underlying trading was. Plastics Capital performed well as stronger trading and good cash flow reduced debt enabling the shares to be modestly rerated. Cohort rallied after the problems of the prior year as the directors embarked on a strategic review to try and narrow the discount between the share price and the fundamental value. As always any disappointing trading saw share prices fall sharply. In this category there were very poor performances from Hightex who saw cost overruns and an absence of new contracts, T Clarke on margin pressure and Imagelinx who lost their biggest customer - Procter and Gamble. The final category of holding is earlier stage companies. Performance was very mixed depending on progress. AFC Energy performed well in the early part of the Company's year as they made good progress on commercialising their low cost alkaline fuel cell system. Some profits were taken at the higher levels before the shares fell back in the summer's market malaise. Despite this pull back they were still well up in the year. The major success was Angle whose 90% owned subsidiary successfully demonstrated the ability to separate breast and prostate cancer cells from the bloodstream opening up a large potential market. This development was funded by a placing at 25p in which we participated. They closed the year at 68p and some profits have been taken. Poor performers in this category included BGlobal whose business was adversely affected by the government's decision to defer the national roll out of smart meters until 2014. Nanoco's shares were weak despite making good commercial progress with their global multinational partners. Companies that had to raise further capital to help them reach sustainable positive cash flows again suffered. These included Tristel, Cyan Holdings and 3D Diagnostics. The latter was particularly disappointing as the holding was a new holding from earlier in the year. The company has an innovative technology which enables dentists to detect dental cavities earlier. They experienced difficulties in receiving consistent parts from a subcontractor which caused cash levels to become very tight. However, they have been very successful in appointing quality distributors around the world. Other new qualifying purchases were made in Instem Life Science Systems, Brady, Manroy, Music Festivals and Wheelsure. Further profits were taken in Brooks Macdonald and Craneware while Allied Domecq bonds, Chime Communications, Powerflute and GTL Resources were sold. In addition the proceeds from the takeovers of Neutrahealth, Mount Engineering and System C Software were received. As detailed earlier in this report, investment wholly in AIM companies has not been a successful strategy for this Company. For this reason your Board has reviewed alternative strategic directions for the Company and AXA Framlington has agreed to stand down as the fund manager. We wish shareholders every success in the future and are confident that Downing will work hard to recover value for shareholders. George Luckraft AXA Framlington 31 January 2012 Income Statement For the year ended 30 For the year ended 30 September 2011 September 2010 (as restated *) Revenue Capital Total Revenue Capital Total Return Return Return Return GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s Realised gains on - 371 371 - 468 468 investments Unrealised (losses)/ - (48) (48) - 259 259 gains on investments Income 132 - 132 185 - 185 Investment management (51) (152) (203) (47) (141) (188) fee Other expenses (151) - (151) (159) - (159) Net (loss)/return on (70) 171 101 (21) 586 565 ordinary activities before taxation Taxation on ordinary - - - - - - activities (Loss)/return on (70) 171 101 (21) 586 565 ordinary activities after tax for the year (Loss)/return per (0.32)p 0.78p 0.46p (0.09)p 2.55p 2.46p ordinary share: Basic and diluted The total column of this statement represents the Company's statutory profit and loss account. All items in the above statement derive from continuing operations and the Company has no other gains and losses, hence no Statement of Total Recognised Gains and Losses is presented. No operations were acquired or discontinued in the year. The supplementary revenue and capital columns are both prepared on a memorandum basis by applying the principles of the Statement of Recommended Practice ("SORP"), published by the Association of Investment Companies in January 2009. Other than revaluation movements arising on investments held at fair value through the Income Statement, there were no differences between the return/ (loss) as stated above and at historical cost. * The comparative figures for realised and unrealised gains have been restated. The change is purely presentational and has not resulted in a change of previously reported results. Reconciliation of movement in shareholders' funds Distributable Capital Share Share Special Redemption Retained Capital Premium Reserve Reserve Earnings Total GBP000s GBP000s GBP000s GBP000s GBP000s GBP000s At 30 September 2,321 117 17,823 190 (9,667) 10,784 2009 Share buybacks (56) - (179) 56 - (179) Transfer from - - (575) - 575 - distributable special reserve Dividends paid in - - - - (1,155) (1,155) respect of the year ended 30 September 2009 Return on ordinary - - - - 565 565 activities At 30 September 2,265 117 17,069 246 (9,682) 10,015 2010 Share buybacks (124) - (385) 124 - (385) Transfer from - - (3,116) - 3,116 - distributable special reserve Dividends paid in - - - - (779) (779) respect of the year ended 30 September 2010 Return on ordinary - - - - 101 101 activities At 30 September 2,141 117 13,568 370 (7,244) 8,952 2011 Balance sheet as at 30 September 2011 2010 GBP000s GBP000s Fixed assets 8,851 9,740 Fixed asset investments held at fair value through profit or loss Current assets Debtors 68 71 Cash at bank 157 286 225 357 Creditors: amounts falling due within one year (124) (82) Net current assets 101 275 Net assets 8,952 10,015 Capital and reserves Called up share capital 2,141 2,265 Capital redemption reserve 370 246 Share premium account 117 117 Distributable special reserve 13,568 17,069 Retained earnings (7,244) (9,682) Equity shareholders' funds 8,952 10,015 Net asset value per share Basic and diluted 41.82p 44.22p Cash Flow Statement For the year For the year ended 30 ended 30 September 2011 September 2010 GBP000s GBP000s Operating activities Cash received from investments 153 204 Interest received 1 1 Revenue investment management fee (50) (47) Cash paid to and on behalf of directors (44) (44) Other cash payments (92) (132) Net cash outflow from operating activities (32) (18) Servicing of finance Interest paid - - Taxation Taxation recovered - - Capital expenditure and financial investment Net sales of investments 1,218 1,271 Capital investment management fee (151) (141) Equity dividends Dividends paid (779) (1,155) Net cash inflow/(outflow) before financing 256 (43) Financing Cost of shares re-purchased (385) (179) Net cash outflow from financing (385) (179) Decrease in cash (129) (222) Notes: 1 The financial information set out in the announcement does not constitute the Company's statutory accounts for the years ended 30 September 2011 or 2010. The statutory accounts for the year ended 30 September 2011 have been prepared on the basis of the financial information presented by the directors in this announcement and will be delivered to the Registrar of Companies following the Company's annual general meeting. The financial information for the year ended 30 September 2010 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain any emphasis of matter or a statement under s498 Companies Act 2006. The financial information has been prepared on the basis of the accounting policies set out in the Company's financial statements for the year ended 30 September 2010 which are also adopted in the financial statements for the year ended 30 September 2011. 2 Income Year ended Year ended 30 September 2011 30 September 2010 GBP000s GBP000s Income from investments UK Dividend income 110 118 Unfranked investment income 22 66 132 184 Other income Interest earned - 1 Total income 132 185 Income from investments Listed UK 19 75 AIM traded 105 106 PLUS market 8 - Unlisted - 3 132 184 3 Investment management fee Year ended Year ended 30 September 30 September 2010 2011 GBP000s GBP000s Investment management fee charged to 51 47 revenue (25%) Investment management fee charged to 152 141 capital (75%) Total investment management fee 203 188 The management fees paid have been allocated 25% to revenue and 75% to capital. The balance due to AXA IM UK at the year end was GBP21,000 (2010: GBP19,000). No performance fee is payable in respect of the year. 4 The board recommends the payment of a final capital dividend of 2.50 pence per share in respect of the year ended 30 September 2011. Subject to approval by shareholders at the annual general meeting on 13 March 2012, the dividend will be paid on 20 March 2012 to shareholders on the register on 24 February 2012. 5 (Loss)/return per ordinary share Year to Year to 30 September 2011 30 September 2010 Revenue loss GBP(70,000) GBP(21,000) Capital return GBP171,000 GBP586,000 Total return GBP101,000 GBP565,000 Weighted average number of 22,026,742 22,951,907 ordinary shares in issue during the period Revenue loss ordinary share (0.32)p (0.09)p Capital return per ordinary share 0.78p 2.55p Total return per ordinary share 0.46p 2.46p 6 Called up share capital During the twelve months ended 30 September 2011, the Company repurchased 1,224,000 shares for a total consideration of GBP385,000 (2010: 562,250 shares for a total consideration of GBP179,000). The number of ordinary shares in issue at 30 September 2011 was 21,405,778. 7 Net asset value per share The net asset value per share and the net assets attributable to the ordinary shares at the period end calculated in accordance with the Articles of Association were as follows: As at As at 30 September 2011 30 September 2010 Net assets attributable to GBP8,952,000 GBP10,015,000 ordinary shareholders Ordinary shares in issue 21,405,778 22,649,778 Net asset value per share 41.82p 44.22p 8 Related Parties Transactions AXA Investment Managers UK Limited (the "Manager" or "AXA IM UK"), is appointed as manager to manage and advise the Company including the provision of accounting, secretarial, office and administrative services. The Manager is paid an investment management fee at the rate of 2.0% of the Net Asset Value of the company accrued and calculated weekly but paid monthly. The Manager is also paid a fee of 0.25% of the Net Asset Value in respect of secretarial and administration fees. A performance fee is payable in respect of any financial year of the Company in respect of which aggregate dividends to Shareholders exceed five pence per Share and is equal to 20 per cent of the excess so that for every 1p per Share distributed over and above the hurdle of 5p per Share, 0.2p per Share shall be paid by way of Performance Fee. However, (i) no Performance fee will be payable in respect of the first three financial years of the Company, (ii) if and in so far as dividends in respect of any previous years have been less than 5p per Share, any shortfall must first be made up before calculating the excess in respect of which a Performance fee is payable and (iii) no Performance fee will be payable if, after adding back all the dividends previously made in respect of each Share, the net asset value per Share would thereby be less than the initial net asset value per Share of 95p. The investment manager agreement is terminable on one year's notice. As at 31 January 2012, the directors had the following interests in the Company's shares: T How 42,004 C Kay 50,600 H Sinclair 14,382 There have not been any other related party transactions during the year. 9 Principal risks and uncertainties The directors believe that the following are the principal risks faced by the Company: Economic risk: events such as those seen in the global financial markets over the last three years affect the share prices of all companies and hence the value of the Company's investments. Smaller companies, such as those in which the Company invests, tend to be affected more significantly than larger companies. Such events also affect trading conditions for companies, which also affects share prices. Investment and strategic risk: an inappropriate strategy and/or the selection of poor investments might lead to underperformance and poor returns to shareholders. Asset liquidity risk: the Company's investments may be difficult to realise in the current economic climate. Market liquidity risk: Shareholders may find it difficult to sell their shares at a price close to net asset value. Venture Capital Trust approval risk: Loss of approval as an Venture Capital Trust arising from a breach of the requirements of Section 274 of ITA would mean that the Company would lose its exemption from tax on any capital gains. The Company's policies and procedures for the management of the risks inherent in its investment objective are included in the financial statements. The Board relies upon the skills and expertise of the Manager, which has significant experience in investing in smaller companies. The Board reviews performance at each board meeting and discusses appropriate action where considered necessary. The Board uses share buy backs to try and mitigate market liquidity risk. The Manager reports to the Board at each meeting on the Company's compliance with Section 274 and the Board is advised on VCT issues by PricewaterhouseCoopers LLP. 10 The 2011 annual report and accounts will be sent to all shareholders on the share register. Copies of the annual report and accounts, the interim report and accounts to 31 March 2011 and the interim management statements are available from the Company's registered office, 7 Newgate Street, London EC1A 7NX. Investment portfolio summary as at 30 September 2011 VCT qualifying investments at 30 September 2011 Security Sector Holding Original Bid value cost AIM GBP GBP Brooks Ord 1p Financial Services 75,000 105,413 927,000 Macdonald Group Craneware Ord 1p Software & Computer 150,000 192,000 885,000 Services Angle Ord Support Services 675,000 430,037 459,000 10p Noble Ord 1p Financial Services 200,000 116,000 356,000 Investments (UK) Instem Life Ord Software & Computer 143,448 251,034 315,586 Science Systems 10p Services Kiotech Ord Pharmaceuticals & 362,318 250,000 297,101 International 23p Biotechnology AFC Energy Ord Alternative Energy 855,511 86,862 286,596 0.1p PhotonStar LED Ord Household Goods & Home 1,390,666 321,932 250,320 Group 10p Construction EKF Diagnostics Ord 1p Health Care Equipment & 1,000,000 150,000 250,000 Holdings Services Sinclair IS Ord 1p Pharmaceuticals & 997,952 260,000 244,498 Pharma Biotechnology Manroy Ord 5p Aerospace & Defence 247,368 195,000 235,000 Vertu Motors Ord General Retailers 833,333 500,000 204,167 10p Tristel Ord 1p Health Care Equipment & 502,504 239,464 201,002 Services Sanderson Group Ord Software & Computer 700,000 350,000 189,000 10p Services Nanoco Group Ord Technology Hardware & 368,025 533,985 184,013 10p Equipment Interquest Ord 1p Support Services 363,636 200,000 181,818 Group Energetix Group Ord 5p Electronic & Electrical 600,000 240,000 177,000 Equipment Cohort Ord Aerospace & Defence 190,700 241,618 167,816 10p Getech Group Ord Oil Equipment, Services & 925,000 360,750 166,500 0.25p Distribution EG Solutions Ord 1p Software & Computer 235,294 200,000 145,882 Services Music Festivals Ord Travel & Leisure 230,769 150,000 136,154 10p Avacta Group Ord Health Care Equipment & 15,000,000 150,000 132,000 0.1p Services Corero Network Ord 1p Software & Computer 350,241 363,635 126,087 Security Services Brulines Group Ord Support Services 131,667 161,950 122,450 10p Active Risk Ord 1p Software & Computer 317,277 116,451 120,565 Group Services Dillistone Ord 5p Software & Computer 159,444 87,500 119,583 Group Services Plastics Ord 1p Chemicals 150,000 150,000 105,000 Capital Brady Ord 1p Software & Computer 147,000 86,730 102,900 Services Suretrack Ord Electronic & Electrical 22,380,952 120,000 89,524 Monitoring 0.05p Equipment Belgravium Ord 5p Technology Hardware & 1,250,000 175,000 87,500 Technologies Equipment Surface Ord 1p Automobiles & Parts 883,125 150,131 79,481 Transforms 3D Diagnostic Ord Health Care Equipment & 4,166,667 150,000 79,167 Imaging 0.1p Services Theo Fennell Ord 5p Personal Goods 370,625 140,838 72,272 Accumuli Ord Software & Computer 950,700 674,997 71,302 0.25p Services Maxima Holdings Ord 1p Software & Computer 290,000 478,500 69,600 Services VSA Capital Ord Financial Services 1,000,000 100,000 60,000 Group 0.2p Tangent Ord 1p Support Services 1,153,846 150,000 57,692 Communications @UK Ord 1p Software & Computer 416,666 250,000 53,125 Services Pressure Ord 5p Industrial Engineering 36,000 54,000 48,960 Technologies Byotrol Ord Chemicals 472,500 283,500 41,344 0.25p PHSC Ord Support Services 229,110 121,428 38,949 10p Hot Tuna Ord Personal Goods 49,600,000 148,800 34,720 (International) 0.01p Ant Ord 5p Software & Computer 145,000 182,700 31,900 Services Datong Ord Electronic & Electrical 117,187 149,999 31,640 0.5p Equipment Cyan Holdings Ord Technology Hardware & 4,576,923 170,000 26,546 0.2p Equipment Corac Group Ord Industrial Engineering 225,000 94,500 22,500 10p Bglobal Ord 1p Support Services 213,333 106,667 19,200 Hightex Group Ord 1p Construction & Materials 1,428,571 100,000 17,857 Savile Group Ord 3p Support Services 150,000 100,500 15,000 Plethora Ord 1p Pharmaceuticals & 478,535 675,000 11,963 Solutions Biotechnology Holdings Imagelinx Ord Support Services 4,000,000 200,000 10,000 0.1p Managed Support Ord 1p Support Services 500,000 254,217 6,250 Services Travelzest Ord 2p Travel & Leisure 79,365 100,000 6,151 Media Square Ord Media 100,000 250,000 3,250 10p Green Ord Support Services 4,029 91,236 2,417 Compliance 50p Total AIM 11,962,374 8,176,348 PLUS Market Wheelsure Ord 1p Industrial Engineering 1,000,000 50,000 32,500 Holdings Total PLUS Market 50,000 32,500 Non-index Invocas Group Ord Financial Services 137,150 152,236 13,715 0.25p Western & Ord Travel & Leisure 1,000,000 100,000 100 Oriental 0.5p AT Ord 1p Software & Computer 1,242,857 522,000 - Communications Services Group Bioganix Ord Support Services 210,000 253,267 - 10p Fishworks Ord 1p Travel & Leisure 750,000 247,500 - Hat Pin Ord Support Services 234,375 168,750 - 2.5p Hexagon Human Ord 1p Support Services 180,303 297,500 - Capital Legion Group Ord Support Services 10,000,000 350,000 - 0.5p Relax Group Ord Financial Services 55,555 99,999 - 10p Sovereign Ord 1p Oil Equipment, Services & 144,000 201,600 - Oilfield Group Distribution Sport Media Ord Media 333,333 250,000 - Group 0.25p Total Non-index 2,642,852 13,815 Total VCT qualifying investments 14,655,226 8,222,663 VCT non-qualifying investments at 30 September 2011 Security Sector Holding Original Bid value cost AIM GBP GBP Digital Ord 1p Support Services 200,000 200,000 266,000 Barriers Tawa Ord Non-life Insurance 114,675 143,344 63,071 10p Lidco Group Ord Health Care Equipment & 475,000 95,000 59,375 0.5p Services Orosur Mining Com Mining 50,000 140,763 25,625 Shs NPV Interquest Ord 1p Support Services 36,364 17,926 18,182 Group Nanoco Group Ord Technology Hardware & 25,725 40,687 12,862 10p Equipment Pure Wafer Ord 2p Technology Hardware & 269,225 175,291 8,077 Equipment Porta Ord Media 2,500,000 150,000 2,750 Communications 0.1p Maxima Holdings Ord 1p Software & Computer 10,000 28,125 2,400 Services Green Ord Support Services 15 1,859 9 Compliance 50p Total AIM 992,995 458,351 Fixed Interest Stocks Rivington 8% Cnv Fixed Interest Stocks 125,000 136,365 100,000 Street Holdings Uns Red Ln Stk 2015 Rivington Zero Fixed Interest Stocks 7,986 - - Street Holdings Coupon Ln Stk 2013 Total Fixed 136,365 100,000 Interest FTSE Small Cap Alterian Ord Software & Computer 10,568 22,400 6,552 25p Services Total Small Cap 22,400 6,552 FTSE Fledgling Clarke (T.) Ord Construction & Materials 100,000 248,460 40,750 10p Total Fledgling 248,460 40,750 Non-index Consolidated Ord 1p Mining 100,000 110,871 23,000 General Minerals Rok Ord 2p Construction & Materials 17,000 33,165 - Total Non-index 144,036 23,000 Total VCT non-qualifying investments 1,544,256 628,653 Total 16,199,482 8,851,316 investments Statement under the Disclosure & Transparency Rules 4.1.12 The Disclosure and Transparency Rules ("DTR") of the UK Listing Authority require the Directors to confirm their responsibilities in relation to the preparation and publication of the Report and Accounts. The directors are responsible for preparing the directors' report, the directors' remuneration report and the financial statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report includes information required by the Listing Rules of the Financial Services Authority. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements the directors are required to: * select suitable accounting policies and then apply them consistently; * make judgments and accounting estimates that are reasonable and prudent; * state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; * prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions, to disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements and other information included in annual reports may differ from legislation in other jurisdictions. The Directors confirm, to the best of their knowledge, that: * the financial statements, which have been prepared in accordance with UK Generally Accepted Accounting Practice, including the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" issued in January 2009, give a true and fair view of the assets, liabilities, financial position and profit of the Company; and * the management report comprising directors' report and other information cross-referenced from the business review section of the directors' report include a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces. ENDS The 2011 annual report and accounts will also be available on the Manager's website at www.axa-im.com. Neither the contents of this website nor the contents of any website accessible from hyperlinks on this website (or any other website) is incorporated into, or forms part of, this announcement. END
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