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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 First interim management statement for the year ending 30 September 2012 To the members of Framlington AIM VCT PLC This is the Company's first interim management statement for the year ending 30 September 2012 and covers the period to 31 December 2011. This statement has been produced to comply with the requirements of the Disclosure and Transparency Rules issued by the UKLA and should not be relied upon by any other party or for any other purpose. Change of Manager, change of investment policy and continuation vote As announced on 31 January 2012 and explained in more detail in the Report and Accounts for the year ended 30 September 2011, the 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. The Board has, therefore, decided to change the manager of the Company to a manager that specialises in managing both AIM and unquoted investments and has decided to appoint Downing LLP as the new Manager of the Company. The appointment of Downing LLP is currently expected to be effective from 1 March 2012. Downing has 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. Following this appointment, the name of the Company will be changed to Downing Income VCT 4 PLC. 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 Annual General Meeting which will be held on 13 March 2012. 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. Investment objective The Company's current investment objective is to achieve long term capital growth primarily through investment in a diversified portfolio of qualifying companies quoted on AIM. It is expected that realised capital gains, along with income, will be returned to shareholders, at the discretion of the Directors, through the payment of dividends. The Investment Manager may also invest the assets of the Company in companies traded on the PLUS Market trading facility and in unquoted stocks, although this is not currently expected to be significant. The majority of the Company's investments will be in newly issued shares, as it is a VCT requirement that 70% of the funds raised pursuant to the offer be invested in new issues of shares that qualify as qualifying holdings within three years of the share issue. The Company had to achieve this requirement by 30 September 2007 and now has to comply on an on-going basis. Qualifying holdings are defined as holdings of shares or securities in unquoted (including AIM and PLUS Market companies) whose purpose is to carry on a qualifying trade wholly or mainly in the UK. Sectors that are excluded include property, financial services and commodities. Companies must not be controlled by the VCT or any other company. At the end of three years, up to 30% of a VCT's assets can be invested in non-qualifying investments such as bank deposits, gilts and fixed interest stock. At least 30% of the VCT's qualifying holdings must be ordinary shares with no preferential rights. The remainder can be in loans of at least five years' duration, or preference shares. The size of companies in which the Company may invest is limited by the VCT rules. Qualifying holdings, as defined above, must have gross assets of GBP15 million or less immediately prior to investment and GBP16 million or less immediately after investment. Although the companies in which the Company invests are small, the risk that this entails is mitigated by the diversification of holdings which results from the requirement to invest 70% of funds raised in qualifying holdings. The maximum exposure to any one stock or group, other than another VCT, is 15% of the Company's investments. The Company's borrowings must be restricted to an amount which is less than 10% of the Company's issued share capital and reserves. As noted above, a resolution to amend the Company's investment policy will be put to shareholders at the forthcoming AGM. The first paragraph of the current investment policy, as set out above, will be amended to read as follows, the remaining paragraphs being unchanged: "The Company's investment objective is to achieve long term capital growth primarily through investment in a diversified portfolio of qualifying companies. It is expected that realised capital gains, along with income, will be returned to shareholders, at the discretion of the Directors, through the payment of dividends. The Investment Manager may invest the assets of the Company in companies that are either quoted on AIM or traded on the PLUS Market trading facility or in unquoted stocks." Capital structure The Company has one class of share capital: ordinary shares of 10 pence each. The Company's issued share capital at the date of this announcement is 21,405,778 ordinary shares of 10 pence each. Material events and transactions During the period to 31 December 2011, a further GBP253,000 was invested in qualifying holdings, adding to existing holdings in a number of AIM quoted qualifying companies which were raising additional capital to fund acquisitions or for working capital purposes. These included Byotrol, Cyan, Hightex, Photonstar LED, Porta Communications and Wheelsure. GBP242,000 was raised through the disposal of investments, mainly as a result of profit taking in Angle, Craneware and Brooks McDonald, which are the Company's largest holdings. A final capital dividend for the year ended 30 September 2011, totalling 2.50 pence per share, will be paid on 20 March 2012 to shareholders on the register on 24 February 2012, following approval by shareholders at the annual general meeting on 13 March 2012. NAV and total assets at 31 December 2011 31 December 2011 30 September 2011 (Decrease) / increase % Net asset value per share 38.81 pence 41.82 pence (7.2) (investments at bid value, including current year revenue) Net asset value per share 67.31 pence 70.32 pence (4.3) including cumulative dividends paid to date Net assets GBP8.3 million GBP9.0 million (7.8) Share price (mid market) 29.50 pence 29.00 pence 1.7 At 31 December 2011, 93 % of the portfolio was invested in qualifying holdings. The net asset value at 10 February 2012 was 38.25p pence per share. Ten largest holdings at 31 December 2011 Value at % of net 31.12.11 assets 31.12.11 GBP000s Craneware 711 8.6 Brooks MacDonald 666 8.0 Angle 498 6.0 Noble Investments 330 4.0 Digital Barriers 326 3.9 Instem Life Science 294 3.5 Anpario 286 3.4 AFC Energy 257 3.1 Vertu Motors 233 2.8 EKF Diagnostics 220 2.7 Company information Year end: 30 September Results: interim results to 31 March 2012 announced May 2012 final results to 30 September 2012 announced December 2012 Dividend: Final dividend for the year ended 30 September 2011 payable 20 March 2012 By order of the Board AXA Investment Managers UK Limited Company Secretary to Framlington AIM VCT PLC 17 February 2012 Further information on the Company, including the annual report and accounts for the year ended 30 September 2011 and the interim report and accounts for the six months ended 31 March 2011, is available from the Manager's website www.axa-im.com Neither the contents of the Manager's website nor the contents of any website accessible from hyperlinks on the Manager's website (or any other website) is incorporated into, or forms part of, this announcement. END
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